The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-10-24
RUIN BY RESUMPTION.

RUIN BY RESUMPTION.
The folly of resumption by contrac.
ton of the currency and the boarding
OF coin can have no more fOrcible H.
lustration than the increase of the
interest bearing debt of the United
States, us exhibited by the statements
received from the Treasury showing
its condition at the close of the fiscal
year. The totals have not improved
during the fifty odd days that have
since elapsed.
By official data, which are sent out
with flourish, and so arranged as
to deceive the casual examiner, it ap-
pears that the public debt stood July
l as follows:
Debt on which interest has
ceased go. $50. ........$ 6,F4, $50 26
Debt bearing no interest ...... 455, S76,682 q
Debt bearing interest. 1884, 735, $50 90
This last total shows an increase
over the preceding year of $50, S47,-
$50; over the interest debt of 1873 it
shows an increase of $84.251 ZOO. This
total is not to be accounted for by the
non cance]lationof bonds called in. as
interest ceases on them at the date of
the called redemption. 1t is due en-
tirely to the sale of bonds for the pur-
poses OF resumption by and through
the purchases of coin. 1t measures
the Treasury cost OF that expensive
and destructive folly.
A little further examination into
the Treasury statements will serve to
illustrate this even more clearly. The
whole amount of legal tenders in cir.
culation ii. e., nominally SOY July l,
1873. was S346 .68l ,Ol6; total special
deposit to redeem certificates of de.
post, $46,755 900; making a total of
greenback non interest debt of $685.
436,Ol6 TO this must be added about
$l7 .00O,0 900 in fractional currency.
(rhe official figures for this item are
not included in the July data; on the
first of September the outstanding
total was SIG, ISL, 72S.lO.) The total
currency debt would, under this esti-
mate. $40, 436,Ol6. Adding the debt
on interest which had ceased, the total
will be $4,000, 576.76, thus leaving
$50, 845 ,lO6.01, not classified as cur
rency.
Taking 1874. the year in which the
noninterest bearing debt reached its
highest figure. and comparing it with
the last July statement, the decrease
of the same will be $50, 1857 ,435 30.
Over 1877, the decrease is $50, $685..
359.57. Taking the present Increase
of cash in the Treasury over lS74.and
it will be found that the bond Of cir
culation withdrawal will exceed $3.50.
900 900. IT We analyze IA little fur.
Their, it will be seen that the point Of
redemption has added to the interest
bearing debt the amount of bonds sold
to buy coin and lock the same up in
the Treasury-a total in one year. as
we figure it, of So ,04S. 6SS.43. The
decrease direct of interest charge in
one year is seen by the following
totals: 1877. 500. 100. so; 1875, S94.-
654 ,412.50. being an increase OF ST.
493. S39 in one Year. This by 70 means
includes the whole cost to the country
of the resumption folly. At least
$500 900 900 of this is, under contrac-
ton, withdrawn from circulation.
The loss t" the country by direct in
tereSt charge of not less than six per
cent. on this is $4,000, 900; nor does
this cover the whole loss by any
manner of means. There is the much
more profitable industrial usufruct
which would arise from having that
mount of cash in circulation. Taking
the National b,nks' reserves Ito be
kept in legal tender) and other lock-
ing-up by means of boarding AMI
withdrawal directly of greenhack
circulation through the growth in the
value of money itself. and it will be
found that at least 1900. 900 of
legal tenders are out of sight. and do
not. for practical purposes form part
of the eXchangeable currency. There
is Il decrease also in the actual vol
ame of bank currency. The outstand-
ing silver coinage is by no means an
equivalent for this great contraction.
as on the lst of September treasury
statement, and comparing it with tina.
of July. AID it be found that the de-
structive policy continues. Tie total
debt. less cash on hand. July LIST, was
81 2a9. S.. 80. As. On the LIST of sep
ten Der it was reported at S2-020. lJ5.-
go0.2s. an increase of 80. ~. 1882
These figures are OF the most unsas-
isfactory character. They stamp the
robbery pow in progress, and measur
in some degree the burdens placed
upon the people for.the benefit of the
money Changers 1t IS BY no means
an adequate measure u the ruin that