The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-09-13
The Antl-Monopo1iSt.

| the cause of Ireland 5 impoverishment,
and like deplorable condition they
help to bring upon our country in
| drawing out the means to defray their
lavish and eXtravagant expenditures
in foreign lands.
BALANCE OF TRADE.
Now. the balanc, of trade for the
past twelve years. has been over 1OO.-
900 900 against us. and foreign capital
ist. to-day. hold over SIS 900, 200 900 of
our securities. including United States
bonds. and state municipal and rail
way bonds, together with bonds and
mortgages. The interest alone upon
this vast indebtedn ess averaging. say,
eight per cent, requires 1910. 900, 900
per annum. which is no small draft
| upon our pile of gold. The demands
must be met in gold or gold commodi-
| ties. Prayers and tears will not suf-
fee, nothing but gold will satisfy our
/, foreign creditors.
IMPOssIBILITY OF SPECIE PAYMENTS.
[ have referred to the enormous
drain to pay annual interest abroad.
and have enumerated a few OF the
many drafts upon our energies and gold
resources; / might go further in adj
ducing proofs of the improbability-
nay the impossibility-of returning to
gold specie payments in the face Of
these obstacles. by further reference
to past experience, but it is we'll known
that during the last twelve years the
shipments of gold and silver to foreign
/
900. and the reports show the ship
ments. at this time, at the port OF
New York, exceed S2.OOO,OOO per
week. In view of these facts how can
coin payments be resumed and how
can gold coin be obtained for business
purposes in the United States!
Furthermore, during the past twelve
wears. the Secretary of the Treasury
has disposed of over 500, 100000 of
our coin bonds in Europe, bearing
gold interest. but not dollar has
traversed the Atlantic in exchange
for them, not dollar in gold has re-
plenished the Treasury from this
source. We have received the COM
modities imported. and the sale of
bonds in Europe has furnished ster-
ling bills for the exchange dealers of
Wall street.
! LONDON AND FRANKFORT.
London and Frankfort will not per-
NIT gold in any considerable amount
to be shipped to this country. The
late Secretary of Treasury, Mr.. Bout
we'll. saws s.at certain time, $21 ,OOO.-
900. the avails of sales of bonds, had
accumulated at the bank of England
to the credit of the Treasury, and or
ders were issued directing the ship
ment of the gold to Washington. when
promptly the bank gave notice that SO
large a shipment might lead to panic
and excitement in the money centers
of Europe, and if persisted in, it was
intimated that this powerful institu-
would be antagoniZed against further
fiscal operations of the United States
Treasury in Europe Financially
the matter was arranged that Securl-
ties might be shipped instead of the
gold and the claim was settled in
bonds. Again, when the Geneva
award of SIS 800. 200 was due and pay
able in gold at Washington, was the
gold paid over at our Treasury! Not
a shilling: they begged to be excused,
and after lengthy correspondence, it
was decided that England could ship
bonds. instead of gold, for the full
amount.
GOLD IN THE TREASURY.
There is not enough gold in the
treasury to pay three months interest
on the public debt; the banks hold only
S24. 600 900. and it is fact universally
known and understood, that the people
have none boarded. Why it is sc
scarce that the importers Of Detroit
are obliged to send to New York fol
gold whenever they require it to pay
: duties. No bullionist and confiscatlOn
list has ever explained how gold could
\ be obtained. and the scheme OF re
sumption carried out. nor has it ever
: been shown that it was even desirea
p, BILE to force resumption upon the coun
I try in the present condition of affairs
J The creditor class and their retainers
} dilate upon the gratifying evidence:
:, of Ian early return to specie pay
ments..' when the knaves understand
: very we'll that we never had specl'
) payments in this country. 1t has al
WAYS been Il myth. a delusiol and ;
snare. and it Will be so in the future
&c PRICE OF GOLD NOT INFLUENCED b,
+ VOLUME OF CURRENCY.
When MeCulloch commenced con
:, traction in 1868. gold sold at LIS il
) greenbacks. but two years later. ant
IL after 5000. 100000 of currency ha
c been withdrawn from circulation
and extinguished. gold rose to $50. a
q shown by the record of 1867. Fnl
e thermore. on the day the resumptlo
"a act became a law the price of gold wa
III 100; but fourteen months thereafte
x the price had risen to lib. notwlti
L standing contraction of the currenc
y amounting to 10000. 900. Again. l
re the spring of 1866 panic broke on
~ in London. but having a sound greer
III back cdrrency. that panic did nc
OF produce even ripple or disturbanc
TO in the industry and commerce of gu
ad country. Of course the panic stiml
tie I,tod fhp demand for tho praciOI