The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-05-09

placed under bonds; but il would be
absolutely impossible to procure ade-
quiste security ON their bonds. About
one thousand million of dollars of
bonds and money would every day be
in their hands and under their direct
control. Will any experienced finan-
cier advocate exposure of such an
amount of capital in the hands of gov
eminent officials9 But even if the
army Of Offlce-holders. thus created,
should be honest enough to withstand
the great temptation daily placed be-
tore them; should neither steal pri-
vately nor combine with professional
BURGERS for robberies, as was done in
| the Washington safe affair; nor orga-
nlze rings for collecting the whole H.
terest on the bonds entrusted to their
| charge for inter-convention. whether
they were converted or not; and even
it they were efficient enough to pro-
tect their treasures against the as
saults Of the burglars and thieves;
they still would WELD a political pow
er in their hands that would be con-
slant danger to our republican institu-
tons, and would certainly tend to still
further increase political demoraliza-
ton.
Under my system no such risk
would be run OF entrusting 200 ,OOO..
900 of dollars in sos bonds and cur.
rency to the guardianship of govern
ment officials. The money of the
country would be in the hands and un-
der the care Of its legitimate owners.
and the additional issues that might
be made would also merely pass
through the hands of those who would
sell or exchange their commodities
for them. Far from fuctuating in
value, us gold does now. this absolute
money could not possible fiuctuate, rs
as l have already shown.
Why. then. all this oppressively ex-
penslye and ruinously demOralizing
system of Il double kind of money.
bonds and currencya Practical adj
vantage of any kind. it surely pos
sesses none. If the men advocated it
would rally round my plan of having
onl y one kind Of money. and that Il
universal legal tender. they would
not only logically carry out their
promises, but would also help to make
1t possible to realize something tanyi-
BILE in the regulation Of our finances.
1t ought to be clear to them. that the
coin despotism cannot be broken down
by substituting in it's place the des-
potism OF Understanding bonds. If
national legal-tender money is not of
tself sovereign and absolute, but
must be convertible into some other
substance or thing bt fore it can COM
nand universal circulation, what mat
ters it whether that other substance
or thing be Understanding bonds, or
gold and silver coin? Indeed, the
coin would be even preferable, if Il
sufficient quantity could be had, as
carrying no interest. 1t is, l repeat,
in thus insisting that there shall be
only one kind of money-intrinsical.
ly, that is. so far as the material of
which 1t is composed is concerned,
without amy value whatever. but So
tar rs its form is concerned, renre.
sentative of the cOuntry's whole SOW.
ereignty, power and wealth--that my
system is fundamentally different
from all other theories; and suppose
it is chiefly because it is so very sim
pie in its usefulness, economy and
representation Of absolute values.
that it has been so generally misap.
lpreLended. -HWs ABSOLUTE Moueu