The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-06-06

they are wrong, and would therefore
like to call their attention to a few
facts. Assuming that they will de-
mand an increase of the paper cur
rency and a repeal OF the resumption
act as a panacea for existing evils, we
call their attention to the following
facts, and ask a refutation Of them if
any can be made:
First-The congress of the United
States has no constitutional power to
issue legal-tender notes in time of
peace. No such power is found in
the constitution, or vas ever claimed
by any of its trainers or early ex-
Founders. Hamilton, Madison, and
other prominent men Of the constitu-
tional period are on record as clearly
opposed to any such power. No good
lawyer has ever given an opinion that
congress possesses such power. Even
during the wal it was claimed only as
a was power. and the decision Of the
supreme court sustaining the consti-
nationality of the legal-tender act
clearly puts it on that ground. There
fore, in asking congress to initiate the
currency by a new issue of legal-ten.
del paper money, the Nationals ask it
to do that which it has no constitu-
tional right to do.
We answer:
|. The Supreme Court did NOT
place their decision as to the consti.
nationality of the legal tender act up
on the sole ground that it was a wal
necessity. That has been d~isproved
a score of times.
III. The constitution of the United
States prohibits states from issuing
''blllS of credits" the inference being
very clear that the United States has
that power.
III. The constitution Of the Uni
ted States confers on the nation the
right Ito coin money and fix the val
ne thereof and ssto COIN cannot be
understood in the narrow sense ofthe
word: it means to create money.
whether of gold, silver, copper,
nickle. brass. leather or paDer.
". If the nation has not the right
to issue greenbacks where do you find
the constitutional power to issue ma
tional bank notes? They are printed
in the same office at Washington. and
on the same kind Of paper, and are
simply issued by the government
through the Intervention Of the bank
ers, SO that the bankers may change a
profit for handling them. If the ma
ton has no power to issue paper mon
ey directly to the people, what right
has it to issue it Indirectly!
The Journal continues:
standardization would be no rem.
cdy for hard times, but on the contra.
ry, would introduce a new element of
disturbance. Every financial panic
which has ever occurred in this coun.
try or in England has been preceded
by a period Of inflated currency and
expanded credit. The former pro-
duces the latter. Imitation of the cur.
rency always produces expansion OF
credit. speculation, disregard of the
laws of trade. to be followed by col.
lapse. disaster and ruin. We do not
say hat commercial panics are due to
paper money, but to paper money in
flation. and that the ruin and distress
caused by them have always been
prnportioned to the amount Of paper
money IN circulation and to the in.
fiatlon OF credit which has prevailed
We assert this as a general principle,
and ask the convention to-day to dis.
prove the assertion if it can. We
assert that there is no instance or
record of a financial panic which was
not preceded by a period Of paper
money imitation, and that the severity
and distress Of the panic have always
been proportioned to the previous in
fiation of credit.
Now good reader, we will suppose
that you are taken suddenly and seri
ously sick; and you send for a quack t,
prescribe for you. The first question
he asks you is:--'were you quite well
last week." Very WE'LL you re.
ply. You felt buoyant, happy ane
hearty! he asks. ~"Exceedinpl,
So. you reply. Just as / though
says Mr.. Quack, your good health
q last week was the cause of your sick
ness. There ne yer was a case q
sickness yet that was not precede.
: by a condition of good health. It i
the health that make men sick.
/ And he prescribes a medicine tina
will keep you sick.
othe quack Of the Journal declare
I that hard times have invariably fol
lowed periods of abundant, or as h
3 calls it, initiated IRENE II
fails to tell you that those periods O
g inflated currency were periods q