The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-09-27
The Anti-M0nop0list

AAO @A! 81
is that the legal tender may be paid
in coin. This is mere pretense, a
cheat, fraud, without any intention
for permanent resumption.
If you are sincere, why did you not
advocate the passage of law making
the legal tender receivable in pay
ment for custom duties!
Such a measure would have lifted
the credit of the legal tender to par,
or nearly so, and would have saved
the government an immense sum of
money in the purchase of supplies.
1t would have done something like
justice to our soldiers and other cred
itors OF the government. It would
have strengthened the public credit
| at time when such a measure would
have benefited the whole country.
For some reason, to the mass of the
people unknown, it has been your
policy and that of your confederates
to boost up the bonded debt of the
United States by converting an in
f1ated paper bonded debt into coin, and
then, not satisfied with that wicked
ness, you have then gone to the end,
and turned it into gold coin.
While you and your confederates
were thus approaching the value of
the bonds you were at the same time
engaged in decrying and dishonoring
the legal tenders by the use of the
meanest epithets, denouncing that
currency as dishonest money, a cheat.
etc.
The third section of the resumption
act clearly indicates the object of the
measure which is to wedge out the
greenback and supply it's place with
the national bank currency.
The section reads as follows:
SECTION 8. That section five thou.
sand one hundred and seventy-seven
of the Revised Statutes, limiting the
aggregate amount of circulating
notes OF Irrational banking associations,
be and it is hereby repealed; and each
existing banking association may in
crease it's circulating notes in accord
ance with existing laws, without
respect to said aggregate limit; and
new banking associations may be or
gained in accordance with existing
laws, without respect to said aggre-
gate limit; and the provisions of law
for the withdrawal and the redistri-
| button of national bank currency
among the several states and terri
tories are hereby repealed. And
whenever, and SO often, as circulating
notes shall be issued to any such
banking association, so increasing it's
capital or circulating notes, or so
newly organized as aforesaid, it shall
be the duty of the secretary of the
treasury to redeem the legal tender
United States notes, in excess only of
three hundred million dollars, to the
amount of eighty per centum of the
sum of national bank notes so issued
to any such banking association as
aforesaid, and to continue such re.
demption, as such circulating notes
are issued, until there shall be out.
standing the sum of three hundred
millions of such legal tender United
States notes, and no more. And on
and after the first day of january, A
ID. 1879, the secretary Of the treasury
shall redeem, in coin, the United
States legal tender notes then out
standing, on their presentation fol
redemption at the office of the assist
ant treasurer of the United States in
the city of New York, in sums of not
less than fifty dollars.
In your speech you say that econ
gress to avoid contraction, provided
that national bank notes may be is
sued without limit as to as to amount
and that, when issued, United States
notes might be retired yto the extent
OF four-tifthS of the bank notes is
sued"
In the Crusade by you and fyoul
confederates against the legal tenders
not one word has been said against
the bank currency which is but the
shadow of the substance, you have
sought to dishonor.
Four years ago, on the steps of the
State House in Columbus, at the time
zen. NoyeS was nominated. you ther
} declared that in two years from tina
date. under the policy of the repub
llcan party, resumption of specie pay
ments would be accomplished. l me
you in day or two after that. and il
| a conversation with YOU. told vol
| eii'o oliuoI tiltl pOllcN you WOult
never 1--we to see the day when permd
nent resumption would take place il
, the United States.
: L now repeat it, that with the svs
tenn of banking provided for ant
fastened upon the country. permanen
, resumption will not be accomplished
The history of the past points Will
, unerrlng certainty to this conclusion
You have used language intende,
5 to be applied to the views of sucl
) men as the Hon. Peter Cooper. o
New ork. as a lunatic He stand
r before the country as gentleman.
f scholar. a philanthropist. and. best o
; all, an honest. sincere man. with a.
| ample fortune made without office i
, the government service. He. wit
: many other great statesmen. are il
favor of the government furnishing
currency for the people, one that VII
+ be stable and uniform. 4 currenc
: which the entire people will have
; common interest in. in proportion t
/