The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-09-06

bring IN this appreciated currency on
ly from one-half to one-quarter of what ;
they paid for it. is an act of the gross {
est injustice. Thousands in this way
are being turned out homeless and
penniless. Take an illustration which
finds it's parallel in every business cir
Gle. A friend was in the tanning bus
iness-first us clerk, then partner, then
sole proprietor. He understood his
business; was Industrious, temperate,
ana frugal. For years he prospered.
He employed constantly two hundred
men. Four years ago. at a fair esti-
mate. he was worth two hundred
thousand dollars. He owned two
large tanneries. for which he gave
fifty thousand dollars. His homestead
cost twenty-five thousand dollars. He
owed on his tanneries and fixtures
twenty thousand dollars. The panic
came on. His customers began to
fail. Payments grew more difficult.
Stock declined. TO bridge over. he
raised ten thousand dollars by mort
gaging the homestead. But matters
kept growing worse. Skill and indus
try and economy availed not. The
tannerieS were sold on foreclosure for
one thousand dollars each, and Judge
ment entered for the balance. The
homestead went for ten thousand dol
lars: but the purchaser cannot resell
to get his money: or rent to get his
interest. This, in it's general outlines.
is the history Of thousands OF the
most active and energetic. Continue
to tighten the vive and it will be the
history of tens of thousands more.
Who. but the fanatical depression
list, can fail to see that it is as unjust
to compel the people to pay their debts
in an appreciated currency as 1t would
be to pay the bond-holders in a depre-
ciated currency! Is the whole ma
chinery of this government to be
employed mainly to give the Shylocks
their pound of flesh
,. abolish the National Bank cur-
rency. This perhaps cannot be done
t at once. as the banks have. by law.
: acquired certain rights. But it should
be done as fast as possible without III
5 justice. The issuing of money Is no
| part of banking. Some OF our best
; banks issue no money. Our conStltu-
e ton vests in congress the right t(
/ coin money. This right is jealously
v guarded as one of the prero9atlyeS Of
4 the supreme government. Throughout
V the civilized world. Our best writer
: on constitutional law agrees that tn
t phrase ITO coin money applies t.
d paper as we'll as to metallic currency
l. Judge Farrar in his Manuel of TIN
|. Constitution. y SOS. says;
Il Congress is not restricted to the material
4 they NAV make use OF or their worth or value
Y independent of their authorized use OF money
:. nor is it required that they should have an
. such value. Even the operation OF convert
II ing them into money is described only by tt
It verb TO coin, which, if it means anything
If addition to the act OF converting 1t mi
n money, includes only the government siam
~ by which the act is authenticated.
If Daniel Webster Works, vol. 1.
" 3l5). says:
as 1T is clear that the power to regulate con
20 merce among the states carries with 1t, II
!, implicitly but necessarily and directly, a III
- power of regulating the essential element
commerce. namely the currency OF the coul
~ try the money which constitutes the lie III
H. soul OF commerce..
al In his Money and the Mechanics
Id of Exchange" p. 81, ad sequlte
OF Professor .jevons says:
Il WI' T he issue of notes is more analogous tot
h. roval function OF coinage han to the ordlna
ot commercial operation OF drawing bills. '
nc ought to talk OF COMING NOTES, as John La
20 did: for though the design is impressed
too paper instead of metal. the junction OF
he noteis exactly the same as that OF represe
at tatiyetoken As to the right to issue prol
Uses il no more exists than the right to e>ta
fish private mints As almost every one
ICY long agreed to place the coinage OF money
re- the hands of the Executive Government. 5
lot believe that the issue OF paper. representa-
of money should continue to he practically
-, the hands OF the government. or Its agel
~, acting under the strictest legislative contro
,rs In what respect is money issued
i national banks. on the credit OF t
-, country. better than money issued I
:, = rectlv by the government! Why 10
= I'D in national bank hundreds of d
lars which ought to he at work. e
mt ploying labor and paying taxes "
,ra should the government pay tht
en- banks twenty millions of dallars a "
la, interest on bonds held for the reden
- ton of bills which the governme
Ill, itself should issue, 1t is Il cunni
an, system-Nhich robs taxpayers for
,,.l benefit of the rich-Which ought to
- abolished. The government shol
NOV call in at least a portion OF its bon
hut and issue in their place all the MOI
$50 needed by the demands of an act
aa,, business. This money should
ot made legal tender for all dues to
NO Government as we'll as from man
NO man. You would then have no III
salv for gold except to take to fore
af countries. And as the balance of tr
,,,a is in our favor. gold would accuT
NJ late. The government should kee
I'd reserve sufficient quantity of coil
han exchange for paper money with all '
!, - need it. This money should be m
Il - convertible into bonds. bearing
rate of interest. in sums of from tv
l we ty-five dollars upwards. This VIC
rna give us flexible currency. 1t VIC
gold not then he in the power of unscrr
on lous men or corporations to bring
lrms financial crisis whenever they cho,
ring Onr currency would then be on a $
not h,,;c II wor1d rest unon the on