The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-12-20
ANTI-RESUMPTION.
I he Greenback Leaders in Con-
gress Bombarding the
Money Power.



MANY bankers, and have not found
one of them, when speaking thus con-
fidentiallv, who did not admit that
though the Treasury may resume
specie payments on the 1st of January
1879. it cannot maintain them week.
The inadequate supply or bullion on
which it may resume Will, some or
them have said, be exhausted on that
day by the holders of certificates OF
deposit and banks which will have
sent forward large amounts OF notes
for redemption, and the gold having
thus been transferred to the banks,
and the Treasury having again sus-
pended. the time will have arrived
for a renewal of profits on sales OF gold
by those banks that may have hap
pened to present their demands III
time. What the effect of a new sus-
pension by the Government would be
on the price of gold, none can predict,
as no one is able to predict the dura-
ton of the suspension.
THOUSANDS OF MILLIONS OF GOLD
NEEDED.
Upon what demands do we propose
to resume gold payments! over $500
100000, of greenbacks; over OO,OOo,-
900 of bank notes. | have mere ITO
continue the list) Mr.. S. Dana Horton
work on silver and gold, in which |
find some things from which to dissent
and much to commend; but the facts
embodied in which have been most
carefully complied. 1t gives on page
A the debt statement for September,
$2.203. 9O2. 642. The nominal amount
of outstanding State securities is given
us about 1885, 900, 900 of city securities,
$543 100000 of railroad and canal
bonds about $5,l70,000, 900.
Gentlemen may say: why, the pas
sage of this act does not mature those
obligations = No gentlemen it does
not; and | do not pretend to assume
that the conversion of all, or even of
a considerable percentage OF them,
will be sought but when you remem-
Der that all those securities are
marketable in our market it natures
all of them that may be held by for
eigners. who can send them home.
have them sold, and draw for the
proceeds in gold. 1t puts our Govern
ment in the attitude of holding itself
up as the reservoir of gold from which
all its creditors and those of our
people (and they are to be found IN
every civilized nation) may draw for
gold when they need or desire it. The
act does make payable in gold the
deposits in our national, State, private,
and savings banks, which amount to
thousands of millions. 1t puts upon
THE GoLD-PAYING BASIS
all book accounts, prommisSOry notes.
and mortgage and Judgment debts. 1t
niles up such an amount of debt as no
nation has ever undertaken to pay In
money based on single metal. And
with what do YOU propose TO pay 1t!
Gold, | know. What gold have you! !
Why five resolutions, ingeniouSly con-
trived to eXtort information, brought
us the fact that in July of the long
session of the last Congress. the
'reasurv had of real gold ut its
absolute disposal Sl3,000.000; for in
the amount of gold named by the
Treasury in monthly debt statements,
we have bonds retired, but which have
not been cancelled we have coupons
paid. but which have not gone into
the account of coupons paid. The
major part of the gold reported as in
the Treasury is paper gold, against
which parties have claims, or paper
which the Government has paid and
not yet found time to carry into
account and cancel.
Where are we to obtain an adequate
amount Of gold Who has it to sparel
Bv what means are we to get it |!
When London, or rather England,
on a commercial transaction made
with the syndicate, owed us S21 ,00O,-
600. while Mr.. G.. :. Boutwell, was
still Secretary of the Treasury, the
bank and the business men of England
became alarmed at the possibility of
withdrawing SO large an amount of
bullion from that country: and Sec
Rotary Boutwell,, having subsequently
hecome a Senator from Massachusetts,
stated the facts on the floor of the
senate. and showed that the Bank OF
England interfered and threatened
destruction to American credit II q
contract WAS made to bring the paltry
sum of S2l 100000, little over II.
0OO, 900 sterling, home In Government
bonds bought in London. Ana Mr.
Routveu concluded his statement
with the exclamation:
1--WE were compelled to submit.
But sir the United States Govern
ment had Il Judgment awarded 1t by q
tribunal more august than any which
ever adjudlcated the claim ola sutton
THE HIGH JOINT COMMISSION.
representing the two most powerful
nations of the earth. the sovereignty
of England and that of the United
States. after due deliberation al
Geneva found that we were entitled
70 SIS. 500. 900 in gold. Such was the
Judgment of that august tribunal
what was the sequeli Did we. or
aA41nnnant hiring SIl. SOD 900 of meta