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

n,;ons of do,rs. Their aggregate circulation is, in
round numbers, three hundred and twenty-five null
ions think It may be reasonans ass 'naed at
average rate OF interest of at least per cent II
so, the annual interest they receive from the loan not
of money, not of capital but Of their own lnceDteo
ness is Sol 900 900. And this sum is taken ont OF
the annual product Of the country, before tnat pro-
duct is divided between labor and capital Inc gen
eral rule is that the product of human industry Is u
ti,nately divided between labor and capital; but
when a banknote circulation is used the banks hrst
step in and, by virtue of their special privilege take
large slice in the shape of interest upon tnelr own
Indebtedness In the of national banks,tnls
slice, as have seen, amounts tG twenty one mill
ions every year. Now if there can be no sound pa
per currency but banknotes, then there is nothing
left for but to bear this b1rhen or try TO reduce
the amount of the exacton. But if the gresnback Is
as good the ba1knote, and nobody denies that it
is, why should not be substituted for the banknote
and an end put to the exactOn?
And, consider further, that for every greenbach
has issued the government hes received value That
greenback has paid for services rendered, or mater
ias fun nished it has discharged portion OF the
interest bearing public debt. There is thus saving
to the government, to the people, of an amount
equal to interest upon the outstanding greenback CIR
culation for had the greenback not been issred the
government would have had to raise the money by
loan taxation, to meet its expenditures. II 1t
raised it by loan it would of course, have to pay in
terest upon the loan. If raised it by taxation the
taxpayers lose the interest their money would have
earned had they been compelled TO give it to the
government.
The greenbacks nov outstanding amount to $780,
68l O16. Computing interest upon this sum at the
io"ee' ia'o az W.T. g. e. IL. aI - s.,;n,, r.,
the people, resulting from the Of the greenback,
g. 90, oon coo f a+ien.I h.nkno.es now outstand
10; ~ 49, ,d ~, - f,,r.har sa,.na 70 tha reonle Of
per cent. annually that sum- namely, 81, 900
,,n o 90 90. 80 oto EIro,o hi. bo,yever do
duct the taxes their circulation paid by the banks,
amounting about three millions annually, and
rt n;1I i porhars in st,ictness this do
i.; 60 go ,,,,t. at 70 ha ,nada Gov Il 10 nrot
h nut TIC i,.nks throw the burthen If taxation IN
=, . . i- -, Nv -; ~. 49,. -. - =. o. -,
1 ~ e. ith ,h n tha,, issi ,,n,l Hta ali 9TH
~ II tn.,,,, faa mon ttegraat hodv of con-
~, 1870 49, ~ f ~ 1851 -
go 80 ;Ta,, xo,, farnxuc;tiz.rs so,,a ra.
nav a $50 $500 ' ,"n',taai1o e. ~
notes now nroceed TO consider the only objection
-, -. T. ~. 90. 80 =. 80 .,,1 :a;obt II
!; Ia .I,t it aIair W. r. cons tit,te o,,r o,y
' 80 - . -. 81 ,,d Iea,,d ,1,n tho
o, ~ Co,,,,ass and o, nno tb n.tra laws of
.a y, 1 ~ @ , ~,, ..o =; III ~ I ;nananced
H., ~ - 81, N ,,a ono I'D or Tho W. nd
~ lol =. s ms; J.. ~ ~ 10 ~, - ~ .,r
% Ill Ia p,i, -. ;peati,,' on .nntr,ction .s
49, i',eo,a n'iaht I'll t a 5earsa that rcord
10 ,i,,n,s t h,ai,s, ,,d narty
~ n - 49, 3, 80 "a a.j,,;t.iro .lat - ;s
~ it,.,,t So Jb,-a ~ .,av - tia 49, ,,l.ca
that 10 enn,llv 3,a,t betber o,,r naner rnrrancy
IVA renI,acl. x.lsi,.el,, or bapknotas exclsfveIv.
for et II mo ono or ba o.har Congress- would have
~ ,,,ro ;, ~ ax,a, !. or o-,+ra.+ i AZ viii For in
tanc ere Cors to rerea the tax on State hank
;',ti,, . 1,19l.it,7,, ~ ba,ts ,ro,ld swine mr.
,ar etat ~ 80 - ,,re,t ina.tio, of tba curran
,i a,,,d tata ',sco ~ the othar hand shonId Con-
80, 80 a. 90. ga - I've raaianbs % tha
pe,,,,iic.n fn,rcie,. danand frightfuI rnntrac
lion woulJ result In brief If Congress- should have
-, , ,,,r b,,,s,,, !, ,.,;,ht Co.. .ha ,i,,o ha
ne min the conntrv: hnt TO that il would do
ca would he ~ cond,,n,, onr f,r,n Of oovernrent
INT nur ,atfo,,n su,arev meets This n ticnItv II
condc,rna lnntr,ti,, on NO ono band ~ ki,ir.,,, an
tho thar i, oeman b.t she a,non,,, of sr, ise,aq
~ co o,,,l.a5 ~ Ia,;aat;,,, ~. .,-,a,,
IT. law M o Give the reone An assnrancr of s.ohitv
van !" and IN un,,is,i,hIe ter,os !. onnoses the do
rnnn.tizat On or disuse of ,recious metals f,ond
arvtbIy 7 anreal 10 Won be- more conservative than
mi. n cousertatisn means 10 conserve tha Interests
of the people Al large and not of a certain class
Gan am, ~ ,,,,, n,a,, r.,so,,.hIv obiect 10 nolic
that ns ,id and s,,~er S Gtiop any
demands . st.SiIi.v in the vol,n,e aud ,aIue oS tbs
o,rro,,, ,ra.tor "a, ,og a,.or ~ haa, ..i,a,o
Eerioyy .,,zans orr ,Ia,f,r,n has bee, ;enonnced
nv men who never read II and Inv others whose inter
ests or urrindce, incline them to r,isrepresent il.
and now he answer nal, 10 them ia 10 ask you ~
read and IN study II n in vain for its enemies 10
saw tbat n MEANS What n does not .xnreSs I,s Ian
man and the character of the committee that report
ed and the convention that adopted it, sufficient t,
shield 1t from the charge of deception. 1t Is an hon
eat platform and means inst what il SAYS II means
ouposion to MONOPOLY opposition to special priyi-
leges opposition to contraction of the currency OPP
position to the decentralization of the metals oppo-
ston to wasteful expenditure and opposition to
neyer-endinV public debt. And it means equal rights
and privileges au honest and stable currency strict
economy and lie liter taxes and faithful payment of
the public debt 1t gives no sanction TO rrelgiou
and communism: bnt il fully recognizes the dignity
of labor and sincerely sympathizes with the laboriug
man In his toll and privation II asserts the prci-
pies ON which the government WAS founded and
which are essential to its usefulness and perpet,ity
It promotes frater,ml feeling throughout the length
and breadth of the Republic and condemns section
alism as the worst foe Of the Union In word it il
an honest platform of honest men, patriot. Mat
form for patriots to stand upon
Fellow-citizens if am not in error in what have
saii have given You a sufficient RI a-ou why there
should he change in our Federal adm nistra alton
Ii financial policy correct that of the Republic
party. at least of those who shape gslaon
is wrong II this be So then as soon W. the forms
o, the constitution will permit. that party should
cease to rule,
Bun there arr other reasons why there should be
change and to some of them l wish briefly TO call
your attention.
The claim Of a parry tn power TO prolouyaticn of
its rule necessarily involves inquiry into its policy
and government in the past. If It's past rule has been
vicious or unwi-a prudence obviously dictates that an
end for the time being least should be pu, 10 it,
dominion.
N,,x has ,b ,,le If mo Ps,,,,ii., marty ,, ~.
crss ~ ,h. sxil w.r ,bi-+ssr vs.-s a., hen -.
and bsncNc.,,s think that mis- oneStin ,,,,. h.
answered. in ,hs negative II ia not NECESSARY 10 g,
into detailed examination Of all its measures nor
could that BE- done in the limit Of speech or indeed
of many speeches. Nor Is il necessary tn assert that
all its measures have been bad aud injurious II Il
sufficient to look at the general ~ suit. ard see wteh-
er that il good government and prosperity or the re-
verse; Now certainly no one will deny thai this
country has FOR the last five years suffered as per-