The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-08-16
THE QUESTION:!
tits Not Whether We Shall Have
Cola or Paper Money, But
VIII Their We Shall Have
Paper Issued by the
Government.
Another Letter from the HON. @'eAa''ue'
Campbell
From the Inter-Ocean-

IA S.41E. ILL. June 10. 1871
In q former article | gave reasons why
the national bankers united with the
holders of the government seculilieo
and the money lending class generaily
in opposition to the restorative OIL lhe
silver dollar as the unit OF value ana
annlyinc it to the payment or the IN
terest and principal of the natlonai
debt. With your permission. pro
nose to present some additional reasons
for the combined opposition OF these
nartips to this or to any measure prom
isino relief to the industrial and COM
mercial interests.
Let me say at the outset that SO 1ar
AS the question Of currency or money Is
concerned, the issue is not between
oreenbacks and coin, but whether our
circulating medium other than com IS
to consist of all greenbacks or all bank
currency. 1t is a question Oh hlSn III
terest on loanable capital, ana 10"
wages. for labor, and low prices loI
property.
The clamor for a return to specie
payments is q ''trick' to deceive ana
mislead the people. The system OF
one currency redeemable III anotheI
before it will perform the functions OF
acirculating medium, always mas Deen
and ALWAYS must, in the very nature
of things be a cheat ana a 1fauu-a
scheme for enriching the few bankers
and usurers at the expense OF All use
fulindustry and legitimate enterprise.
Althoueh the national banks are now
only required to redeem their clrcula-
tion in preenbac<s, yet their notes are
never put in circulation In the iocaii-
ties of the banks issuing them, put
are exchanged with other institutions
in distant localities, so that redelnp-
tion under the system is next to q
practicable impossibility, ana 1t would
he still more difficult under the specie
basis fallacy.
If the parties who advocate this
policy were honest they certainly
would not oppose the RECOMMENDATION
and free coinage OF the old SILVER DOL
lar. for if this were done we would
have specie payments at once. me
LEGAL tenders are at this time five per
cent. above the old silver dollar, ana
beyond all doubt would, ut least. con-
tinue at par with it. for there IS not
one intelligent man IN hundred that
would not prefer legal tenders to com
in the transaction OF his business SO
that we could apply the coin, whether
silver or gold, to the payment OF the
interest on the debt and to the pay
ment of the principal at par when the
bonds became due and payable or due
and redeemable ut the pleasure OF the
government. The honest course, then,
for us as Il nation to pursue IN the
present eNigency is to provide Tor the
free coinage of the silver dollar. not
that we need or want it ass currency.
but to apply it to the payment of our
coin debt. | think it would be good
policy to the patriotism of the old la
dies to surrender their dilapldated tea
pots and other table service to the re-
timing pot and furnish their tables
with earthen ware until we get out of
debt. If this appeal were made. |
have no doubt it would be cheerfullv
RESPONDED to. and would add largely to
our supply Of bullion. and enable us to
pay our coin debt much sooner than
we otherwise could.
But it is objected that to restore the
silver dollar and apply it TO the pay
ment Of the debt would impair the
credit of the government and prevent
the funding of 500 COOS 900 of our six
per cent. bonds-the income upon
which is taxable--into four per cent.
bonds. having thirty years to run,
and exempt from all taNes--national.
state and municipal.
Now, the question is. would the gov
eminent be the gamer or loser by this
conversion. l think it can be shown
that it will suffer heavy loss by the
operation.
To arrive at an intelligent Judge
nent in the premises. we must take
into consideration what is contempla-
ted by the financial policy of those
who oppose the restoration of the sill
yer dollar. The proposition is to re-
tire and cancel all the greenbacks by
converting them into interest bearing
bonds. and to surrender the control OF
the currency or money of the nation to
the national banks. with power to eX-
pand and contract its volume. and TO
raise and lower the rate of interest so
is to render every other interest sub
servient to their cupidity.
think it will be conceded that to
encourage the development of our
agricultural and mineral resources,
and our manufacturing industries to
the extent of supplying our own wants
will require circulation of 5000, 000,-
600, (which is about so per capital)
besides what coin we will be able to
retail while we have a large foreign
Indebtedness. This must either be
furnished through the banks or issued
directly to the people in the form OF
legal tenders in the payment of the
debts and current expenditures of the
government If the banks are success,
ful in their demand for the ejaculation
OF the greenbacks, they will demand
the issue of currency to the par value
OF the bonds deposited by them. AMI
that their currency be received for du
ties and imports-if not that it be de