The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-11-29
An Interesting Letter from Hon: Robert {
Masters of Dakota County,-A Novel
Proposition Supported by Some
Cuki0ue EaHfe

Nov. II, 1877.
Editor Anti-Monopo!ist:
While the currency question is
under consideration by the people, l
desire to write a few thoughts that
occur to me, and place them at your
disposal.
The Importance of uniform cur
rency for the whole United States is
apparent to all citizens. I would
therefore suggest that Congress pass
suitable laws. to carry into effect, the
following plan:
To Issue Legal Tender Greenbacks
to the necessary amount for circula-
tion in the whole of the United States.
But first provide $500, 100000 coin as
a redemption basis in the Z. S.
Treasury on which to issue twelve
hundred millions of Legal Tender
Greenbacks, redeemable at the will
of the holder in coin, at the U. S.
Treasury. Then to deposit $500, 00O,-
600 of said Greenbacks in the diffe-
rent State treasures of the United
States, to be divided in proportion to
valuation of taxable property and
population in each State Cpresuming
that taxable property and population
will best show the required proper
ton of amount of currency in each
State, for its business.) Then let
| Congress and the several State Legis-
latures make laws, with checks and
guards, sufficient to secure the safety
of every dollar issued to each State.
Then let this amount of Legal
Tender Greenbacks, be loaned in
each State, on note and mortgage, on
unincumbered real estate ION improved
farm lands, to the owners and occu
pants of said farms, for interest al
three per cent per annum, if paid
when due, at the time of paying State
and county taxes, of each year. But
if not paid when due, to draw fou
per cent interest for the time it ma,
run over due until paid. Two third
of all said interest to be paid to U. S
Treasury, to pay national debt. An
the other one-third to be used by tn
State in which the interest accrued
And in no case to loan more than one
fifth of the assessed value of an
; farm lands.
John Sherman. Secretary of the I
5. Treasury. in a recent speech il
Ohio Qast August) said "a certain
: amount of [. 5. notes can be. an
ought to be. maintained at par i
coin, with the aid of a moderate col
r reserve held in the Treasury, and t
| the extent that this can be done the
form the best possible paper currency
7 a debt of the people without interest
7 of equal value with coin, and CONVEX
8, lent to carry and handle. Beyon
l this the right to issue pape
!, money, either by the government {
!, by banks is dangerous exercise {
: power, injurious to all classes
{. The requisite amount of coin basi:
t will be an easy matter to obtain; sine
n the balance of trade with foreig
) nations, paid the United States
g coin. yearly increasing. and is no
1 Sl66,555, $50, with the increase of OF
: own coin production, which has bee
! accommodating in the U. s. Treasur
at the rate of over one million a yea
l. which will in short time make {
y ample coin reserve to sustain OF
d currency at par in coin, and tn
e entirely from the earnings of labo
+ might we'll be kept sustaining tt
$ currency at par for the benefit
t, labor, and the interest of the gener
It good, and against the old II per ce
n shin plaster banks, now fostered al