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

one thousand millions OF dollars to |
her conqueror, in gold. In her de-
spending condition, in her hour OF
need what was the policy Of France!
Did she contract her currency! Dld
she reduce the volume Of her money!
Far from it she largely increased the
currency, she more than doubled her
volume of money. In the language OF
the London Times, she ''injected
currency into all the avenues t busl-
ness with the force of an hydraulic
RAM. thus terminating her PROSTATE
industries and stimulating every de-
partment of business. All her labor
ers found employment. France
became one great workshop. In less
than two years she was able to pay
her large indemnity to Prussia. She
has entirely recovered from the effects
Of the war and is to-day the most
prosperous nation upon the globe.
France was governed by statesmen
who were aiming to promote the well
fare of their country, not plunderers
seeking to enrich themselves by the
ruin of their commonwealth. At
whose demand and in whose interest
was this strange policy pursued by
our government! 1t was at the de-
mand and in the interest Of the mon
led power for the purpose OF increasing
the power of money. 1t was done to
raise the rates Of interest. to monop-
oliZe the currency, to make corners
Oh money and to control the business
and labor Of the country. The value
| of money is measured by it's purchas-
| ing power, and the value Of any given
amount is in proportion to the whole
amount in circulation. II the amount
is large its power is less. 1t the
amount is small its power is greater
for instance-suppose the whole
amount in circulation is a thousand
million. it is thus clear that he owns
the thousandth part of the business
and labor of the country. But now
suppose the currency is reduced to
five hundred millions, he will now own
the five hundredth part. his relative
wealth being precisely doubled. lie
can now control twice the amount OF
business and labor of the country that
he could when the currency was a
thousand millions. he will own only
the two thousandth part, or one.
fourth the wealth that he possessed
when the currency was five hundred
millions
Thus, my rellOW citizens, it is clear
that in proportion as you diminish
the volume of currency, you increase
the power of money in the hands OF
the capitalists. and as you increase
the currency you diminish that power
and this is the reason why men whose
wealth is in money are SO anxious to-
reduction of the currency land spent
so much money to have contraction
: laws enacted by Congress. But what
J is the effect of this policy upon labo
/ and upon the man in dabt! Suppose
4 when the currency is two thousant
: millions. You contract a debt: say, 70
t instance. You purchase q horse TO
5 two hundred dollars; with this vol
: ume of money labor will be two dol
(. lars per day-if the same volume
e maintained when the debt become
e due-you can discharge it with on
i hundred days work. But, in tn
e meantime. If by a turn of the contraC
/. ton screw the currency is reduced t
d one thousand millions, with this IL
S duction labor will corresponding ia
= to Il dollar per day. 1t will now tax
y two hundred days labor to discharg
It the debt. Suppose by a further turn
It the amount of money is reduced
l. five hundred millions, labor now /
If fifty cents per dan. So you readil
d see that in this condition of affairs
e will require four hundred days woT
v to discharge the debt, and therefor
f. the debt will be increased four fol'
rs This is precisely the condition of tt
lie country to-day. Debts were contrac
: ed on a currency Of two thousaT
N million and are required to be pal
I'd with currency of seven hundre
to million.
G. We have. here, the true secret
W that struggle which is going on
Is this country between capital al
ar labor. When labor understands tn
Id process as well as capital understan,
y it. the struggle will soon cease. {
Ill the other hand are few capitalist
Il. seeking to control the labor and pro
lie ertv of the country who are interes
e. ed in its general prosperity. II
ed capitalists know that If the curren,
rs is increased. that money will
ne plenty. interest low. labor abundar
ne prices will rise. wages will be hig
) wealth will become diffused al
op prosperity become universal, al
OF that his power will be diminishe
II but If the currency is contracted Il
1t opposite Will occur. and he Will
Is master Of the situation. On the OF
lo er hand, the industrial classes a
'e- everywhere awakening to the tru
OF that if the currency is increased
Id sufficient volume that it will set
er motion all the wheels Of busine:
n thrill every nerve Of the industri
al system and send the vital cure
OF through all the veins and arteries
IT. trade. industry will have its opport
nifty and labor its reward. The Pre-
4 poets of the business man will
Id cheered with the hope Of success. al
H. the arm Of the laborer nerved wi
'es hope of gain. But on the eontrar
20 that contraction means hard time
tie money scarce. money depressed ira