The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-03-21

the statesman when dealing wit
: financial problems than the contem
: plation of the condition to whicl
} Ireland has been reduced by con
| tinued drain upon her resources with
J out anything in return. All writer
, on political economy agree that Irisl
absenteeism is the primary cause o
her decline. In consequence of he
union with England it became fash
ionable for her landowners and cap
italists to live abroad and spend il
foreign countries the revenues re
ceived from the lands occupied by tn,
tenantry and their investments. The
amount was not large. 1t has beer
estimated to have been $l2, 800, zoo
only per annum. or dollar and a halt
to each Of her population. The con
slant drain without return reduced
the population in single generation
from eight millions to four millions
and those who remained to beggary
and want. So much 50 that she be-
came the object of charity to man
kind. and we sent q national ship
laden with corn for her relief. Her
people swarmed away from her shores
in emigratlon: many Of them coming
here and furnishing the strong arms
Of our labor. We have no absentee
lords to spend our earnings abroad,
but we have far too much spent
abroad by the butterflies of fashion,
who migrate to Europe to furnish
wardrobes and to smuggle large
amounts home in their trunks.
What we have instead Of absentee
lords is National. State, city, county
and corporate indebtedness abroad,
which calls for payment in gold to
the amount Of more than one hun
bred and twenty-five millions of
dollars, or about IS per annum in
gold value, and sent abroad, for
every man. woman. and child in this
country. Th- dollar and half for
each living soul sent abroad ruined
Ireland. What SIS each will do for
America depends upon the difference
of the energy of our labor, the capa-
city of eur production, and the snc-
cess of our enterprises, which are cow
so completely paralyZed by the fnan-
cial measures which we are endeav-
orlng to alleviate that the ely of the
gold bullionist is that we have grown
suddenly poor from Overproduction.
This country at the present moment
is like a wealthy farmer with a rich
farm heavily mOrtgaged and for
which every year the corn and cattle
and hay have to be sold to pay the
interest on the mortgage. Who does
not know the end to which that farm
must come! Was | not right, then,
in saying that | shall hail it happy
day when our bonds come back from
Europe, and the heavy drain upon
our resources and industries first di-
minished and then stopped, and
latlOn as ! could frame it on fin ance,
if | could have
AN AMERICAN SYSTEM OF FINANCE.
| would not lock up three or four or
five hundred millions of silver in the
vaults of the Treasury or of banks as
basis of circulation or distribute it
in duty simply as coin. Being a sill
yer producing country. and wheat
producing country also, | want to see
both silver and wheat sent
abroad to pay our debts and bring the
balance of trade in our favor instead
of allowing it to run backward against
us as in the present year is compared
with the prior year, S23 900. 900. |
see neither wisdom nor craftsmanship
in locking our silver up in vaults
where it cannot be used. any more
that should see wisdom and states
manship in locking up by law our
great wheat crop in granaries where
1t would not he used. | shall be
asked, then, ''Whv do You advocate
THE RECONCILIATION OF >ILvERI
answer.the science of craftsmanship
Is in the balance of Inconvenience:
amt shall show in moment where
IN 1 think consists the wisdom of
coming silver into money or storing
1t In vaults to be made the basis of
the paper money OF account. see
the finances of the country in such a
deplorable condition that they must
have relief. or national and individ-
ual bankruptcy will sweep up the
property of the country. save wealth
invested in debtor obligations. so
that all property will pass into the
hands of the creditor portion of the
people. dormant. useless, valueless.
and idle possession. With at least
THREE MILLIONS OF UNEMPLOYED
LABORER>.
with the best mercantile. manufac-
turing. mining and banking establish
ments being closed by ruinous
Insolvency. with the savings banks
lettering so that the stored earnings
of years of labor are imperilled and
depreciating one half: with the laborer
himself SO discontinued. so powerless
TO help himself as he looks upon the
hollow cheek or wife and the glazing
eye of starving children. driven to
desperation So that he is ready to
break loose from all the bonds of law
that society has thrown around him
for the protection of all property
rights. He reprobated the with
drawal Of the paper fractional cur
rency and the substitution for it of
silver coin. saying that the
people were to be taxed the enormous