The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-08-16
The Ant1-AIonopo1igt.

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whether of coin or paper, should be
issued under the authority of the ma
tiOnal government, and legal tender
in payment of all debts, public and
private.
Having shown how the bankers and
usurers propose not to pay but to
manage the national debt so as to
perpetuate in their interest and to fur
nish Il currency under their control
and which they can manipulate to in
crease their gains at pleasure. l will
now present a system that provides
for the payment of the national debt
and furnishing the people with safe
and convenient currency, and that
will greatly diminish the burdens OF
taxation and encourage the develOpe-
ment of our natural resources, to-
wit:
BY the issue of Treasury certificates
in payment of the debts and current
expenditures OF the government,
which certificates shall be a legal ten
der in the payment of all debts public
and private Except that portion OF
the national debt that is by express
law made payable in coin) and inter-
convertible at the option Of the holder
with registered government bonds
bearing an equitable rate Of interest
not to extend three per cent. per an
| mum.
The power to make money and leg
islate the value thereof being an es-
sential attribute of sovereignty, and
as our government is founded on the
principal of sovereignty in the people,
we should institute it SO that it shall
be under their control, which is what
the proposed system contemplates.
| To carry the object into practical
effect and to prevent lookup or mani
pulation of the currency in any way
by the Shylocks, few instructions
and limitations would seem to be nee
essary.
/. To prevent the bonds from pass
ing from hand to hand as currency,
only registered ones should be issued.
2. 1t should be provided that the
currency should not be converted into
bonds SO as to reduce the outstanding
volume below say $50 per capita. or
such amount rs experience might
show TO be necessary to afford an easy
| working money market, and the mini
mum volume should be increased
quarter-yearly with the rateofincrease
in the population as shown by the last
| United States census report. With
these and such other restrictions as
time might show to be necessary to
place the control OF the currency i'll
the power of those who produce and
distribute the wealth, this system
would furnish an honest, safe. and
convenient circulating medium and
establish an equitable standard OF
value, which are the most important
functions of IL monetary system what
we never have had and never can have
| under the specie basis fraud. with
the rate of interest on the bonds With
which the currency would be inter-
changeable sufficiently below the rate
of increase in the national wealth by
productive as to make an equitable
division of the Joint earnings OF capt.
tai and labor, those who produce and
distribute the wealth, would receive
fair compensation for their services,
and capital, likewise, just reward
for its use.
1t would also possess the necessary
elasticity to adapt it to the ebb and
flow of trade. If at any time the
amount in circulation should be insult
ticient to meet the demands OF busl-
ness, the rate of interest would, of
course. advance, when the bonds
would be exchanged for currency.
On the other hand, should the volume
in circulation exceed the demands OF
business it would be exchanged for
bonds to the extent necessary to re-
store and maintain the proper equlll-
brium. Thus it would lower and keep
uniform the rate of interest, and
prevent the violent expansions and
contractions in the volume of the
currency which have in the past
proven. and must. SO long as the bank
ers and money-mongers retain control
of the currency. prove detrimental,
if not destructive. to all useful indus
try and legitimate enterprise. Rest
ing. as it would. on public faith. and,
being endowed by law with all the
legal powers of money, it would have
a permanent value and uniform credit
throughout the jurisdiction of the
government. and would perform all
the offices of medium of exchange
equally as well as coin, and at the
same time establish an equitable
standard of value.
Now we must and will have paper
currency in some form or other. The
bigoted and devoted worshipers of the
so-called precious metals admit that
| the business of the country cannot be
transacted with an exclusive metallic
currency, even if we had gold and sill
yer in abundance. The only question
, on this point is as to how it shall be
supplied. The bankers have had a
monopoly from the organization of
the government up to the time of the
issue of lagal tenders during the late
war, and the issue now is whether
they shall regain this monopoly, or
that the currency shall be issued by
the government in the form of legal
tenders.
Before proceeding to contrast and
show the pratical results of the work
ings of the proposed system with the
bankers scheme. let me say that all