The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-02-14

should be paid in gold? The acts of
congress only called for 'scoin. Sill
yer was certainly ''coin' till April l..
1873, when the people of this country
were made April fools of by the ras-
cally money power. Great applause.
Mr.. Applebee .called for what was
nominated in the bond. and found it
only coin,-gold and silver. The
Americans who were raising a Cry of
'srepudiation were ill-birds, fouling
their own nest. The London Times
was no friend of the United States,
and Mr.. Applebee read an extract
from that paper to the effect that the
word r pudiation could in no sense he
applied to the payment af the United
State bonds in silver, whatever was
the depreciation, but reconciliation
would probably raise silver to the
gold level. The economist also ex-
pressed a belief that silver would not
stand at a depreciation if the United
Statessremonetized silver.
Thd8bject of demonetizing silver
was to reduce the circulation, in
crease prices, and rob debtors for
CfeultOTS. applause.
Mr.. Applebee then made
THE USUAL CHARGES OF FRAUD.
against the method of demonetiZing
silver. He quoted Pig-Iron Kelly as
saying that he approved the bill on
being arsured lit was a bill relating to
the management of the mint, that it
didn't alter the coinage. Mr.. Apple
bee assumed that if the people had
known the effects of the bill they
would have protested.
Mr.. Applebee said the people were
sold by their representatives to the
devil, Applause, mild euphemism
for the money power. Prof. Sumner s
taunt wouldn't stick. The fact was
that the people borrowed little dol
lar and paid back a big one. APP
Mr.. Applebee quoted from the New
York Tribune a statement that the
eastern banks had made arrangements
to protect their interests in spite of
any act of congress.
SUCH LANGUAGE WAS TREASONABLE
toward the sovereign. Applause.
1t was singular fact that while the
parsons were demonetizing hell the
eastern capitalists were making lit
tie financial hell Of their own. Wild
applause He who believed in gold
should be financially saved, and he
who believed not should be financially
damned. Laughter. The question
was whether the people of America
should be the vassals of Wall street
and Lombard street. Cries of ''nev.
er !"
Mr.. Applebee then analysed the ma
ture of money. The value of money
didn't depend on the market value of
the metal in the coin, but on attrib-
utes that the government clothed it
with. Coins and notes were only
tickets emitting the holders to certain
commodities. When gold, silver, and
paper tickets were all in circulation
no man would lind it worth while to
exchange his paper tickets for gold
ones, and the paper tickets would new.
er depreciate.
The charge that silver remonetiza.
ton would lead back to irredeemable
paper was irrelevant. But the nation
might go back to paper without repu.
diation. applause
Mr.. Applebee quoted from Prof.
Jevon' 5 statements to show the mate
rial fluctuations Of gold. and the ten
dency of gold and silver, where both
legal tender, to equaliZe each other S
fluctuations.
He explained the course of ex.
change and said that the kind of cur
rency country had, had utterly no
effect on Its foreign commerce.
He denied that labOring men would
lose by being paid in silver, admit
ting for the sake of argument, that
silver was deprecated. The compen.
sation Of labor depended on the de.
mand for labor and the amount OF
floating capital in the country. La.
borers above all other met were inter.
ested in keeping up the volume Of the
currency. Poverty war the result OF
contracting the volume of the curren
cy, and prosperity resulted from ex
panding it. The safety of property
depended on having labor we'll fed
well paid, and well educated. Were
jnstice done to labor it would he done
to all other classes.
| Prof. Sumner was more solicitous
about other nations than about the
United States. Applause. Ameri
cans needn't care the ghost Of a Gus.
about what other nations did
Laughter Americans were
ABSOLUTELY UNIQUE IN THEB OPPOR
TUNITTEs.
Their silver mines demand that sill
yer be coined. America ought to es
tablish the relation of to 1875 be
tween gold and silver. and then sh,
would have currency that would
beat the world. Applause
A SAND TON: IN ROME.
June ID q curinnS shower of SAND