The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-01-24

MIR. D. here replied to some of Prof. Sum-
ner's sophistries. Prof. s. says are all
capitalists and all debtors. He would hav
believe that there is distinction between
Rothschild and tramp; because the tramp has
a suit OF clothes on his back he is to that ex-
tent capitalist. These enlightened edu-
Gators" should stay in the school room
and not attempt to instruct Intelligent
people. Professor Sumner then says: Would
you compel the laboring man to take in pay
ment of his wages dollar worth less than the
gold dollar 1t is pleasing to this lively
interest in the laboring man. But does not
Prof. s. know that silver coin is legal tender
for $500 and under. And therefore the work
ingman is compelled to take it a.nder the eriSting
lar; and Prof. s. desires to perpetuate this
injustice. He wants gold currency for the
rich and silver currency for the poor. We say
put all men on a level. Let the money that
pays the plowholder pay the bondholder.
But it is claimed that it would be REPUDIA-
TON with pig r. to compel the bondholder
to take silver in the payment of bonds. Why
is not that precisely what he agreed to take?
Every bond issued since 1870 is payable in coin,
gold and silaer. and across its face is printed
these words: This bond is = r, redeemable
in coin of the standard value of the
United States said July IA. 1870,
with interest in such eoin Now on
July IA, 1870, the silver dollar contained
4121 grains of silver; BANDS bill proposes to
IcSCOlc Illdt pIcClSt COLI anu COLI pei uuc DOuu-
holders to take. 1t is that reputation: Is it
reputation to pay debt precisely as the par
ties agreed it should be paid? But it is said
silver is worth only 80 cents. That is silver
bullion. Silver coin is quoted in to-day's New
York market reports in the DAILY GLOBE at
to q per cent. discount. But suppose it is
only worth 92 cents. who made it SO: The
bondholders and their tools. Are to reward
them for this villainy by giving them new
coin, not contemplated in the contract and
worth per cent. more than the coin they
agreed to take: Have not the people some
rights as well as the bondholders! Silver was
worth when demonetized $1.03 as compared
with gold. Remonetize it and it will speedily
resume its old value.
Mr.. d. then referred to the condition of
affairs in country. Three-fourths of the
156, 600 lots on Manhattan Island New York
were mortgaged. The national debt, state
debts city and county debts, and railroad debts
of the United States aggregated grand total
of five billion seven hundred million dollars.
The debts of merchants were estimated at
thirteen billions. The mortgages on farms must
be nearly great. And it is proposed to re-
duce this vast aggregate of twenty-five thirty
billions dollars of debts to gold basis. and
pay it all with 5l50.0O0. 900 Of gold, and to
| render this process easier they have demonetzed
silver.
He prophecied that if this scheme of con-
traction not arrested by law it would pre-
cipitate both here and in Europe world-disturb-
ing social and political commissions which would
probably end in universal reputation of public
debts. This mighty generation would not go
back to the serfdom of the Middle Ages. 1t
was the duty of statesmen to prevent such a
dlreful calamity to civilization.