Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-10-31
GEN. ANDREWS ANSWERED.

Gen. duuI0"S ShNS 0uIuIS5 tuo 1uudtiOJs
period of the war our people paid 80
cents yard for cotton cloth that now costs
only five cents.''
The above statement is made, I believe, in
supper. of the doctrine that an increase in
the volume of the currency would reduce its
purchasing power.
During the imitation period of the war
81 in gold was worth $3.50 in greenbacks,
or, one cent IN gold was worth two and
half cents in greenbacks. Consequently, a
yard of cotton cloth worth at that time 80
cents o yard in greenbacks would be worth
twelve cents a yard IN gold.
Now, according to the statements of the adj
vocates of resumption, Gen. Andrews among
the number, we have about $300,0OO,O 600
mure gold to-day in the country than We had
turing the initiation period of the war.
And according to Gen. Andrews theory
he purchasing power of gold coin ought to
~ decreased because there has been an in
iation of gold coin to the amount of 1900,
WO, 900 dollars since the war. But the pur-
chasing power of gold has not decreased
since the war. On the contrary, it has in
creased, and to-day We can, or can in 1879,
purchase as much cotton cloth for one dollar
III gold as we could purchase during tn war
for two dollars and half in gold, so you see
instead of an imitation of $500, 900 600 in
gold decreasing its purchasing power, it
las nearly trebled it, or, in other words, it
rakes nearly three times as much cotton
cloth to bup dollar in gold to-day as it did
Turing the war, which proves that the value
Of gold has increased Ito use your words)
nearly three times, and the value of cottou
10th /Ne 1aH rS,,N
,ue-t third is value since the war. Why this
immense increase in the value of gold since
the war? I answer because it has been
slowed away in corner of the treas ury of
the United States as fast as it came into the
country. There is corner IN gold. and
mat corner has been controlled by John
sherman and his predet essors for the past
| fifteen years. John Sherman has enough
gold money in the treasury to. day to buy up
| very bushel of wheat in the country.
Supposing he did SO, then there would be a
corner in wheat, and whoever controlled
| that corner could run up the price.
How have greenbacks got along during all
| his time? According to the statements Of
Gen. Andrews, greenbacks have increased in
value since the war six times, and yard of
| cotton cloth has decreased to une-siyth its
| value in greenbacks. Why is this? l an
swer. The capitalists found it impossible to
yetup corner in greenbacks during the
war, because there was too many greenbacks.
| suppose the capitalists could only
control $5O0,OOO,OOO in greenbacks
md there was $l,0Oo,OOO,OO0 in the
country, then the value of greenbacks
would remain stationary because
he market .'ould be open and free, and the
value of greenbacks would lie controlled by
natural couses. But supposing the prede-
essors of John Sherman called in and de-
,troyed $500,0O0,0OO in currency, then the
market wonld 10 longer be open, the CAPT
alists would have corner in greenbacks,
md they could control the price of them IN
cotton cloth, property or labor.
Why have prosperity and labor decreased
in value? Because, to use your words, the
supply was determined by natural causes
md there was no chance to corner property
n labor. About two months ago saw il
stated in the Chicago Tribune that we
:'ave, including gold and silver currency gold
certificates and greenbacks, $500, 900 il
the United States. Gen. Andrews
says, ''The people of the United States owe
the national banks 1881 100000" Now
would like Gen. Andrews to show me how
the people of the United States can pa-- the
national banks 1881, 100000 with interest,
say at 8 per cent, when they have only
$S2O,OOO, 900 to pay it with. It cannot bt
| done until two and two make five.
1t is said Congress passed an act to re-
sumo specie payment in January, 1878. de-
ny that. Congress cannot pass an act tc
esume specie payment until they have
promise 10 resume on certain day. and il
l ha ho ~,
promise.
The so-called resumption act ought tc
have been entitled an act to deprive the
greenback of its quality of legal tender
which it does in effect.
| John Sherman, on January LIST, 1873, will
be ready to give out gold for greenbacks te
all corners. Of course the banks will send
in their greenbacks as fast as they can, and
the result will be that in a very short time
the gold now in the treasury vaults will ali
be transferred to the bank vaults, and they
the bankers, will thus be enabled to keep III
corner III gold and raise it's value still
more, and consequently reduce the value OF
all nds Of property.
Docs the resumption act compel the bank.
er to give you gold dollar for greenback
dollar alter January, 1873? Most certainly
not. The advocates of resumption claim
that if we have 5000. 100000 in paper money
we can b able to resume with $3OOOOO OOD
i'll gold. Now who will have the first chance
TO get that amount of gold from the treas
ury? Will the people? Not at all. The.
have no greenbacks. The bankers have the
bulk of the greenbacks in their possession
and they will have the first chance at tina,
gold, aud will draw it out and get shut OF
their greenbacks, and if you go into one OF
their banks with greenback dollar and ask
for dollar in gold in exchange for it the,
will have the privilege of offering you only Ii
cents for it. II the government has not q
dollsr for dollar i'll gold to m ct every green.
back outstanding, it will be giving the bank
ers the power to raise the price or value o;
gold at the expense of greenbacks
Gen. Andrews says, in his speech referred
to, "That we'll known confederate leader
Joseph f.. Johnston, is the Democratic can
didate for Congress, etc.,
Now, had no earthly idea in the world
that this was SO before Gen. Andrews said
so. In fact had labored under the i'm
preston that that we'll known leader
Of the people in behalf of then
rights. Hon. Ignatius Donnelly, was
the Democratic candidate for Congress.
In fact I had actually made up my mind
to vote for Donnelly, but of course, as good
| Union man, I can never vote for Joe John
| ston.
Gen. Andrews says good many other silly
| things in his speech, all of which are to be
found written in the p. p. of The 18th inst
j. NJ. G.
The Inev table Woman.
SAN FRANcIsco, Oct. 3O.-The Chronicle this