The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-05-10

hve dollars in specie; yet though they
have been issued for fourteen or fif-
teen years, no positive arrangement
has yet been made to redeem them,
though Congress made solemn prom
ise to redeem them by January 1st,
1879. But in the meantime the gov
ernment is not calling in greenbacks
and issuing interest-bearing bonds in
their stead. It is calling in the old
six and five per cent. bonds, and, Of
course, this is better for us, as our
correspondent remarks. During the
first month of Sherman's S administra-
ton OF the treasury over forty million
five per cent. bonds have been funded
in four and half per cent. bonds.
I'd. Our government does not issue
bonds to private individuals or to any
body in place Of greenbacks, and there
- no law authorizing the issue Of
bonds for any purpose except to take
up iive and six per cent. bonds.
Sd. Question answered above.
4th. We are not paying interest on
as many bonds as we did in 1858 by
great deal. Since 1858 the bonded
debt Of. the United States has been re-
Educed over four hundred million dol
lars.
II 5th. II our correspondent has re-
%pect enough for Brick Pomeroy to
kare for his opinions on the subject,
md will find out what he means by
nying national banks are a swindle,
&e may be able to answer him. At
resent we dom t know in what respect
% regards them as SWindle. In one
- epect certainly they are not swim
Their notes are thoroughly Sc
Ee. No one has ever lost a dollar
go by the depreciation of any nation
al bank currency, while millions were
lost every year by the old state banks
which preceded them.
i The Pioneer-Press exhibits woful
degree of ignorance in this reply.
In the first place the Resumption
Act, which is still in force, and under
which specie payments are to be
reached January 1st, 1879, proposes to
ttuto national bank notes for
mbacks. This process is now 60
pn. The greenback is based on
faith and credit of the nation, az
Resented in the act Of Congress un
- which they were issued. The
tional bank note is based on the
me faith and credit represented by
YXUnited States bond. In withdraw
sng the greenback and issuing ma
! f&iOnal bank note in it's place, the gov
l[ernment has to issue new bonds OF
(which to base the national bank note
land to take the place of the greenbacl
Is0 withdrawn. In otherwords th'
il Igreenbacks represent in so far the ma
q tional debt, bu4 they bear no interest
ii the greenbacks are withdrawn tina
amount Of the debt is not paid, bu
new bonds must be issued to take thei
Iplace. This is as plain as that tw
and two make four; and this is pre-
cisely what Pomeroy's Democrat say
II being done and what the Pioneer
Press says is not being done.
II The Pioneer-Press certainly mus
know that the resumption act pre-
Iyides for the redemption and destrut
Ition of 475, ,OOO, 900 of greenbacks, an
the substitution Of nearly $1OO, 900
! tooo o. national bank notes in thei
(ce, based on new bonds, on whic
people are to be taxed to pay il
oGt; and then it provides for th
emption Of the balance Of $500
900 greenbacks, their place to b
<pliod by $500, 600 900 Of gold, to
uGht with new bonds, on which th
p1e will be taxed to pay more il
woot. That is all there is of the r,
nption act. The p. p. is eithe
cen1y ignorant Of the facts involve
fthe financial question, or it is pul
ne1y. deceiving it's readers.
Lhe P. p. says the greenbacl
mud be burned because ssthey rel
ut . dishonored debt Of the Un
6tates," inasmuch as they are NJ
pomable in coin. But how is it 1
tho national bank notes, which,
eiixcted, are to take the place Of tt
eenbacksi Is there any provisic
Law for their redemption in coil
ot II bit Of it. They are redeemab
groenbacks, ,-ssthe dishonored del
the United States" The Pionee
- thinks the ssdishonored debt
3 limited States is . horrible thin
3 ne ssdish0nored debt" Of q pl
~ banking corporation is all righ
he reason probably is that the gree
Ic13 cost the people nothing; viii
. htional bank notes are based |