The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-18
The currency is to a country what
THE BLOOD IN CIRCULATION

The currency is to country what
THE BLOOD IN CIRCULATION
is to human body.
Since 1875 one-seventh part of the
blood has been drawn out. business is
starnant, men of enterprise are para
lived: many who still stand are wea-
kening; they feel themselves begin
ming to stagger.
If drawing out One-Seventh part OF
the blood of the system in two years
has produced that result, what effect
will follow if you draw out, in one
year, more than one-third OF all that
is left in the system
There is but one answer. The pa
tient will die in the operation. Two
thirds of all the business men stlll
standing will go to the wall. Every
property under mortgage for One-nal1
it's present value will change hands.
The forced and sudden change IN the
meaning and increase In the value OF
the dollar will bring upon the country
| more destruction Of fortunes ana
values than civil war.
| Reporter-But how could that be as
gold and greenbacks are now SO near
par Is it not simply a question OF
per cent!
Mr.. Doolittle-I am glad you asked
that question, and / am glad to answer
it. Let me assure you it is not SIM
ple question of per cent. Ten times
4 is involved in it. Facts are worth
more than theories. The history Of
RESUMPTION IN ENGLAND
is full of instruction upon the very
question. During the wars with Ma
poleon, and after they were over for
nearly twenty years, the Bank Of
England suspended specie payments.
But in 1919, after four years of peace,
the value of paper currency rose to be
only 6 per cent. below coin. Peel and
Ricardo urged upon Parliament, re-
sumption in four years. They said,
as some say now, we are almost at the
point of resumption; we have already
discounted our sufferings. 1t is only
question of 8 per cent. Ricardo
said. 1.-The whole difficulty would be
in raising the value of the currency 5
per cent.
Though wise business men protested
though the Governor and Directors
, of the Bank Of England warned Par
lament of the danger of contracting
the currency, as they must be com
PEELED to do to resume in four years
, vet such was the influence of Peel anC
, Ricardo that they carried ''Peel's Re
, sumption Act" through the House o.
Commons by unanimous vote. Blu
one man stood out against it, ant
they even persuaded him to leave thu
: Chamber when the vote was taken, 81
! that it would appear unanimous.
T WHAT WAS THE RESULT?
t Sir Archibald Allison, in his his
n tory, tells the sad story
e THE effects of this eXtraordinar
piece of legislation was soon apparent
The industry of the nation was speed
!, ilv CONCEALED, as flowing stream i
- - by the severity of an Arctic water
!. The entire circulation OF Eng
- land fell from 1922. 545 900 in 1918, t
> Sl42,757 900 in 1921. The effects G
= this sudden and prodigious contrat
- ton of the currency were soon app;
. rent; and they rendered the mex
- three years period of ceaseless di
~ tress and suffering in the BIRTHS
:, Islands" The discounts at the ''Ban
= of England, which in 1910 had bee
- S115. OO0, 900, and in 1915 not less tina
- SOB. 600, 900, sank in 1920 to 1913 $3.50
- 900. and in 1921 to $l3,6l0,O0O. III
effect upon prices was not less lmm
!, date and appalling" The rate {
-, wages fell one-half.
- s.From the tremendous reductiC
- in the price of land says Mr.. Dou
..1.
of estates barely sold for as much
.o would pay off the mortgages. and tt
ro owners were stripped of all and mae
ha beggars.
&c History repeats itself. Like caus
~ produce like effects.
- We are blessed this year with
- bounteous harvest. There is pre-
,'o pect of a foreign demand for our 81
, ,' plus. And yet if, when Congre
h ho meets. the policy of the Secretary
no the Treasury and Of the Nation
80 Board or Trade at Milwaukee shall
''y followed, there are disasters befe
,st our country which no pen can portra
'' Reporter-But, Senator Doolltt
~ are YOU not in favor of return
NV specie payments at some time.
; Mr.. Notwithstanding am. /
C not by any such sudden and vlole
on. contraction as resumption In Janua
'ut 1879, will force upon the country.
md use the strong language of Ut
the Ewing. of Ohio, / would come to
IKE sumption by 1.-the pleasant paths
vol industry, economy and prosperity "a
ase not to be dragged through hell
by reach it"
sum SAERMAN'S INCONSISTENCIES
400.
by cuown lip RY HON WILLIAM IKE,
O of