The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-08-15

anu q TcpuQlaLOr. SeudCOf MORTON
said it would be ansact of foul Unjust
ice to the American people to change
the greenback bonds into coin bonds
for the benefit of the bondholder.
A the risk Of being called a repu-
diator, and of doing injustice to the
taxpayers. we advocate paying the
bonded Indebtedness in a better mon
ely than that which purchased them.
Instead of redeeming them with a
partial legal tender, worth only fifty
cents, we would discharge them with
a full legal-tender money such as the
government not only paid out, but
received at par with silver and gold
coins. We would be in the highest
degree generous to the public credi-
tor. We would pay him in a better
money than he gave for his bond. Ii
this is reputation baptize us into
that name! The government by its
simple fiat has declared that twenty
! five and eight-tenths grains of gold
shall be a dollar. instead Of twenty
grains or thirty grains. Nay not the
government by it fiat say, on piece
of paper, that this note to the
ot1llOlllt VI Oi1C OOllll SIlll W IC.
ceived by the government as the
| equivalent of twenty-five eight-tenths
grains of gold! 1t shall be paid out
to congressman. to cabinet officers,
to pensioners, to bondholders. to all
public creditors. as the equivalent of
that amount of gold. and he received
in like manner.
The objector will say that the fiat
of government will not give value.
| True, but it will make Il representa-
tive of value, and that is the attribute
of money. AS to the volume Of mon
ey necessary in state. that depends
upon the area of circulation. the di-
versitication Of the industries, the eX-
tent Of the exchanges, the advance.
ment in civilization. and many other
factors which it is difficult to enumer.
ate. Possibly it may be issued in eX-
cess of the needs Of people. but it
never yet was. 1t is d historical fact
that general prosperity was always
greatest when there was the largest
supply of circulating medium. Dis
tress and ruin We're always attendant
upon an attempted coin redemption
OF paper currency.
The Tribune SANDERS rs when it
chaogcs that we would issue mon Y
without limit. As is t. lie regulated
is not now under discussion. All We
are called upon to maintain is the
power ana duty Of The government to
furnish the people with an adequate
supply OF the representative Of value
the tool Of trade. the instrument OF
exchange. that their riches may be
circulated and distributed. It is not
difficult to see in whose behalf ana for
| whose interests the Tribune editor is
laboring. He is in favor of the re
sumption act. and that act provides
for an additional issue Of national
bank notes. The volume of bank pa.
per is only limited by the number OF
outstanding government bonds by the
laws which the Tribune approves.
He has no apprehensions of an over.
issue of bank trash. Oh, no we can
trust corporation to put i'll circulation
their currency but can not trust the
government Out upon such hypoc
risy
But he says: .'That no public credi
tor would surrender his bond or q
coupon from it in exchange for abso
lutte fiat scrip, Every government
creditor would lock up his securitie.
until the first craze died out. etc.
Then. we can tel. the gentleman that
they would stay locked up until Ga
briel blew his trumpet, for what he Is
pleased to call the Fiat craze" will
last until every bondholder has gone
to judgement. Let the editor ana all
the hirelings of the money power
denounce Greenbackers as idiots and
lunatics; their number is no. growing
any less. and they can afford to .'bt
prosecuted for righteousness sake.
Hard names are not arguments
Let the CALLED jade vince.