The anti-monopolist., 1878-05-02
WHOLE NO. 1@.
FINANCE -CATECHISM.

''Why are the banks redeeming
their bills in gold!''
Because gold has fallen so that 25S
grains is not worth a dollar.
.sWhen gold declines down to par,
why does it stop at 100. and never 90
below that figure?''
Because it is legal tender for just
that amount, and it matters not of
what material the dollar is made,
when it is full legal tender it can
never go below par.
ton, should gold advance again to a
premium -
1t will cease to be paid out in ex-
change for paper. it will cease to be
money, and go into bullion where it
will bring a better price. Suspension
of specie payment will be the inevita-
BILE and immediate result of any
advance in the price of gold.
''What has caused the present de-
cline in the price OF gold %
1t has arisen from two causes.
First. For three years there has
been a balance of trade in our favor,
we have not only not needed gold to
settle these balances, but it has been
steadily accommodating from the pay
ment Of the balances in our favor.
Second. 1t has been forced, or
beared down by gold operators, as
stock gamblers bear stock down when
they wish to purchase.
| There is a hundred million or more
of gold in the country. not in the
hands of the government or the
eastern banks, but among the people
small dealers and banks, which the
former wish to get into Sherman's
hands. SO that the holders of green
backs can draw it out when the day of
redemption comes around.
"WhO. or what class of men most
strenuously oppose the repeal of the
resumption act p
The National Bankers.
'Was there everany law forbidding
them to redeem their bills in gold, if
they chose TOT
No, never; they always had the
privilege of paying specie if they
chose to do. SO. : 49,
IF they always had this right, and
a repeal Of the resumption act would
not deprive them Of it, and they are
|
hard Tor law to compel them to do
what they never was deprived Of the
right to DOR
Compelling the banks to redeem
their bills in specie is a secondary
consideration. with the assumptions
lists. The chief object Of this class Of
men is to force gold and silver pay
nents, for all debts-to make specie
the only legal tender. BY that time,
through the aid of John Sherman and
his bonds they propose to gather all
the coin in the country, into the
United States Treasury, and with
greenbacks, draw it out and corner it!
! When they have it cornered as they
did in 1864, it will go up to 2.85. or
even higher, debtors must have it at
any price, to pay their debts and
taxes-as the importers had to have
it in 1864 when it arose 40 2.85.
The Resumption Act once carried
out, leaves nothing but coin legal
, tender, and the way Sherman is now
managing to get gold to redeem with,
! he will drain the whole country, and
e place the bulk Just where a few New
+ York and Boston bankers can corner
' the pile.
/ Then, stand from under! All the
financ,a. crashes gathered together
r since the nation began, and precipita.
s ted into one general smash. would not
l equal what awaits this debt-ridden
nation, twelve months from to-day, II
the Resumption law is not repealed.
Nothing but specie will be taken in
n payment Of the millions of private
;, debts--and that all cornered in the
I hands of the few, they will be able to
confiscate every dollars worth Of
: property in the nation.
G ''If the object of the ResumptioniAta
q is to gather up the scattered gold in
:. the country, SO as to corner it. why
are they now paying it out in exchange
. for their billsl"
l. This premature resumption i,
t nothing but blind. 1t will be don,
d only to a very limited extent, and II
(. for no other object than to disarn
y the advocates of repeal, and to knocl
down the price of gold, that holder,
l. may be induced to sell for bonds
IS Gold, once down to par, will readily
/. seek investment in the bonds which
4 Sherman has supplied to the syndicat.
for that purpose; but to get it dow
e to that figure, the banks have first Il
IS set the example by throwing it broad
# cast for paper.
John Sherman has effectually
)I knocked the bnffnrn ont Of fha int RI r