The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-06-28
The Anti-Monopolist.

three millions of pounds of food for
the daily sustenance Of it's fOrty-three
millions of people. 1t two thirds OF
this supply should be withdrawn. or
become exhausted. starvation and
death would follow. SO il twO-thirds
j of the money required by the same
people to effect their domestic eX-
changes and to sustain their indus
tries, be withdrawn and destroyed.
why should not such a policy similarly
and in the same degree, effect the life
of these industrieSl 1t certainly does
with this limitations: that credit has
to supply the place of money in the
circumscribed business of the country,
which is now confined almost exclu
sively to traffic i'll the necessaries OF
life. Such is the condition of the
American people.
The decline in the market value Of
the property of the people during the
last eight years cannot be less than
eight thousand millions. In the city
of New Y DIRK, the center Of the money
supply, and where they have two or
three times more per capita, that the
country has at large. it is estimated
that real estate has deprecated in
value, during the last three years, five
hundred millions The individual
and national losses and destruction of
property incurred by our late civil
war do not approach in magnitude the
loss of individual and national wealth
entailed upon the country by its
financial policy since the close of that
war. Famine is certain to follow an
insufficient supply of food and decrease
in the value of property is just as
certain to follow an insufficient supply
of its representative-mO
While one OF two hundred millions
of coin may have been Il sufficient
basis for sound system of bank
circulation, nominally payable in coin
thirty OF forty years ago. it cannot be
assumed that double that amount is
now IL sufficient basis for the promises
to pay, either of the treasury depart
Ment or of the national banks. But
if it were, how much more purchasing
power would be attached to either by
the delusive provision that they are
"redeemable in COIN
Our domestic commerce requires
exchanges exceeding, in value, twelve
thousand millions a year, nine-tenths
of which is effected by a system of
credits which is gradually coming
down to simple barter of commodity
for commodity. This is not only
inconvenient, but clog on commerce
and antagOnistic to the spirit of the
age which requires a sufficient medium
for making immediate exchanges. by
an ample supply of that medium.
Questions that come home to the
firesides of the people, and which
affects their material interests, require
brief discussion to prepare them for
revolution. They may submit to
political changes in the administra-
ton of governments with low MUIR
murings of discomfort, and yet not
forego their party attachment, but
when the sacrifice of their earnings
of their toll to meet the exactiOnS of
government in the shape of taxes. or
to pay debts contracted when the
means of discharging them were four
or five times more abundant than now,
it is presuming too far upon the for.
bearance of the people-they will
) under a new organization, demand
the square issue to be made between
national reputation or an ample sup.
ply of money.
: History furnishes no parallel to the
Indifference with which the monetary
sutferings of the people of this country
: have been met by the national govern
| ment. and it may be safely affirmed
| that the prosperity of no nation OF
earth has ever been so retarded by
| incompetent legislation upon the sud
ject.
\ momentary system adapted tt
the wants and habits of the japanese
and Chinese is the system advocated
by such quacks in political econom,
as McCulloch. and unfortunately fo
L us. he has many willing followers il
l and out of Congress.
| 1t does not follow that because
e certain monetary system finds fayo
' with the crowned heads of Europe
: that the same is adapted to the institu
I tions of Il later civilization. Why i
it that we find fifty thousand unem
ployed laborers in the great city o
Il New \ ork-the commercial and mon
eyed emporium of the country Is i
: because the money which government
= vouchsafed to us will not compensat
e this labor or purshase the needed sup
Il port for these dependantsl-or is i
because this so-called ..irredeemable'
i money has become the scarcest an
Il most precious of earthly possessions
n The few who hold or can command il
4 see nothing in the future policy of TIL
Il government to encourage enterprise
: that would give employment an
Ii reward to willing labor and food t
+ furnishing thousands Our cities an
towns are crowded with unwillin
paupers. England with her dens
j, population. in the darkest hour q
= forced resumption. furnished II
Z parallel to the money famine of thi
r land.
If we are to be remitted to tn
II momentary systems of forgotten age:
q why not to their religious beliefs an