The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-11-07
CONTINENTAL MONEY.


dorsed by Cong. ess, were not legal ten
ders.
For year this money continued
equal to gold, but from the quantities
which congress was obliged to call fer,
its lack Of legal tender qualities, and
the evident impossibility Of its redemp-
tion III coin, it began to be cheaper and
deprecated, falling in its purchasing
power just as gold would be depreclat-
ed if it were doubled o. trepled In
quantity, and not a lgal te'der.
In two years 1t had fallen to two
dollars Of paper to one Of silver; III
three years to four to one; In nine
months more it fell to ten to one, and
finally disappeared about 1880 then
the mo ey b ought and circulated by
the French army appeared 20 take It's
place.
Commenting on this money Jeiferson
says: "The depreciation OF this pa
per was the price which ;he Americans
paid for their independence, and 1t
was cheaply purchased"
/ hat was the END OF III.
Like guns and other war material
it was one of the tools that secured our
liberties. lit fulfilled it's mission, and
when worn out was laid aside, without
regret on the part of a'y one.
it might have been better made, how
ever. and rema ned to heal the wounds
of the battle field.
Had it been clothed with legal-ten-
der power, and receivable for taxes, 1t
would have been with us yet. Rut we
cannot charge our fathers with
folly, even in this respect, compared
4 with the acts of the present generation.
The continental money was lost but
once. if it's extinglishmcnt after gam
ing our independence ca.: be called a
loss.
Its loss detailed no further burden
upon the people.
1t died, and that was the end Of It,.
How different the money OF the ie-
bellion!
How much more stupid or wicked
has the present gen ration proved IT.
self than that which created and |, ST
the much abused money Of the Revo-
luton
Our fathers fought their own battles,
footed their own tllls. and entailed 10
burdens upon succeeding generations.
Duri,g the late civil war, Congress
was ed to issue s 500, 900, 900 of
of United STATE notes. They like the
Continental money, performed their
mission, fought the bAttl. of the coun-
try, and saved what the Continental
money had secured for us.
Had they been mad, full tender
for debts and receivable for taxes, and
into coin, their glorious achievements
in tie arts of peace would have out
shone the splcndor of their tiiumphs
In war;
But avarice prevail d over patriot
ism. Greed overlaped integrity, an,
blned dcmasogueism usurped the
place OF profound stat S,nasnh p.
1t would have been tar better fol
the taxpaying populaca If our green
backs had suffered the fate OF the Con
tinental money, instead OF being fund
ed int, gold interest Bearing bonds
If they had died on the h nds OF the
nations defenders, they would have
borne the loss with patriotic to, titud,'
and laid them sacredly away III memo
rvs tomb, with the bones of thell
comrades. Their absolute extinction
at the close of the war would have beer
loss of but 81 500, 900, 900 to peopl,
out ut debt, iull of life and vigor, an,
with national wealth estimated n
$4,000. 100000.
But the wickedness of greedy none,
power aided by the folly o: unwis,
Legislators and stupid constituency
converted them into bonds for sal,
Ike, ping and v hat is the result:
Secretary Sherman 5 Statement. fo
the month of September, 1878, show:
that the interest bsaling bonded deb
OF The United States, the result mostl,
of funded grecnbacks and other form
OF war currency, amounts TO 5 l,SlS,
26l,53O.
1t also shows that on this bonde,
debt simple com int, rest has ALREADY
been paid 10 the amouut of 81 $50,
30l 1913, or ST3.04O.l23 more thai
the eaure PRINCIPAL OF th1 debt an,
which when justly compounded
amounts to the enormous sum of S4,
954 100000.
Even at simple interest the peopl
have lost seventy-two million OF dollar
already, more than the whole amour
of the currency converted, and tn
principal re mains 10 be los. over a..
over a,ain by Continued interest.
This Is not all not even the half.
Billions of dollars OF debts hav,
been the unavoidable result of thu
on rageous syste.n of plumber.
Property values have shrunken eft