The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-04-19
WHOLE NO. AS.

passed, In 1887 came crisis which
swept over the entire country. In the
summer of 1912 the Treasury Depart
ment. having been unable to negotiate
= loan Of few million dollars IN New
York sent William Robinson, Jr., Of
Pittsburg to Europe to try what could be
done in the money markets Of those coun-
tries. bat he utterly and completely
f.;led to borrow dollar, and in his
official report, under date of December
* 1842. which will be found in volume
y Of the Executive Documents of 1872
- document No 1857, he gives the
melancholy story OF his failure thus:
II was told that no house, however
stronc or influential in the money mar
kets Of Europe, dare venture to pre-
sant an American loan to the British
public with the slightest hope that any
norton of it would be taken off their
hands. y The total outstanding the
principal of the pu blic debt of the Uni
ted States, January /, 1912, but Sl3~
594, ,480,73.
The United States is country OF won
derfnl resources, and ths government
nossesses great power 10 draw upon
these resources for its needs. 1t will be
some time vet before that power de-
clines below the needs of the treasury,
but it will inevitably come. ALREADY
has the late Secretary OF the treasury
acknowledge his inability TO proVlue
out OF the revenues tor the sinking fund.
The debt, July I, 1876, was $2,loo,o9o,-
OCT. This is far larger, IN porporIlon
| to the actual resources OF the country
than was the debt Of January !, lo4z,
| already mentioned, to the wealth OF inc
| country at that date.
In nv opinion the government IS so
absolutely insane in its following OF the
theories Of the European school OF econ
onomists that there IS no hope for the
country short Of disaster to the National
Treasury. The utter prostration OF the
country. and with it the collapse OF the
government finances, gave us, August
so, 1912, protective tariff which proved
to be the most beneficial measure tnat
M to that hour had been enacted Dy
Congress. The opening OF the war, IN
April. 1871, found the people utterly
bankrupt. the government without the
appreciation of the necessary OF pros
porous people as condition on whlcn
they could prosecute the war 20 Q success. .
| ful issue. The Treasury Departments
then followed on its selfish course utterly
regardless of the people, borrowing rom
banks, issuing bonds at hlg n rates OF ln-
terest and shining about from day W
dav and unable tor financial reasons to
nut in the field all the troops whlcn
could be obtained until, by February 70,
1862. fortunately for the country, II
came to the end of its tether and the
legal tender act. which gave US tne
preenback. was enactedland accepted as
q matter Of dire necessity.
The country then fourished as ithad
never done before, and the war was
prosecuted with I vigor which surprised
the civilized world, and no men more
than those in the control of the govern.
ment. But the lesson was wholly ioss
. on them and their successors, ana now
. in time of peace, with the country utter
iy prostrated and bankrupt, our Finance
+ Minister consrstulates himself and the
!, country that he is able to ne9oMa.e
. loans abroad at 1-2 per cent in.orest'
not seeing that this is wholly owing 70
the collapse Of nearly every osner lolm
of security, including American raiiroau
! bonds, which are sold in European mar
, kets. Nothing but disaster and demor-
alization can overtake people VINO aEo
! in the hands of such rulers.
What then will be your remedy
7 To repeal the so.called Resumption ac'
! OF January IA, 1875, Iunder whicn tn NO,
. yember 4, 1866. there had been retireo
: S8O.71O.732, of national bank notes. and
I Al4. .464 .284, Of greenbacks. ana 10 ao~
t | d;t;nn a2O 9lO. .946 of greenbacks depos-
. tied in tho United States Treasury ior
the retirement Of national bank notes,
|. resulting in = acontractiOn OF the currency
! in about twenty-one months Of $66 ,O0o.'
e 962, and to stop negotiating long oonds
q at home or abroad, and instead thereof
: to issue bonds interc0nverlblo at TN
pleasure of the holder into greenbacks
In q word would cease to subordinate
e association among the people-com
t merce to its instrument, money; but
would keep the instrument always in
!, subordination to the work that wasnesd
ed to be done; just, as in agriculture
the plow and the harrow are kept sub
Z ordinate, while the agriculture is dom
! mate. When once this principle comes
a to be acknowledged and carried into
= practice in commerce IS in agriculture
e then the soft words which Preslden'
!. HAYES has offered TO the ruined ane
8 desolale South where the power O
/, association among the people has been
= almost entirely annihilated for the wan'
of money, may mean something. Uns
J, that time they will be an empty mockery
Z and the work Of desolation, . we'll =
: the progress toward anarchy. will govern
J. Tor association with his fellow-man i
. The first and the greatest need Of man
! and without Il thsre can be neither wealth
J, ciyilization NOR good government