The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-09-13
EXTRACTS FROM EWINC'S SPEECH.
THE OBJECT OF FORCED RESUMPTION


The great Money Power-the worst
legacy Of the War-lntend, by TINS
scheme of forced resumption. TO make
gold the sole measure and payer Oh
debts, public and private; to increase
the bonded debt by funding the green
backs: to concentrate IN q lew great
banks III the money centres, absolute
control over the volume ana move
mentS of the currency, so as TO lllahe
hard times and good times at tllelI
pleasure, and fatten on the un"aIy
multitude at every turn OF the tloe'to
contract the currency 1or the neAo
few wears to the smallest possible
measure. so that the Ssl2.OOO,OOO.OOO
the people now owe. Will Duv M
600 0O0 900 or $50. OOO. 900 00Oln former
values of the peoples labor and pro-
ducts: to crush out the myriad OF
smaller industries heretofore success
fully maintained by combining the
energy and talent OF men OF small
means with money borrowed Of non
PRODUCERS: to contiscate the real prop
ertv of debtors, and bring it into fewer
and stronger hands; to pauperlze labor
so that the Money Power will enslave
and own, and use it, with no further
cost. than enough wages to keep the
machine Of the laDOrer' S body IN good
working order; and finally, by means
of the great concentration OF wealth
and power in the hands OF a few, 10
realize the policy Of the early Federal
lists. which is stronger since the war
than ever before of making TINS
government q strong, centralized
ariStOcracy.
BRITISH AND AMERICAN RESUMPTION
COMPARED.
Whoever hugs the hope that we can
BASS through the furnace of forced
RESUMPTION. and fare no worse than
ENGLAND did. is wonderfully mistaken.
We are incomparably less prepared
for resumption than she was. Ahe
naper money to which her business
was adjusted, when her resumption
law PASSED. was but @s232 900 900; ours
S766. 900, 900. The premium on GOLD IN
England then was 3 II per cent; WIN
us it was per cent. Her deDt was
all held at home; half of ours Is held
abroad. All the world paid tribute &c
her manufacturers and her commerce
we pay an annual tribute to 1orelgl
shiDping. to foreign workshops, tt
foreign bondholders, and TO forelS1
shows. equal in the aggregate to one
fourth Of the net annual increase OF oul
wealth. She was rs rich III gold ant
silver as was ancient Tyre--"by tht
reason of the multitude of the wares O
her making;' we have next to none
of the precious metals. Ricards as
Sured her business men as Mr.. Sher
man assured us. that the gold premium
which was but 3 ID per cent. would b'
the measure of the contraction OF TIT
paper currency and reduction OF value
caused by resumption. ct, TO reacl
resumption, her currency was contrac
ted over 40 per cent. business credlt
81 per cent. and every value on TN
island. whether Of land labor or pro
duet. was reduced III price about one
half. If our resumption has, III tact
caused the , ID per cent. reduction o
cold. it has also caused reduction D
cancellation and by boarding OF a
least third of our paper currency
and shrinkage Of from ~ to so pc
cent in the value of land. labor an
products. How much greater redu'
ton in currency and III all values ma
we expect to overcome the remalnln
we were as we'll prepared for resuml
ton us England was, we might leal
from the pages of Allison. Douhleda
Marineau. and other chromclers
that most calamitous period OF Brtls
history what to expect. But III OF
state of utter unpreparedness we c;
only know that the self-int1lctt
calamities will be immeasurable.
4 WORD OF WARNING.
The moneyed men. who are drlVll
this car of .Juggernant over the Peep
seem struck with judicial blindnes
They hold $4,000. 900 900 or S4,oO'
600 900 of our national. state. coun
and city securities--all dependent
the will and the resources of the pc
ple. We now pay. and for long tin
have paid about $50 100000. We
in taxef. That is ST. SO for each ma
woman and child in the United Stat
nearly twice as much as IS PAID
any other nation. The British p
Sll.o9 per head in taxes; the Frent
Sll.4l: the Germans, S9.24; the A.
trians. $50. 1t is perfectly OBJ
Gus that our people cannot bear Il
great burden unless general prospe
~ be soon restored. But ii our int
tries are to be still further crlppl
and destroyed-if past accumulate
must be eaten up in enforced idlen'
If men must be driven to "borr
money for the Kings tribute on tn
lands and their vineyards, and Sc
their sons and daughters to
servants. a large part OF these D
dens will be violently cast Oft. I
il that unhappy day should come. II
remember Messers. Bondholders
gold resumptionists, that it was y
arrogance and greed which lea
reputation, just as the prlde OF
slave power abolished slavery.
GREENBACkS AND BONDS.
The $40 bonds were by law OF tt
issue. payable in greenbacIs. TIL
can be no question Of that f;
Thadeus Stevens asserted it VI
the law passed. The Republican {