The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-11-08
THOSE MEN WERE FOR CREENBACks.


Let us see what some men have
said, as lawmakers. In the senate
Feb. Is, 1862. in debate on bill to Gre
ate national banks
John Sherman of Ohio:
1.-The United States got no beneht
whatever from their circulation.
The United States cannot receive 1t
in their ordinary business transact
ions. 1t fills the channels OF clrcula-
ton to the exclusion Of greenbacks!
The government OF the
United States is willing to borrow
money at per cent. and pay the IN
terest i'll gold coin.
Now, John Sherman is IN favor or
the national bank substitute for mon
ey, and want to pay more than inter-
est on bonds in gold coin.
Mr.. Doolittle, Of Wisconsin,:
Il would maintain further, that I'M
der the constitution gold and silver
coin is the only constitutional cGrren-
cy, but the truth is that the whole
history of the country, and | am con-
strained to say the decisions OF the
Supreme court, has gone the other
i
the history Of the government ana the
decisions of the court have given rise
to about fifteen hundred Or two thouS-
and banks created under the authority
Of the state; and they have issued
their money. so that at the beginning
Of this war practically all the money
we had in this country was the paper
money Of these two thousand state
banks; and they very soon suspended,
and all the practical currency we had
was the irredeemable paper money OF
the state banks. That is the real
truth, and in that state OF things and
under the necessity which grew out OF
it, felt constrained, for one, to vote
for the issue of notes by the gov
eminent Of the United States. |
maintain. sir, that in that state OF the
cure acy our only circulation, in fact,
being the irredeemable paper money
of bank corporations created by the
states, it was impossible for this gov
eminent to go on With this war on
gold and silver. We have got to take
control Of that paper money into our
own hands, or the government Will be
destroyed.
In 1876 Senator Doolittle worked for
Tilden as the agent Of the gold power,
to destroy the greenbacN is money!
OUR ANNUAL INcREA oE-WHAT IS IT
The st. Louis Republican has had Il
series of valuable articles upon the
Rate of Interest,", u matter that IS
exciting more and more attention
throughout the country, US the eyes
Of thoughtful people gradually open
to the fact that high interest or uSury
is one Of the great curses OF humanity
i'll America, rs it has been III all coun-
tries. Even the relics now being TAX
en- from the ruins Of BABYLON consist
largely of mortgage deeds. the inter
est upon which was ut the ruinous
rate of ten per cent. The Republican
tells. with qualification, Of the fall III
the rate Of interest in this country
that government bonds are down from
eight per cent to -four per cent; that
whereas ten was formerly considered
Il fair rate in the west. good mortgage
loans. ut seven per cent, can now he
negotiated on long time. But the
Republican has doubts about money
DtlI11G worth ~ tltt IL 40 lllttl, NtlLA
quotes the generally received state
ment that all those who pay that rate
ultimately fail. The editor of the
Republican then reminds us that the
real value Of hired money is measur
eel hv the average rate of interest OF
wealth in the country. He says il
conclusion:
,.If this rule he correct, money /:
not worth even per cent; 1t Is Wortf
only - per cent. for that is the
country'S rate Of growth in wealth
In other words. the country grow:
richer at the rate Of 8 IL per cent ;
year, on an average, and no more
and that is therefore, the true value
or hired money on absolute security.
He has cot to come still lower. The
Irish World has lust received not,
from Hon. Edward Young. chief Q
bureau of statistics at Washington, il
which he SAYS that lie formerly sup
posed that the increase could be e
timatcd at two and 4 half per cent
but that he is now convinced that |
is -mnch less. Here is the man of a.
others in the United States best qua
flied to speak on this subject. evident
IL concluding that one and a half pc
cent would cover the increase. Thu
one hy one the bulwarks werewit
the usurer defends himself an
soothes his conscience. are beate
down. one great cause Of sthe wron
impression that prevails concerin
the increase of wealth IS found in til
fact that the artificial value Of Ian
in town and village lots is usual
added. Moreover the estimates ,
the value OF al property depend vel
much upon the amount OF currency
L country. Irish World.
ABDUCTED BY AN OURANG-Ol
TANG.