The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-08-30

''All 1nIelugenC men nave seen THAT
| large popular subscriptions to the new
loan would expose the treasury and
the country to grave dangers. The
| United States has now bound itself to
| withdraw from the market, in pay
ment for the new bonds and within
ninety days, $85, 100000 in gold. OF in
legal-tenders obtained by sales of gold.
or in six per cents. bonds. But to
whatever extent it calls in per cent.
bonds, more than half of them must
come from Europe, and, if it's calls ex-
coed the amount of new bonds taken
abroad, must be paid for by shipments
of coin. If the secretary in
tends to prove that the Resumption
act is not sham, as his opponents
| have called it, he will take particular
care not to corner the gold market in
| October, and turn the first half of that
month into succession of Black Fri
days.
eve believe, as we have repeatedly
urged the administration to consider,
that the safest road toward resumption
is to withdraw from the market the
superf1uous legal-tenders as fast as
possible. But it is especially import
ant at this time to avoid by some
means the severe drain of gold, either
to Europe or into the treasury which
the sales of per cent. bonds compel
us to accept in October. It will not
do to cater to any mistaken western
opinion, at the cost of q fearful dis
turbance Of all commerce and industry
4h;, 20 e., al,
ton to lose Ohio than to be defeated
in it's efforts for resumption, and to
have the nation disgraced by non-per-
Torrance of it's Pledges :
Jay Gould and his gang care moth
ing Of course, for the .'loss of Ohio to
the administration as against their
desire to grab millions; hence their
cry is ION to Resumtion'' by the
Bull-Run road of contrac ton.
The sale of bonds for gold to redeem
the greenbacks is a large step toward
contraction and toward bankruptcy.
OF course the controlling power equal
to carrying such job as that into ex-
ecution could supplement it by repeat
ing the process, and thus, even in adj
vance of the day fixed for resumption,
force both greenbacks and banknotes
out of circulation, leaving nothing but
a few struggling dollars in gold on
which to do business.
What is the condition of the country
at this time! Labor is lagely unem-
ployed. Production, except that of
the farm, isgreatly suspended. Debts
grow greater by depreciation of prop
erty. New York City is staggering
under municipal debt of $125 ,OOO,-
600; Philadelphia Of $7O,OO0.OO0; Bos-
ton. of 100000, 900; CINCINNATI. $780,
000. 900; and all other cities and towns
in proportion. These people are taxed
to the utmost limit of endurance.
Private property is unproductive, and
falling in value; ordinary incomes are
put Off, and the weight of public and
private debt, by reason Of the shrink
age of values, unemployment Of la
Dor and wages capital. is becoming
overwhelming and unbearable. An
effort is made to pay interest; but let
the currency be contracted. let the
present small proportion of industry
in the cities be arrested, let the banks
be retired and the greenbacks with
drawn, and the attempt be made to
pay in gold. who is there can close
his eyes to the inevitable consequent
terest in paper. and can only hope to
pay principal in the future, how ma
ny will either pay or hope when the
demand is made for gold and every
branch of labor and business shall be
Frustrated! Out of the wreck, what
is to come but the holders of mortga-
ges. who. like those who search the
battle field to pillage the dead and
dying. gather the spoils of the coun-
tryt The purpose to bring about
general ruin, to sweep the whole
property of the country into the pos
ession of these Shylocks. is no longer
a matter of doubt. The purpose is
avowed, and the work has begun to
force the government to become a
party to the scheme.
There is no interest outside of this
class of money-lenders which demands
or wants resumption by contraction
OF the currency, or the establishment
OF an exclusive gold circulating medi-
um. The sudden expulsion of paper
money, and the demand upon banks.
cities. railroad corporations. and in
dividuals. to pay debts in gold. to pay
mortgages and bonds and interests in
gold. and not more than Sl5O.OOO.OO
in gold possible to be had. will be
final foreclosure on the whole indebt-
edness of the whole people. Merchants
do not desire such condition of
things; manufactures are not asking
for it; the great interests engaged in
transportation do not seek such a
change in the business of the country:
nor do the agriculturists. and the mi
ners. or mechanics and labOrers. de-
mand the general sweeping away of
the paper currency. and the reduction
of money to the comparative small
sum of gold to be found. Who is it.
then, that is making this monstrous
demand. Who is it that is plotting
and scheming for this contraction and
construction of business and ruin of
industry and this general foreclosure
of every form of Indebtedness The
demand iS made exclusively nv this