The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-07-26

than doubled the' amount invested. |
This interest is not only paid in gold,
but, while everything beside is bur- |
dened with enormous taxation. the !
bonds are exempt from the payment |
of taxes or duties to the United States, |
as we'll as from taxation in any form |
bv of under State, municipal or local
authority
It would be difficult to conceive of a
more adroit plan to ingraft in this
country a mOneyed arlstocracy at the
public expense. The plan was ar
ranged while there was no reprsen-
| tative from the South in Congressman
when. as is patent, the great West was
misrepresented either by venal or un-
worthy men. At any rate the Eastern
States hold nearly all the bonds that
are not in foreign hands, land they have
TINS far succeeded in making the peo-
pie pay them such outrageous tribute
that it has well-nigh bankrupted
everybody. To secure beyond perad-
venture their pound of flesh they
stealthily demonetiZe silver and decry
llegal-tenders. while using the credit
of the whole country by the national
bank swindle which they inaugurated
simultaneously with the bond issue.
No wonder they decry paper money
when the last weekly statement OF the
New York banks show an excess OF
Ilegal-tenders in reserve, above legal
requirements. of nearly $50 ,OOO. 900.
the figures being $40, S73,55O!
When the members of the syndicate
reached Washington last month to ne
gotiate the new loan with Mr.. Secre-
tary Sherman, they seemingly avoided
the public gaze, for. though repre-
senting immense banking houses. they
appear upon the register at Wormley S
verymodestly as august Belmont and
friends" occupying, however. halt a
dozen rooms on the same floor. While
nearly $13 ZOO. 900 in coin and bullion
are monthly exported. as was the case
during last May, and while capital lies
Idle and labor unemployed, it is wise
on the part of the money-lenderS not
to be too Ostentatious; but they can
no longer lull the people, who now
realize how partial and unjust the
legislation of the past dozen years has
been. and who are determined at the
earliest opportunity to undo 1t alto.
gether. Like I; young giant reused
,, to it's energies. the West and the
:, South are alive with resentment, and
the opening Of the next session OF
Congress is likely to present such a
: spectacle as shall compel change in
the action of Secretary sherman OF
make his removal inevitable.
= Payment of mere principal OF the
public debt must be suspended until
, the people can afford it-say for {
:, decade, the interest thereon must be
i, reduced as quickly as possible-say tC
5 65. per cent, and that interest must
share the common lot-taxation-
while the nationtl banks must be
altogether abolished. Under the
all circumstances, it must be admitted
Americans are very patient people
We want no national banks, since it i!
unjust to the rest of the people tt
j suffer few to trade on the credit Of
o whole. The worst of it is however
q that the people have to pay thes'
+ banks pretty heavily-tirst, on thu
q bonds which they deposit in tn
], Treasury, and then for the use of the
= national credit which they are per
J. n1itted 10 utter.
! From January. 1875, until the 30tl
of June last, National bank note
;. have been issued to the amount 0
). S27 ,794,655 until the circulation 0
Il these favored institutions reaches tn
= enormus figure of 1915, 62O. 247! n
N wonder the country gets poorer Will
~ such an incubus is suffered to exist
i Since their incorporation, II year
n ago, they have annually received, i
20 interest. SCI 900. 900 on bonds depos
al ted with the Government for tradln
q. on the peoples credit. This SUI
;s invested as sinking fund at 9 pt
a cent would in 80 years wholly extil
/. guish our Understanding debt; b1
90 still our financial head persists
q retiring legal tenders to the extel
=. of 80 per cent for every dollar adde
r.. to the National banks, SO, 235 1868 ha
III ing been thus retired within two al
% half years past.
no To bring gold, silver and paper
mr. par, our Government must, like tn
%. of France, solely issue notes, al
wv they must be good for all debts, du
,ss and taxes. However honestly M
Cd may differ on this subject. one THU
ad is certain, namely. radical chan
I'M must speedily be wrought in Il
on system in vogue. This has well-ni.
= ruined all branches of industry. Al
of the Bondholder must cease his clam
dc for immediate resumption, else in b
,lv coveteousness he may be repeati
I'M the fable of the dog and the shade
~. J. D. M.-Washington Capitol.
Ell