The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-11-28
Debating TERMS.
The associated Banks resolve to Eul!ify
the Act Ct Congress Remonetiz ng
Silver,

he terms winch nave Dtcn submitted
by the banks to the secretary of the
treaty, Sherman. upon which he Will
be 'perinitted to resume specie pay.
ments III January lst, 1879. and John
must pass under the Yoke but will
the American people follow him?
TO make resumption effective the
banks must cordially cooperate by
practically treat NJ law ful currency
and gold coin equivalent in value, as
they did before the war, declining to
receive all deposits Of gold us subject
t. special cor tract as hi herto, and
accepting it only as lawful money.
Iney should also abolish an existing
arrangements i'll which goId cola is
preferred. by giving IL tic they will
expire en- The 1st OF January next, the
day OF ption. and terminate all
Special gold exchanges at the clearing
house. Ii the government. also fol.
ne"rir" MI further legislation upon
the subject, will discontinue the ISSUE
o. solD. ocItilIcdteS at the treasury.
and regard gold coin as practically the
equivalent Of lawful money in all its
Disbursements, the distinction which
has 50 long existed between coin and
currency will rapidly fade Iway. and
natural law will re-asSert It's Dene:l
Client dominion over our financial at
fairs. Resumption Of the coin stand
ard being assured it is entirely safe to
leave the circulating notes to find
their true place, aS their constitutions
al merits and the demands of trade
anu the public interests may naturally
determine. But resumption of the
coin standard can be successfully
reached only by the fearless disburse-
ment Of gold, both by the banks and
the government, and by such unre-
served and confident action as VIII
manifest 10 the public that they are
working tremendously together, ana
teel the utmost assurance OF its prtcti-
cablilJy ana peImantnce.
There is, however, IL most serious
obstacle standing directly across the
path TO COIN resumption, III the coin.
age ana IOrclble issue Of silver dollars
not worth their nominal value,
which Demands the first considera-
ton. The treatment OF these. us
they enter INTO the curl Ell. 0f eli cuia-
ton, must be wisely dete! mined be.
fore the question ol restoration of the
commercial standard can be regarded
as substantially settled. The gov
eminent, by law, now demands the
ently Ui It's silver COINS into the cur
Tency upon equal terms with gold,
when cut of five dullals worth of sill.
yer bullion 1t creates more than SIN
legal dollars, and appropriates one OF
them to its use. At the present val
,te OF silver bullion these lulerlor dol
liIs can DC made at I; cost of So ii. 100
cents. The government is, there
fore. drawing into its treasury {,
profit upon every dollars worth of sill.
Yer UuluOn which H. purchases OF over
20 per cent. An indirect tax of This
magnitude, unequal In its operation
imposed upon the people under the
power ito coin money and regulate
the value thereof and of foreign
coins, IS certainly i most eXtraorui-
nary and un,ImelY exercise of power
under Il constitution formed ito es.
tabllSh justice and insure domestic
tranquility Just 1T the time when
the best energies of the people are
enlisted III the effort to re-establlsll
financial order, and to return to har.
monlouS relations of value with for
el9n coins and nations, this lnSupeIa-
BILE obstacle is encountered, which, il
adopted III practice, will disturb anew
domestic tranquility, snbvert justice.
and perpetuate dlscord in all business
relations with other nations.
v Whatever may be the local statute
resi- Getting these coins, the fact Is IN.
dlsputably that they are not full
commercial equivalent; tina. their is
sue us such is III conflict with the laws
OF trade and with natural trade, and
that all those who receive them III
their nominal value are subjected to
an Immediate tax OF 81 in every ST
OF the business they thus transact.
Upon the banks gre~tly depend the
introduction OF these coins into com
mercIal uses. The question practi
Cally presented 10 them is, whether
they shall, by receiving these coins
upon deposit as money OF full value
voluntarily devoteS their powers /,
the establishment of injustice its the
custom OF the country and the estah.
lished measure of domestic trade. ana
shall also relrnqUish the property
OF their shareholders and d ale.s |,
the * .entot cne->iXth of the millions
they shall voluntarily permit the yolu
coin. or It's equivalent, now in THEN
l0>SesSlun 10 become transmitted inc
I,.ls deprecated value through THEN
desire 10 effect 4 nominal resu;nl ton
~ ~o payments. which. after ali
will result, not IL elevating the com
lA.e4O..4 o..uudlU 10 The measure OF TIE
most advanced nations. bat III de-,
grading ID even below the value OF
lsteleema6le paper currency NOW
use,l. such 4 resumption wsll not bt
IN Improvement upon present methods
1og which the country may feel proud
hut :. further deterioration is 10 be-
dsplured.
Standing. rs they do. the CONNER
cial agents o! the people. aud sucjeci
10 the Gngye. sal laws of trade which
are uaw IN direct conflict With thu,
oct Of congress, the banks have til,
lI.ns. At - their PLAN duty. Z,
pause before this dilemma. They ar,
at liberty 10 accept OF decline thes:
deficient coins when offered then