The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-09-26

measured. OOlu dG SOAe oAAA0 "OAs W
premium Of 247 for 100, 50 that, ac-
cording to the standard, the greenback
was 40 to AZ. They then fixed the
value Of the bond at the price the
greenback would bring in gold. Con-
gress was duped into aiding this trick
to reduce the value Of the bond to the
standard of the gaeenback measured by
gold in that way. If the greenback
was issued as full legal tender for all
purposes, it would be absolute money.
IF absolute money, then it wonld do
what gold would do. Bankers and
brokers and usurers and capitalists
combined to prevent this. They ap-
pealed to the Senate. They said: If
the greenback is issued as full legal
tender, you will soon destroy its value,
for you will have to issue SO many
bills and so large amounts that you
will glut the market, and they will de-
preciate and become as valueless as the
assignat. To prevent this they provide
that they shall not be received for
revenue duties, not for interest on the
pnblic debt, for unless you do this you
cannot sell your bonds, for to make
your bonds available you must make
the interest payable in gold, and can
not get the gold to pay the interest
unless you require your revenue duties
to be paid in gold. The senate was
duped by this cut-throat argument.
The result was just what was an
I'ticipated. AS the government repu-
dated it's own money, and would not
receive it for duties, and as it would
not pay interest on the public debt,
bankers. brokers, and usurers depre-
ciated the greenback till they reduced
it's comparative value, as measured
by gold, down to AZ up to So. This,
these same Shylocks made the meas
ure of the value of the bonds. Then
everybody who had money bought
the bonds, getting 81 for 81, in bonds
made payable in coin, with interest
payable in gold.
A more mOnstrous swindle never
was imposed on the people. The
credit of the government, forced
down by depreciating the greenback.
was SO low that capital also forced
congress to exempt the bonds from
taxes before it would consent to take
them. And yet. all the time, while
the whole brood of Wall street sharps
was at work to depreciate the green
back, they insisted that the bonds was
the true way of saving the credit of
the government; they slandered the
greefback, and lied it into deprecia-
tiion. to get the bonds measured in
value by the greenbacks at half their
nominal and absolute value.
Keeping up their assault upon the
greenback, continually prophesying
that they would be as worthless as
continental money, and declaring
that they were being printed by
steam power, and in such quantities
as to have to keep all the paper mills
in the country at full head to supply
the paper for the rag money, these
same bankers, brokers and usurers
finally said: well, we will not take
your bonds unless you will make
them the basis for banking, and give
us an issue of bills equal to the amount
of the bonds, and grant us monopoly
of banking privileges. Your green
backs will soon be good for nothing
and unless you enlist the banking cap.
ital of the country to give character
and credit to the paper money of the
country. the credit of the nation will
be ruined" Again congress became
the dupes. and added to the purchas-
ers of bonds the further inducement
of giving them 800 of bills, guaran-
teed by the government, with every
500 of bonds. to leEd out as money at
compound interest.
Thus the bankers. brokers and
usurers, by depreciating and causing
the government to repudiate its own
greenback money-every dollar of
which was intrinslcally as good as
gold, as they represented absolute
solvency and absolute ability-they
got for every S42 500 in bonds. an
interest payable in gold. and equal to
Is per cent. and equal to % per
cent. on the. ivestment. and 90 per
cent. in bills at compound interest.
which facts show have earned ~
per cent, which wonld be 10 per
cent. more, which, added to the 25
per cent. makes Al per cent. Add tn
this the interest received on bank
deposits, which averaged the full
! amount OF the capital of the banks in
bonds, and equals Is per cent more on
the actual investment, and aggregate
% per cent. annual income on every
dollar invested, SO that the amout
stands as fellows:
Amount actually invested SO, zoo
Amount realized in bonds bearing in
tefe>t SttNAU0
Amount national bank ills to lend 81. 900.
Amount OF deposits, ON which hanks
made loans ....... $50 600
The So, 900 realizes the use OF. . $40 600
Amount of income on above:
Interest, payable IN gold, average So
PER cent. p,eInium at per cent, in
gold -. ---.... So COO
Interest on bills loaned, being COM
pounded on 80, 60 and 90 day IA
per, equal 10 y Ia per cent. :. -. $50
Interests on deposits the deposits
being nearly double the capssal--is
shown 10 have been equal to the
whole capital. II si-2 per cent 8. 500
Total annual income Ton original
si1.uuis ..---- .--------. 81 GEO
Thus showing that an investment
| in United States bonds by the bank
/ usurerS of So 90 earned an ANIMAL