The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-02-14
A Strong Statement Of the Creenbacl
Argument BY Farmer OF Southern
Minnesota

| A Strong Statement Of the creenbacI
Argument BY Farmer Of Southern
Minnesota
FOUNTAIN, Fillmore Co., MIMI,
Jan. %, 1873.
Editor anti Monopolist::
Your valuable paper comes to me
as a welcome visitor. You are d. ing
valuable service to the people of this
State, especially by presentieg facts
and publishing speeches of prominent
men on the financial question. l wish
every person in the State would read
it. The Democratic and Republican
papers fail to give much information
to the people on this great question.
am satisfied there will be no relief
for the people in supporting either of
the old parties. When parties fail to
pass laws for the benefit of the people
they do not deserve the support of
the people. Whittier have we been
drifting! At the beginning of our
great war Oursgovernment tried to
borrow money to carry on the war
with. Some money was borrowed it
soon became evident that our govern
ment could not borrow what money it
wanted without paying enormous
rates of interest to the moneyed men.
Congress authorized the Treasurer to
issue fifty millions money which was
receivable by the government for
duties on imports and dues to the
government. That money varied
only 1-2 per cent from gold, because
it had the same purchasing and pay
ing power that gold had. What the
government did then it can do now.
It can issue full legal tender money
and pay the bondholders. If am
correctly informed, all the bonds were
payable in legal tender money except
$500, 100000.
say, repeal the unjust laws that
have been passed and pay the bonds
according to the contract when they
were issued. Not long after the first
money was issued bill was intro
duced in Congress called "The Legal
Tender Bill;'' it passed the lower
House of Congress. When it went to
the Senate body of moneyed men
from Wall street assembled and had
the bill manipulated, striking out the
clause providing for the money to be
receivable by the government for
duties on imports. The mOneyed men
accomplished their object when the
gOvernmeI refused to receive its
own money the mOneyed men had a
chance to depreciate it to suit their
notions.
With the deprecated money they
bought our bonds. In 1865 our gov
eminent commencing contracting it's
currency, by receiving it and issuing
bonds bearing interest. In 1859 law
was passed by Congress making our
bonds payable in coin; it was called
ian act to strengthen the public
credit If it had been called an act
to rob the people, I think it would
have been properly named. In 1873.
an act was passed to demOnetize sill
yer. In 1875, an act was passed to re-
sumo specie payments in 1879.
Did the people ask for such legisla-
ton! No. 1t was the bondholders and
bankers that wanted it., to fasten a
debt on us for all time to come. The
bondhOlders have one of the best in
vestments in the world. They have
no taxes to pay on their bonds, and
draw interest twice a year in gold.
They have not been asleep; but the
people have been on this question.
The bonds were bought with green
backs and should be paid in the same
money. Greenbacks were honest
money when the bonds were bought,
but now they are dishonest money.
What inconsistency
In 1862, we paid ten millions Of
treasury notes in legal tender money
to stop interest. If our government
had the right to pay it's debts in legal
tender money then, has it not nowl
Greenbacks were good enough for the
soldier, the farmer. the laborer, the
mechanic and merchant, are they not
good enough for the bondholders! The
people have paid 81 500, 1854, 0Ol. l3 in
interest since 1861. on the bonds.
No wonder the bondholders want the
debt perpetual. What do we now see
when the bills are before Congress
to remonetize silver and postpone the
resumption act. The bondholders
and bankers are on hand working
against the passage of those bills.
Our government has been pursuing
the same course that England pur-
sued after her great wars. In 1919
and 1920. they commenced resump-
ton. What was the result! Proper.
ty of nearly every kind deprecated
one-half. There were 10000 land.
holders: but when they got down to
.hard-pan. there were $4,000. II
that was the result in England what
may we expect here, If specie re-
sumption takes place in 1879. l look
for the hardest times that we have
ever had in this country. II destroy
ing only $500, 00o. 200 made such hard
times what may we expect when
$3.50. 200. 600 more is destroyed,
God bless Judge Kelly. Thomas
Ewing. Dan Voorhees,. and every
other man that is working in the in
terests of the people.
Now let us turn to France. At the
close of her war with Russia. did
France contract her money! No: she
increased it. In two years and four
months she paid Russia $1,000. coo. 600
| besides the interest; to-day she is one
of the most prosperous nations under
the sun. If our country had pursued
the same course that France did this
would have been one of the most pros
porous nations in the world. We have