The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-10-17

CURRENCY.
on deny that the currency of the
country has been materially contrac-
ted. and thence that contraction of
the currency has not produced the
hard times. Let us see. The last
monthly statement Of the treasury
department, dated Oct. l, 1878, pub
llshed in your own columns, states
that 'the outstanding legal tenders"
lgreenbacks), Oct. l, 1877, were $780,
9l4,932; on the first of October, 1873,
they had decreased to 1884, 1853, lO6-a
shrinkage of twenty-five million dol
lars in one year in the amount of
greenbacks. Is not this contraction |?
Let us take another table. Presi-
dent Hayes, in his St. Paul speech.
stated that the currency in 1866 was
as follows:
NiteHudCkS ...... $432, IO7 QUA
National bank notes -. l76.213. 955
Fractional currency ..... 26, TAO
Oid demand notes :. ........ 402, 1865
Treasury notes, com ponnd interest
notes, and State bank notes, es-
timated ...... ........... lOO, 900, 600
Total 800. ...... $500. S735, 7l9, 266
In 1878 he says it stands rs follows:
Greenbacks ...... 1916 68l JIG 90
National bank notes ..... 324 5l4 2S4 90
fractional currency .......... 1851, 768 n
Total 1890. S6S7, 743, 1863 II
Here is a shrinkage of about $50.
100000. But President Hayes ne
elects to include in his statement of
the currency Of 1855 the 100 bonds
which were in the form of notes and
issued as currency. This point is set.
tied by recent letter of Ex- Treasurer
Spinner in which he states that the
7-3O bonds circulated as money.
There were of these 100 treasury
notes in 1865 $3.50, 100000. These
have all been extinguished and the
currency diminished accordingly.
The following table shows the real
amount of currency in circulation in
the years named:
lsoe -. 81 ,65l ,2S2, 373
looO.. 500. 100 726
ioo1 = ..'--' '''.'' ,33O, ala GIT
1905. $500. $780,. Sl7, 1876, 773
You seem to believe that contrac.
ton OF the currency does not breed
hard times. ! will answer you with
the following extract from a speech
OF John Sherman made some years
ago in the United States senate:
1T will satisfy the public mind that
no further contraction of the cnrren.
cy will be made when industry is in
measure paralyzed. We hear the
complaint from all parts Of the coun-
try. from all branches of industry.
from every state in the Union. that
industry for some reason is paralyzed.
and that trade and enterprise are not
as well rewarded as they were. MANY.
perhaps enormously, attribute all
this to the contraction Of the currency
"a contraction that / believe is unex-
ampled in the history of any nation.
One hundred and forty million dollars
have been Withdrawn in less than
two years. There is no example that
| know of such rapid contraction. 1t
may be wise, it may be beneficial. but
still 1t has been SO rapid as to excite
a stringency that is causing COM
paint, and think the people have
right TO be relieved from that
II 1T does not. as yon seem to imply.
injure the trade and prosperity of |
people to reduce their currency one
third or one-half, why should it pro-
duce disastrous consequences TO |
abolish the currency altogether To |
illustrate the condition Of nation |
without currency, j would refer You
to the following curious extract from
the writings Of De Witt, the cele.
brated prime minister Of Holland
Before this period, the tenth cen
turyl there were no merchants in all |
Europe. excepting a few i'm the re-
publlcs of Italy who traded with the
Indian caravans Of the Leyant. So
that each nation to the northward
and eastward were forced to SOW.
build and weave for itself. Ignorance
Of or neglect of the arts of agricul-
ture, left the northern tribes of
sythians, Goths. Vandals, Huns,
Franks, Bnrgundians and Normans
often in want Of food compelled them
20 seek new lands south. These peo-
pie. and in word, all who spoke
Dutch or German, exchanged their
not for money. hut as it
$ related thus. viz: two hens for a
goose. two geese for a hog, three
ambs for sheep. three calves for a
,ow, so much oats for barley. so much
barley for wheat. Excepting for eat
Ibles there were neither trade nor
raffic."
To reduce the currency of a civil
lied people to one-half the amount
by trade and commerce Is
o start them on the road TO barbar-
SIN. We are to-day in these United
itates supplementiLg the develop |
nent of the nineteenth century with (
he commercial status of the twelfth
entury- hence the widespread bank
uptcy and distress. Respectfully.
ours, lGNATTTs DONKKLLY.