The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-09-05
CREENBAcK ARGUMENT.
Extinct from Speech Of Dr.. De La Matyr,
Of indianapolis

CONTRACTION AND ITS RESULTS.
Because OF the fancied uncertainty
of the success of the Government of
the war, its credit fell to about 33 per
cent. on its issue of obligations. But
when it triumphed, there could not
have renamed a shadow of doubt on
the mind of an intellectual person,
person, that its obligations were worth
th<ir face Yet the absorbing effort
of the Republican party has been to
strengthen ostensibly the credits of
the Government, which was at par
above any per-adventure. Of course,
Those who held it's obligations. and a
Large number of those who manipula-
ted them, men wanting to have them
appreciated in relation to all other
values, joined in the demand to have
them thus appreciated. For instance:
A Mr.. McCune received SAC, 900 in
gold from an English firm for a patent
right. He Immediately exchanged it
for 100000 in greenbacks, and ex-
changed the greenbacks for 500
bonds.
Within short time Congress
Voluntarily made these bonds payable
in coin. though the contract was to
pay them in currency. That act ap-
preciated the bonds to a level with
gold. That was very nice transac-
ton for Mr.. McCune, but a very poor
bargain for a debt ridden people.
This one illustration exhibits the i'm
mense interest of the creditor class in
strengthening the credit of the nation.
The goal aimed at was a speedy race
to gold basis. The voluntarily
promise to pay bonds in coin at their
maturity. which were paid for in cur
rency. deprecated by the hazards of
war, and were payable in the same
currency by the contract, the pledge
of resumption at Il given time, which
was very near, and the demOnetiZa-
ton of silver, are specimens of the
legislation under the fixed policy of
the party in power. TO be able to
pay gold for the currency afioat at
call SO soon, that currency must be
greatly contracted, and immense con-
traction followed. AS result of
the withdrawal of currency from the
channels of trade. evidences of indi-
vidual Indebtedness took the place of
cash in all Offices of exchange and dis
tribution Of values. Thatnecessitated
the drain of inteaest.
THE REFORM DEMANDED.
1t is high time to try some more
stable plan. Against any change the
entire money power is strenuously
and avowedly arrayed. and no wonder,
hoc Mt
shaving Understandable
entire product of the worlds toll. ex
cepting alone that which the toilers
consume. In every country and in
every instance the expansion of cur
rency has stimulated activity in pro-
and given prosperity. The
process of contracting, oStenslbly to
bring the currency down to peculiar
to one or two of the metals,
have never can never-be actually
more than small per cent. Of the
medium. has invariably
production and made fit
subjects for charity of the producers,
and enriched manipulators. We
to try the plan OF having our
charged by the Constitu
ton with the responsibility Of pro-
viding circulating medium, furnish
such currency in the form of notes,
based upou the gold. silver. lead iron,
coal, soil. yea, all the material
resources of the nation. and also upon
the enterprise, industry. intelligence
and integrity of our people, making
it stable as the Government itself,
which is as stable as the principles of
eternal truth. on which it is based.
We propose to make all exchanges to
he effected with ready cash. stopping
the drain of usury which now sap5 the
life Of all prosperity.
ALL FOR MONEY NOTHING FOR LABOR.
Mr.. Weed. who is the best posted
Of the country, states that
the financial legislation since the war
has all been in favor of capital and
correct and we proprose to reverse the
order before we cease agitation.
/ have paid no attention To the as
that our ruin has been
caused by ov production and ex-
travagance. over production Is an
Civilization is gagged
by the amount people produce and
consume. Activity IN production
DEVELOPS intellect and character.
and consumption administers - taste
and refinement. The difference be-
tween our Indian tribes and our most
communities indicate what
mean
That extrayigance has paralyzed
our Industries and impoverished such
a proportion Of orr people IS . PROPOSE
ton 50 teTly foolish that it deserves
only ID be treated with contempt.
The fact that usnry. which has been
must inevitably result in
Just our present condition is so patent
that wayfarin- man. though he be
an Idiot. can't help seeing that it
has been the main cause. Let
man study the absorbing power of in-
terest one hour, and he viii see that
with al our undevel0ped resources
we cant pay more than four per cent.
and live. Oar actual increase IN
wealth in times Of prosperity is only
about three per cent. The producing
classes in Europe can't pay three per
cent. flor tile increase of wealth there
is less than one per cent.
Tie Workingmen AMI Greenbackers
70 r~nth1r in Irz.fue nf the