The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-01-17
The Anti-Monop0list.

circulation two hundred and twenty
millions of gold and silver; and, trl'
umphantly SAYS my old friend Garfield.
the bank of France is within fifty
days of resumption. Perhaps so. 1t
apparently did not occur to him that
if two hundred and twenty millions
of gold and silver were necessary to be
injected into the circulation of France
"a country among whose people and In
whose banks, other than the national
bank. there was already a thousand
millions of the precious metals--lt
might possibly be necessary to inject
two or three, OF four hundred millions
at least into the American banks and
among the people as a necessary pre-.
liminary toward specie payments
When two hundred and twenty mil
lions have been pushed into circula-
ton and we have a metallic reserve
in our Federal treasury, and IN the
banks, of four hundred and thirty OF
forty millions of dollars, then we too
may possibly be within fifty days OF
resumption. Meantime the condition
of the national banks is sufficiently
illustrative of the extent OF the ''push-
ing" yet to be done; and about resump-
ton even in France we shall probably
know more in fifty days than we know
now. General Garfield like most men,
confounds two things that are widely
different. He evidently supposes that
because the premium Oh gold has fallen
10 or 3 per cent. we are therefore
upon the verge Of resumption. This
is great fallacy. To destroy the pre-
MUM on gold is one thing, and might
be done without the intervention of a
single ounce of the metal; but to SUBJ
stitute gold into actual use as the
measure Of value and instrument Of
exchange is quite another; to do this.
1T is manifest, we must have the real
gold: for how can there be specie pay
mentS without specie to pay with {!
And is it not even obviously true that
it is after the difference between paper
and gold disappears that the injection
of gold into circulation must begin,
if it begins at all Nor must it be
supposed that the withdrawal of paper
notes and the substitution Of gold will
proceed pari-passu: that is, that as Il
dollar OF paper is withdrawn dollar of
gold will step in to take its place; for it
is not SO. We must procure our gold
by giving in exchange for it not our
paper dollars, but the realized capital
of the country. five could trade our
paper dollars to Englishmen and
Frenchmen, or to the American gold
miners. for gold ones-dOllar for dollar
we should suffer good deal less
hardships and embarrassment in the
work of resumption. 1t happens how
ever, that the work involves two dis
tlnct operations: we must get rid of
our paper by one process and acquire
our gold by another. There is only one
way in which the latter operation can
be affected: void must be created in
the monetary circulation SO tremend-
Gus and extensive that gold will labor
IN from foreign countries to fill it up.
1t is in this way only. by rentlessly
taking away from the people their &C.
customed monetary facilities. and in
mercllessly destroying the value of
their property. that we shall get our
gold. The extent to which this process
of destruction mnst go is witnessed
IA tiiC VI lIlC littIlOllttl DtllhS.
fifteen hundred of which have in their
vaults at this very hour, in the aggre-
gate. less than million and Il half Of
gold. Does General Garfield, or any
other sane man. think it pussible to
accomplish the stupendous work in
thirteen months. or in thirty and
without the most tremendous effects
upon the happiness and prosperity of
the country. In point of fact we
have made no more than fair begin
ming upon the work of resumption;
there must be further depression of
prices and values-not less than thirty
per cent; and l assert-and experience
will confirm what say-that the work
yet to be done far exceeds in magni-
tude and oppressiveness the work that
has been done. Yet General Garfield
alleges the condition of the country to
be upon the whole sound and satisfac-
tory But what fearful mockery is
this of the desolation and anxiety,
and actual want, that reign i'll tens
and hundreds of thousands of house
holds throughout the length and
breadth OF the land. wrought by this
Infamous resumption outrage | dare
not dwell further here. lest my indig-
nation should get the upper hand Of
my friendshipfor man whom l wish
always to respect.
THE FINANCIAL WISDOM OF SIR A.
ALISON.
But General Garfield impugns the
financial wisdom of Sir Archibald
Alison. because Sir Archibald. with
patriotic and very natural exulta-
ton. points to the fact that during the
eighteen years of the French wars
Great Britain enjoyed an extraOrdi-
nary and exceptional prosperity and
alleges in proof that while the revenue
raised by taxation in 1926 was but
81 100000. il had reached $4,000
CO.. III 1915. while the total expendi-
lures from taxes and loans in the
same year had reached EIl7 900 900.
Happy people" says the General.
with manifest contempt of Sir Archi-
bald Alison. whose burdens of taxa
ton were quadrupled in eighteen
years. and whose expenses. consumed
|, in war. exceeded their revenues bv
Sa50.oOo.Ooa in gold" and this. saws
the General. lis the kind of financial
authority gentlemen now parade with
50 much satisfaction in the Congress
of the United States" This is rather