The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-11-08
The Anti-MonoPo1iSt.

these parties in this struggle do you
belong! II you are a gold dealer OF
bondholder, if your pocket is hlleo |
with notes, bonds, mortgages ana oD-
legations demanding money, OF course
you will favor contraction and LABOR
for redemption, it will increase your
wealth, it will put money in your
purse. But if you are laborer,
debtor or business man, if you take
any pride in the prosperity OF your
country or have any sympathy !or
your kind, / expect you to unite with
those who are endeavoring to arrest
this crushing policy of contraction.
But we are told that there has been
no contraction of the currency, that
there is still sufficient AMOUNT IN
circulation to do the business OF the
country and keep all our Industries
employed. Is this so? Let us reason
together. From the last report OF
the Secretary Of the Treasury we
learn that the entire amount OF cur
rency in the country is only $7lo,OOO,-
600; divide this amount by 44,OOO,OOO
the population of the country, and 1T
gives $40 to each inhabitant. sup
pose 1t is difficult to determine pre-
cisely the amount Of money necessary
to transact the business OF the
country. We can learn something,
however, from the experiences OF
other commercial nations. France,
the most prosperous nation in the
world. has a circulation Of $40 to each
inhabitant; Russia and Austria, $50;
Germany, $2S; Great Britain, S25; the
United States $40. Thus it is seen
that we have one-third less money
than the lowest on the list, and an
average of only one-half the amount
possessed by other commercial ma
tons.
!, While no reason can be given why
we should have less currency than
, other nations, abundant reason can be
given why we should have more. Our
population is dispersed over large
) extent Of territory equal to the whole
Of modern Europe. She has a popula-
ton of $3.50, 100000, and we have a
} population of only s44 900, 900, and all
! know that money circulates more rap
} idly in thickly settled country than
where the inhabitants are miles apart;
t that the same volume of money will
t do a larger amount of business in
1 cities than in the country. Again,
7 those old countries are finished. their
: improvements made, and their re-
| sources developed. Our country is
| new, unimproyed, and undeveloped.
We make more improvements in one
;, wear than the whole of Europe
1 Again. the range Of prices is higher
e in this country than there-what
f would support a family here one week
e would support family there two
;. Our citizens here double the CONNER
e cial enterprise that their people have
l. Those and other reasons that might
q be given, afford overwhelming proc
n that we should have more currency
t than they have, instead of less. Blu
u we do not ask more. Give us al
e amount equal to the lowest in TIL,
d scale, give us twenty-five dollars pc
II capita; this multiplied by the humble
II of our population, will amount t.
l. ST JOG, 900, 900, OF $400,000,000 NOR
l. than we now possess. In other words
is it will take an addition of $500. 900, 90
IS to our present vallime of money t
le make us equal, in amount of currency
lie with the lowest III the scale of CON
G. mercial nations. The want of sutf
70 cient amount of currency will b
e. evident if we compare it with on
ii aggregate taxation. David A. Wells
re in report made to the legislature G
re New York, estimates the amount G
n, taxes collected of the people annual
to by the general government, at $40
)e 900, 900, and the amount collected b
" states, cities, counties, and Othe
it sources of taxation, at S450, 100000
TX making in all $S50,0O0, 900. maxim
re over 500, 100000 more than our el
d. tire circulation.
ne The want Of an adequate supply {
It. money will be further apparent b
nd comparing it with the sum of our il
id debtedness. The national govern
ed ment owes $500, 900 900 the railroad
81 500. 900. 900, the states and citit
of 81 zoo. 100000. The people owe til
in national banks $3.50, 100000, priya1
nd banks $3.50. 200. 900, and on mortgaa
tic securities, $4,000, OO0,G coo; add to tn
do private Indebtedness, prOmissol
In notes, book accounts and other form
Is of credit. and it increases the sum
IN. an almostincredible amount. Senate
st- Jones estimates our total indebtedne
no at S13 200, 600, 900. Wendell Phillips
CIV So. zoo, 900 900, taking the lowest e
he innate, and with interest at 8l-3 p'
II cent it amounts annually to 81 ,OO(
h. OOO, 900 or $500, O00,00 more than OF
nd entire volume of money. Again cor
nd pare our currency with II
n wealth of the country. By Il
he census of 1870 the total value of ii
he property of the nation was ZOO
IT, 900 900: to represent this vast amour
ire lof property we have only 10000. 90
III Tor in other words we have 500. OOt
in 900 of property represented by mon'
in and so, 300 100000, nnrepresente
S. Let us further compare the volume
ial our money with the amount of Blu:
nj ness transacted by the country.
of the city of New York there is clea
I'M. ing house association consisting
g. sixty banks where daily transaction
be in prosperous times. amount to SO
nd OOO. 900 or an amount each week equ