The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-05-10

uCUU VI lie On1LoQ SLaLeS. Every
greenback for one dollar or five dol
lars is solemn promise of the gov
ment to pay the bearer one dollar or
five dollars in specie; yet though they
have been issued for fourteen or fif-
teen years, no positive arrangement
has yet been made to redeem them,
though Congress made solemn prom
Use to redeem them by January lst,
1879. But in the meantime the gov
eminent is not calling in greenbacks
and issuing Understanding bonds in
their stead. It is calling in the old
SIX and five per cent. bonds. and, of
course, this is better for us, as our
correspondent remarks. During the
first month of Sherman administra-
ton of the treasury over forty million
five per cent. bonds have been funded
in four and half per cent. bonds.
I'd. Our government does not issue
bonds to private individuals or to any
body in place Of greenbacks, and there
is no law authorizing the issue of
bonds for any purpose except to take
up i've and six per cent. bonds.
! Sd. Question answered above.
/ 4th. We are not paying interest on
1 as many bonds as we did in 1858 by
lgreat deal. Since 1858 the bonded
ldebt Of the United States has been re-
'iduced over four hundred million dol
liars.
II 9Th. II our correspondent has re-
'fPpect enough for Brick Pomeroy to
1care for his opinions on the subject,
md will find out what he means by
laying national banks are a swindle,
1--we may be able to answer him. At
lt4esent we don t know in what respect
the regards them as a swindle. In one
inspect certainly they are not a swim
Ie. Their notes are thoroughly Sc
HIRE. No one has ever lost a dollar
yet by the depreciation of any nation
al bank currency, while millions were
lost every year by the old state banks
which preceded them.
The Pioneer-Press exhibits woful
degree of ignorance in this reply.
In the first place the Resumption
Act, which is still in force, and under
which specie payments are to be
reached January lst, 1879, proposes to
" jptitute national bank notes for
onbacks. This process is now go.
SfEpn. The greenback is based on
19faith and credit of the nation, as
4 PRESENTED in the act of Congress un.
dor which they were issued. The
l3tional bank note is based on the
Afonme faith and credit represented by
.Y9 United States bond. In withdraw
ting the greenback and issuing ma
! {tiOnal bank note in it's place, the gov
has to issue new bonds or
i (which to base the national bank note
land to take the place of the greenbacl
SO withdrawn. In otherwOrds thu
II greenbacks represent in so far the ma
!. ti0nal debt, bul they bear no interest
!. If the greenbackS are withdrawn tina
! amount of the debt is not paid, bu
new bonds must be issued to take theil
place. This is as plain as that tw.
and two make four; and this is pre-
/ cisely what Pomeroy's Democrat say
: il being done and what the Pioneer
|, Press says is not being done.
q The Pioneer-Press certainly mus
3 know that the resumption act pro
2 lvides for the redemption and destruc
! tfon of B75, OOO, 900 of greenbacks, ant
: the substitution of nearly 500, 900,
j 600 Of national bank notes in thei
\ paoce, based on new bonds, on which
&c people are to be taxed to pay in
S1St(PoSt; and then it provides for tn
- 2cmption of the balance of $500
600 greenbacks, their place to b
pplied by $500, Zoo, 900 of gold, to b
41 Uught with new bonds, on which tn
y Ople will be taxed to pay more in
1rEest. That is all there is of the re
III mption act. The p. p. is eithe
0ssly ignorant of the facts involve,
II the financial question, or it is pun
sely deceiving its readers.
The P. P. says the greenback
EOuld be burned because ssthey reI
cent q dishonored debt Of the Uni
Y - States inasmuch as they are no
1eemable in coin. But how is it a
&%1n the national bank notes, which,
enacted, are to take the place Of tn
neenbacksl Is there any provisio
law for their redemption in coiI
lot q bit of it. They are redeemabl
VI greenbacks, dishonored det
the United States" The Pioneel
fess thinks the s'dishonOred debt (
b United States is horrible thins
nt the ssdishonored debt of pr
Dte banking corporation is all righ'
he reason probably is that the greer
neks cost the people nothing; Will
y national bank notes are based o