The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-01-17
GARFIELD ANSWERED BY }. W. SHUCK-
Frs OF PHILADELPHIA.

GARFIELD ANSWERED BY }. W. sHUcK-
ERS OF PHILADELPHIA.
THE ''TRUE INwARDNEsS' OF BRIT
ISH RESUMPTION.
1 have quoted NJ. Baptiste Say to
the effect that ''the privileged classes,
the public functionaries, the pension.
ers of the state. and the fundhOlders,
profited by the enhancement in the
value of money" consequent upon the
operation of Peel's act; ''but that it
laid burden upon the masses of the
people and upon industry which SO
rich and Industrious Il nation could
alone support it, OF the magnitude
Of the interests of the favored classes
in this work of British resumption
allow me to give you few hints: The
public debt at the beginning of the
French wars in 1917 was, in round fig
ures, twelve hundred millions of dol
lars (f840, $50. OO0)-an increase of
three thousand millions in about
twenty-fOur years. The method by
which this great increase was effected
was remarkable. For every sixty
pounds of money received into the ex-
chequer the government gave its bond
for one hundred pounds so that the
debt created was at any rate 40 per
cent. more than the money actually
received. Upon the whole debt, how
ever, the interest was paid in bank
of England notes. it being the very
sound opinion of Mr.. Pitt that money
good enough for the people was good
enough for the fundholders. Mean
time, during the wars, not only was
there a large number of new offices
created, but salaries and pensions
were advanced even in excess of the de-
probation of bank notes, and in 1919
there were 100 persons whose united
salaries and pepsons amounted to eight
millions and tfree-quarterS year, and
of these 81 persos had pensions amount
ing to $630,000! The members of the
ministry and the great offices of state,
about 35 in number, received salaries
amounting to over 5000. 900 ayear; and
these people were, of course, for the
restoration of the ancient standard,
and the '.sacredness of the public hon
or y But, besides these, there was an
army Of pensioners and officers, civil
and military, whose salaries and an
nuities ranged from ST. 900 to So 900 a
year; the larger part of them relatives
and dependents of The privileged and
official classes, all of whom, to become
the beneiiciaries of the enhancement
which the Resumption Act would
work, were also clamorOus and vehem-
ent for the .rcStOratiOn of the ancient
standard, though not one Of them ev-
er whispered word (that is upon
record, at any rate) about cutting
down salaries and pensions 50 as to
conform them to the ancient stand
ard was restored. The enhancement
in the value of the public debt, and in
the incomes of the salaried officers,
the pensioners, and other privileged
GLASSES, as the consequence of Peel's
act, must have been between three
and four millions of dollars This is
Shown by the universal fall in prices
that took place under its operation.
Tables printed in the appendix to the
report Of the Bank Charter Committee
OF 1882. and drawn up by the govern
ment Board OF Trade, show the fall in
detail. In the principal articles of
home production, wheat, meat, Goals.
iron. cheese. and butter. the average
fall was So per cent. In the principal
articles OF foreign Importation. sugar.
coffee. hemp. cotton. oil, tallow. tim
ber and tobacco. the fall was nearly
10 per cent. This relates to raw pro-
duce only. But in manufactured ar
ticles, in the products specially of
British industry, the fall was much
greater; but less; upon the average.
than sixty per cent. 1t was thus
that. rs NJ. BaptiSte Say declares. q
tremendous burden was permanently
laid upon TIM British industrial .class-
es: and that Peel's act did put u
burden upon British industry, and in
so far was hostile to the public inter-
ests." | have also the distinguished
authority of j. b. McCulloch for say
ing: TO escape the hardships and in
justice THAT it was we'll known must
result from Peel's bill. it was suggest
ed and urged that all the ends ofjustice
would be attained. and the metallic
standard effectually restored, if the
bank should thereafter be compelled
to redeem its notes ut the then exist
tuE ittt VI tlHtAtit'N bttWtCll us
notes and the standard gold coin and
that this would have been Just and
fair to all interests. NJ. Baptiste Say
very earnestly contended. But there
was no steal in an arrangement of this
kind. the steal was the real motive.
and could only be effected by IA extern
sive enhancement in the value of
money; and although that enhance
ment must. in the language of Lord
Overstone. involve extensive private
suffering. arrangement of property.
disturbance III the operations of trade.
and Injustice To extensive classes of
people" il was decreed and rentlesslv
carried into execution. TIL: words of
Jean BaptiSte Say cannot be too often
repeated: The privileged classes.
the public funetionaries. the pension
erS of the state. and the fundholders
prohted by the enhancement in the
value of money: but it laid burden
upon the masses of the people and up
ON industry which So rich and indus
trious nation could alone support.
nor those OF Sir James Graham: The
bitter fruits of Peels act he SAYS,
..were tasted by all classes. save that
in the midst eff the ruin inflicted upon
farmers and landlords, anu the insur.
rections of a populaee without bread
and without employment. fundholders