The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-25

exchange. BY its sovereign power |
the goynrnment prescribes its value /
and compels all citizens to receive it
at that value. 1t is the stamp Of the
government that constitutes the mon
ey. In like manner the government
prescribes weights and measures. 1t
says how many feet and inches shall
constitute I. yard, OF how many
pounds weight shall make a bushel.
The world clings with great tenaci-
ty to ancient ideas. 1t has been as
certained that the English measures
of quantity are derived from the
Egyptians who lived 900 years ago;
aud that some OF them are multiples
Of the contents Of the stone Golfer
found in the heart Of the great pyra-
mid The foot measure is derived
from the foot Of some ancient king.
The modern foot is said to record the
length of Cllarlemagne S foot. The
inch, tradition tells us, was the length
of Charlemagne 5 thumb-joint. In
like manner the world .clings to
measure of values made of gold or
silver. because gold or silver constltu-
ted such measure Of values among
the most ancient races. There IS no
doubt that in the primitive ages. when
commerce was carried on between
rude half-civilized tribes, some meas
ure Of prices of intrinsic value, was
necessity. But the world has greatly
changed since the days when the
Egyptian butchers bought fat cattle Of
Abraham. We have here, in the
| United States,a whole continent, occu-
pied by one people, speaking the same
language, possessed Of the same ideas
and institutions, highly civilized and
seeking still farther progress.
In our Judgment this great nation
will be compelled, sooner or later. to
abandon the traditions Of their ances-
tors and constitute ameasure Of values
having no direct relation to gold and
silver. If they 90 not they will find
their prosperity hampered and their
growth arrested,as it is now, because
the metallic money attainable does
not hold q proper proportion to the
wealth and population of the country.
We have now about 40, 600. 200 people.
1t is calculated that in 1000 we will
have 100 1000. 900. If we need $780,
000.000 of currency now, we will need
about 1000 900 then. VIII the pro-
/ duction Of gold and silver keep pace
with this enormous increase In the
nature of things it cannot. What fol-
lows! Commerce will be arrested, pro-
duction diminished. labor will starve.
and decentralization Of the people, who
are the government, will follow. Is it
right to peril all progress. property,
societp and liberty itself for tradi-
ton! Is not the race greater than a
forml Isnot man more important than
a theory!
II. The paper money can be made
By proper legislation worth as much
as gold; or it can. by unwise legisla-
ton. be rendered worth much less.
It must be legal tender for all debts
public and private. and it must hold a
fixed and proper relation to the wealth
of the country.
III. The national banks are well
enough in their place, as banks Of de-
post: but if there is any profit to be
made upon the issue of paper moEey it
should belong to the government. not
to individuals. Now the banks sim
ply stand between the people and the
} govern ment. leyying tax on both.
Their money is worth no more than
greenbacks: in fact not as much: for
it is not legal tender, and derives its
whole value from the fact that it Is
redeemable in greenbacks. land is based
on natl onal bonds.
Every reduction in the amount of
) money increases its value. If the
, money of the nation is reduced one
half in quantity, it makes it twice az
hard for the debtor to pay his debts
!. If the money was totally withdrawn
: he could not pay thenat all, and would
o be utterly at the mercy of his credi
i, tors.
v. The value of gold is not by an,
5 means fixed quantity. Here is ia
t BILE, from Applstoa's Cuciopedia. show
Q ing the relative values of gold and
: silver at different periods:
Rome, at the Christian era of gold to 9 Q
silver
: England I Isaa :. ! :: - u ~ y
17l7 g g Is %
Y a 1863 Is 90