The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-05-30
THE GOOD TIMES HAVE COME!

The following letter from Gen. S. +.
quirer Of a recent date:
The happy day of resumption Of
specie payments so long prayed for by
the dupes of the Money Power is
dawning. Gold is down to one-eighth
premium, and we may now look for a
business, the employment of labor,
the payment of debts. Is it not strange
what opinions are entertained and eX-
pressed by men of good sense and bust
ness capacity in regard to the effest Of
the approximation of gold to paper
currency! The whole thing is a delu-
sion and a cheat. Gold is not in de-
mand; nobody wants it and hence it
commands no premium. If it was
wanted for any purpose, how soon it
would appreciate in price! We have
at least eight dollars in paper cur
rency to one of gold. The basis is
very small for the superstructure, and
the whole fabric would tumble if coin
were demanded. One Cincinnati
bank gives notice that it is prepared
to redeem its paper coin on p%resenta-
ton.
The officers know full well that its
circulation is scattered all over the
United States, and that probably five
thousand dollars of its notes could not
be gathered up in three months. 1t
makes the impression that this bank
is ''well heeled," unusually sound. 1t
may be true. bat this boast is no evi
dence of the fact. We knew a man
who was in failing circumstances,
who returned an income for taxation
of $4,000. 1t made a fine impression
and inspired confidence for Il time,
but he failed.
Many conclude that money is abund-
ant becausei it can be had or first-class
collaterals at a very low rate of
interest. This is a delusion and a
snare. Money does not pay invested
in business, hence it floats into the
commercial centers, and is in demand
only for the payment of interest and
to secure a renewal or continuance of
loans. 1t is drawn out one day for
this purpose and goes back again the
next. to perform the same Office in
definitely. Who but a lunatic would
borrow money to give employment to
labor or invest IN manufacturing or
commercial e~nterprisei
If money is wanted in business. or
gold is required, neither a be had
at a fair rate.
Some say nothing is waiting now
but confidence to secure a revival of
the business industries of the coun-
try. We would by no means under
value the necessity of confidence, but
think 0 ething more Indispensable.
Money is as essential as confidence
Confidence is n good basis for credit.
but it will not pay debts. With less
than half the volume of circulating
medium Of any civilized country on
the globe. with four times the neces-
sites of any other. with heavier tax
leyies than any other. it is vain to
suppose that era of prosperity is i'm
mediately before US.
Coming down to gold. viii furnish
no man with a days work or loaf of
bread. 1t will enable no debtor to
relieve himself of his EN- arrassments
and will pay no mans taxes.
We have contracted debts. entered
upon business enterprises, bought
real estate, with a circulating medium
of more than $50 per capita, and now
propose to square accounts with less
than one-third of that volume /! This
is a problem which cannot be solved
either with gold or confidence.
Increase four-fold the greenback cir
culaton, make it . full legal tender IN
payment Of I'll debts, public and phi
vate, put 2ecanoeling hammer through
IN equal amount Of bonds, wipe out he
National Bank circulation, and pros-