The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-05-09
THE 81 UAtlON.
General Cary on the Approximation Of
Cold 70 Paper currency-"A De.u-

Cold % Paper currency-'A De!u-
sion and a Cheat"
(Gen. S. +. Cary in Cincinnati Enquirer
The happy day of resumption OF spe.
Gle payments SO long prayed for by
the dupes of the money power is
dawning. Gold is down to IL premi-
UNI, and we may not look for /. revival
Of business, the employm ent Of labor,
the payment of debts. Is it not
strange what opinions are entertained
and expressed by men of good sense
and business capacity, in regard to
the effect of the approximation Of
gold to paper currency9 The whole
thing is delusion and Il cheat. Gold
is not in demand; nobody wants it.,
and hence it commands no premium.
lit WAS wanted for any purpose, how
soon it would appreciate in price
We have at least eight dollars in pa
per currency to one Of gold. The ba-
sis is very small SOY the superstruct.
nre. ahd the whole fabric would tum-
bic if coin were demanded. One Gin
cinnatl bank gives notice that it is
prepared to redeem its paper in coin
ON presentation.
The officers know full we'll that its
circulation is scattered all over the
United States. and that probably five
thousand dollars Of its notes could not
be gathered up in three months. 1t
make the impression that this bank is
''well heeled," unusually saund. 1t
may be true, but this boast is no evil
dence of the fact. We knew a man
who was in failing circumstances,
who returned an income for taxation
of 1900. 1t madp Il fine impression
and inspired confidence for a time,
but he failed.
Many conclude that money is
abundant because it can be had on
first-class collaterals at a very low
rate of interest. This Is a deluson
and snare. Money does not pay in
vested in business, hence it floats into
the commercial centers. and is in de-
mand only for the payment of interest
and to secure renewal or continu-
ance Of loans. 1t is drawn out one
day foa thir purpose. and goes back
again the next to perform the same
office indefinitely. Who but lunatic
would borrow money IL give employ
ment to labor, or invest in a manufac.
turing CT commercial enterpriSei
If money is wanted in business, or
COLDS required, neither can be had at
a fair rate.
Some say nothing is wanting now
confidence to secure revival of the
business industries of the countries.
We would by no means uddervalue
the Necessity of confidence. but think
something more is indispensable.
Money is as essential as confidence
Confidence is good basis for credit,
but 1t will not pay debts. With less
than half the volume of circulating
medium of any civilized country on
tina globe. with four times the necessi-
ties of any other. with heavier tax
levles than any other, it IS vain to
suppose than an era OF prosperity is
Immediately before us.
Coming down to gold will furnish
10 man with days work or loaf o.
bread; 1t will enable nm debtor 10 re-
iieye himself of his embarrassments.
and will pay no man. taxes.
We have contracted debts, entered
upon business enterprises. bought
real estate, with a circulating medium
OF more that $50 per capita and now
paopose to square accounts with less
than one-third of that volue! This is
a problem which cannot be solved
either with gold or confidence.
Increase four-fold the greenback
circulation. make it a full legal tender
In the payment of all del BITS, public and
private. put the canceling hammer
through an equal amount of bonds,
wipe out the ma. iOnal bank circulation
and prosperity will come. Then la
Dor Will find employment, production
VIII have . market, business will re-
vlve. and the whole Land be filed with
blessings and joy. happiness and
thanksgiving ahonnd.
The Hnrmkn Iuem.n> C-u~ 49,