The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-02-14
THE SILVER QUESTION.
A learned EngIishman replies to Prot
Sumner.
lChicago Times Report.

can congress to demonetize the silver
dollar after two years OF Surrepti.
tiousness. 1t is also we'll known to
them that Ernest Seyd, whom every.
body else knew to be an eminent adj
vocate of silver coin, was the agent
of the Br itish ShylOcks in this nefari.
Gus work. But now there is a most
interesting example of financial
homeopathy, for Mr.. James X. Apple
bee comes from Bolton, England, by
way OF Wisconsin, to refute Prof.
Summers speech i'll defense Of the sin.
gle gold standard.
Mr.. Applebee delivered his lecture
last evening at Farwell hall to six or
seven hundred people. Mr.. George
S. Bowen, Judge Booth, Col. Turnly.
ex-Ald. Pickering, and DR.. Taylor sat
on the platform, and Messrs. Robert
Law, fernando Jones, and Col. Han.
cock occupied seats near the speaker.
introduced Mr.. Applebee, prefacing
his introduction by reading an editor.
ial on hard times from the Journal OF
Tuesday.
Mr.. Applebee made
Ills EXORDIAM
by eulogizing America. He then
took up Prof. Summers speech. and
said tnat all the evils the professor
said would follow reconciliation were
already on the country, and the results
of demOnetiZing were certainly not
encouraging. The year before the de-
monetization the failures were 1853
and the year after they were 5,605.
In 1875 they were ,404; in 1879, 6.U92;
and in 1877, 1912. Mr.. Applebee
quoted an article from Dunn circnlar
that as the most failures occurred
when there was the largest circula.
ton an increase of the currency
would do nothing to remedy affairs.
Mr.. Applebee's explanation of the
fact was that at the east men did a
larger business on smaller capital than
in the west. \ comparison of the
state of affairs following 1873 and
1857 suggested that America WAS los
ing it's capacity to resist commercial
crises. For some reason or other the
audience applauded this gloomy state
ment, as they did the equally sad
statement that labor in this country
could barely get a subsistence. The
rich were growing fewer and richer.
The poor were becoming more numer-
Gus and poorer. a continuation of
such u state of affairs threatened re-
publican institutions. These vast
evils and decentralization Of silver CO.
existing. it was reasonable to believe
they were related. At any rate
NO CHANGE COULD BE FOR THE
WORSE.
Prof Sumner said that the recent
hard times were the inevitable result
of the destruction involved in the late
war. Every fool knew that war was
destructive, but it was a curious way
of reforming affairs to inaugurate !.
financial policy that paralyzed bust
ness. Americans are willing to pay
the cost of the war. but they had
sense enough to know that they
could't do it by being forced into idle
ness. Applause
There were recuperative energies
in the United States that would have
repaired all the losses of the war had
they been left free. But they were
checked, hampered, and almost killed.
involving Il loss twice as great as
the cost Of the war.
The United States were not pros.
trated in 1865 rs France was in 1871.
But the policy f France in order to
keep her business alive. was to expand
her currency. The currency OF
France before the war was $275. 900,
600. At the end of 1873 it was S6l4.
100000. The result was that the in
demnitv was paid before it was due
and most of it was paid in bills of ex
change for goods expansion enabled
her to make. Prof. Sumner said
France hadn't had any silver in circu
lation for twenty-five years. 1t was
an error. France had at this time
$500, 100000 of full-legal tender silver
II total specie circulation of $1,000.
100000, and $500. 900, 900 of banknote.
ut par. America had paralyzed hel
industry by reducing the circulation
Applause. France had per capt.;
circulation two and half times ~
great rs America had. and everybod,
was prosperous, because everybody
could be set ut work. Applause
America would have recovered
more readily than France had sh,
possessed statesmen capable of subor
dinating money to business and com
merce. Applause.
AS to the reconciliation of silver
two questions arose: Would it b
right. Would it be politics Thos,
who favored reconciliation wer'
quite rs sensitive in regard to the na
tional credit rs were the gold standar,
men. Applause.l Prof. Sumner
insinuations were impertinent.
NO PLEDGE WAS EVER MADE.
To pay the principal and interest o.
the public debt in gold. In 1872 tn,
government provided for silver dol
lar as the unit of vaiue. by which TIN
value of the other coins. the gold dol
lar included. was fix d. Mr.. Applebe
said that later the silver dollar be
came rare in circulation because tn,
people didn't care to use it. but it re
tanned its proud position as the unit o
value. and remained such till 1873
the value and legal-tender propertie
Of the smaller coins being altered il
1858.
Whore was the solemn pledge tina
customs and interest on the deb