The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-10-24
RUIN BY RESUMPTION.

The folly of resumption by contrac-
ton OF the currency and the boarding
OF coin can have no more fOrcible il.
lustration than the increase of the
interest bearing debt of the United
States. rs exhibited by the statements
received from the Treasury showing
its condition at the close of the fiscal
year. The totals have not improved
during the fifty odd days that have
since elapsed.
BY official data, which are sent out
with q flourish, and so arranged as
to deceive the casual examiner, it ap-
pears that the public debt stood July
l as follows:
Debt on which interest has
ceased 49,. 80. .....S 1884 $50 DC
Debt bearing no interest ...... 455, STE, 6s2 81
Debt bearing interest. l,794, 1876, $50 90
This last total shows an increase
over the preceding year Of $50, ST.
100; over the interest debt of 1873 it
shows an increase of Ss94 PSI 100. This
total is not to be accounted for by the
non cancellation Of bonds called in. as
interest ceases on them at the date of
the called redemption. 1t is due en-
tirely to the sale of bonds for the pur-
poses OF resumption by and through
the purchases of coin. 1t measures
the Treasury cost OF that expensive
and destructive folly.
A little further examination into
the Treasury statements Will serve TO
illustrate this even mole clearly. The
whole amount of legal tenders in cir
culatlon ii. e., nominally SOY July |,
1873, was 1916 6Sl DIG; total special
deposit to redeem certificates of de-
poslt, $40, l55 900; making u total of
greenback non interest debt OF 1898
430 ,0l6. To this must be added about
@i1.000.0 900 in fractional currency.
Ihe official figures for this item are
not included III the July data; on the
first of September the outstanding
total was $50. 55l, 72S. l0.) The total
currency debt would, under this esti-
mate, $4l0, 436,Ol6. Adding the debt
on interest which had ceased the total
sill be S4l6.030. 1910, thus leaving
$50 ,S45 ,l00.0 not classified as cur
rency.
Taking 1874. the year in which the
non-interest bearing debt reached its
highest figure. and comparing it with
the last July statement. the decrease
Of the same will be S53, 6617 .435 90.
Over 1877, the decrease is $50. $685.
359.57. Taking the present Increase
of cash in the Treasury over lS14.and
it will be found that the bond OF cir
culation Withdrawal will exceed Sl5O.-
coo 600. II we analyze a little fur
Their, it will be seen that the point of
redemption has added to the interest
bearing debt the amount of bonds sold
to buy coin and lock the same up in
the Treasury-a total in one year. as
we figure it. of ST. .04S. 6Ss43. The
crease direct of interest charge IN
one year is seen by the following
totals: lsU. 1913. 100. 643.50, 1873, S94.-
654 ,4I2.50. being an increase OF ST.
iQ5.S59 IN one Wear. This by 10 means
includes the whole cost to the country
of the resumption folly. At least
$500 .Ooo, 600 OF this is. under contrac-
ton. withdrawn from circulation.
The loss t" the country by direct IN
terest charge of not less than SIX per
cent. on this is $4,000. 200; nor does
this cover the whole loss hy any
manner OF means. There is the much
more profitable industrial usufruct
which would arise from having that
mount OF cash in circulation. Taking
the National blnkS' reserves Ito be
kept in legal tender) and other lock-
ing-up by means OF boarding ami
withdrawal directly of greenhack
circulation through the growth in the
value OF money itself. and it Will be
found that at least $50, 900 900 of
legal tenders are out of sight. and do
not. for practical purposes form par,
OF the eXchau-eahle currency. There
Is 4 decrease also in the actual VOL
ume of bunk currency. The on,stand-
Ing silver coinage is by no means al
equivalent for this great contraction.
~ on tae lst OF September treasury
statement. and comparing it with tina.
OF July. assss il be found that the de-
stractiye policy continues. Tie total
debt. less cash on hand. July list. was
81 9s9, S.. 2>a.45. On the Isl Of sep
ten Der II WAS reported ri - .02Q, D.
q20.2l. an increase Of SD -. -
These figures are OF the most unsg--
lsfaetory character. They stamp the
robbery now in progress.and u-asur
IN some degree the burdens placed
upon the people Tor the benefit of the
money changers 1t is by no means
An adequate measure vf the ruin that