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

eminent.
/. And now fellow-citizens, as pertinent to this
topic let me call your attention to some particulars
1t is not to hear asserted that there has
been no contraction of the currency, and is bat
few months since the chairman of the finance COM
mttae of the Senate asserted that the charge of
traction was simply "a contraction of the truth. But
what is the truth? shall not go into the disputed
question of what, for practical purposes, constituted
our currency at the end of the war and for several
years afterward. shall conine myself to the three
years and half that have elapsed since the passage
of the resumption act, Jan. H. 1875, and to what is
underably currency, namely greenbacks and nation
al bank notes.
Now, on Jan. Il, 1875, there vera outstanding:
Of greenbacks, i'll round numbers S392, geo 0OO
On June l. 1878 NEUTRALITY-SUSPICIOUS.. 346,681 016
On Jan. IA. 1875, there were outstanding:
OF national bank notes Sool' 90 ADV
On June ], 1878. ..-.... ............ 322,olo,5oo
Decrease 1885, 1856
So that since the passage of the resumption act,
the decre in greenbacks and bank notes-35, $685.
984 plus 80 305, 485-has produced contraction of
$64 469. If to this be added the 81, 1913 of
greenbacks on deposit in the treasury Tor the re-
demption of bank notes. and which are, consequent
ly, withdrawn from circulation, the contraction
to S76oooooo being at the rate of over
81, 800, 600 per month.
But say the advocates of the resumption act, this
contraction necessary in order to resume specie
payment January /, 1879. Now, fellow-citzens,
it is thing to begin specie payment and it is quite
another thing to maintain it. 1t Is quite probable
that the secretary of the treasury begin to pay
specie for greenbacks January l, 1879, and that
most, if not all Of the banks begin to pay specie
greenbacks at the time; but the great question
remains, Could such specie payment be maintained?
If it could not, why should the people be ground be-
tween the upper and the neither milestone in order to
begin specie payment somewhat earlier than the con-
dition of the country would insure its continuance?
On this question, the following facts are of value:
Great Britain and France pre-en,inently the
hard-money countries of Christendom. The former
has, in coin and bullion about three dollars for every
dollar of her paper money. OF course, she
maintain specie payments; at least SO long as she
avoids war. France has more metallic than paper
money, and. when at peace, can easily maintain
| specie payment. But the Unite States have. at
least, three dollars in paper for every dollar in coin,
and even little war; change i'll the balance OF
trade, might, SO long that dsproportion exists,
make shipwreck of their pretended specie payment
According to the best information l obtain. the
product of mines is likely to fa, off. 1t is prob
able that the maximum product has been reached
and that unless new and valuable mines be dis
covered there will henceforth be steady decrease of
| production; but, nevertheless if the balance If
trade should continue in favor the influx of gold
and silver toge her with the product of the mines,
would enable us to begin and maintain specie pay
ments quite soon justice TO the debtor class
would permit II this be true, why resort to forced
resumpton2 Why crush the unfortunate i'll order TO
anticipate by comparatively brief period, ad
vent that would naturally and unattended With
severe distress?
of the government, to which too Gtte attention has
! been paid. l propose to compare Democratic ex-
WIN hepuDucaN III ofutf iildI
you may judge which of the two parties is the better
entitled to praise for honest and economical govern
ment; or, to put it in another form, which party
ought to be condemned for dishonest and was.eful
extravaganza.
The last fiscal year of Democratic administration
that ending June 3d. 1859. The Ordinary ex-
penses of the government for that year. exclusive
pensions ard interest on public debt, $685.,
| 80.
These expenses, stated ia detail, we're (olnitting
cents):
| To- t,a c1e a
navy 80 ................. 1l.514 $40
Indian - ................. 2,G91 ,12t
| miscellaneous, or civil 49,. a7,977,97s
Now compare these expenditures with those Of The
last year in which the Kepub,ica party had unliin-
tied control, the fiscal year ending June 80, 1870 The
ordinary expenses of the government for that year
! exclusive of pensions and interest the public
debt were S142.0T3 632; being SSi,ll76s2 i'll excess
of the last year Of Democratic administration; or IN
other words, the Republican expenditures We're
~ two and u half times az great as the Democratic
expenditures. But it may be said that pcpula-
ton much greater in 1873 than in 1860, and that
this accounts for the increased expenses of govern
ment. This explanation will not suffice. The poIsi-
otion IN 1850 81 ,443,3.1, and the expenditures
were at the rate of $ls7s per capita. In 1875 the
population, nearly 1t can be estimated, 43-
100000, and the expenditures at the rate OF
$3.50 Per capita.
Again, it may he said, that the increase Of ex-
penses grew out of the This explanation will
not answer. In the figures have given, and those
occasioned by the war, namely pensions the public
debt and the interest thereon and coaiine my COM
p,rison to the ordinary expenses of government,
namely the cost of the navy, indian and civil
departments in time Of peSce The increase in these
departments Is shown in detail in the following Ia