The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-09-19
WHOLE NO. 219

has been SO misrepresented that they
have thought it necessary to seek a
new party as relief for the hard
times, But these people will come in
time to understand the true situation
and they will. believe, renew their
alliance to the Republican party.
There are some points, Mr.. Sherman
that, have never clearly understood
in your policy. Why, for instance,
do you consider national bank notes
to be better as a form of currency
rency issued directly by the govern
ment will be superior, and more
economical than national bank notes;
but at present there are some obstacles
in the road. When the national
banks were first organized it was as a
substitute for the wildcat banks of
the time.
No one doubts that the national
banks are infinitely superior to state
banks; and yet here is a large and
growing demand in the south for the
establishment of state banks, but
there is another reason why we can
not very well do without nationtl
bank notes. When I came into office
l found the resumption law upon the
statute books. The time was near at
hand for its cousummation. No
preparation had been made by prede-
cessors, in office, and it devolved upon
me to execute that law without dis
| cusslng the wisdom of the law.
There it was. If it caused hardship.
and [ don't believe it caused any
hardship, it was the panic of 1873
which caused the hardship, it would
cause less hardship to 90 ahead and
carry it to a successful issue than to
go back. Moreover l was allowed
no discretion in the matter. My duty
was a work of difficulty, but / may
say it is now practically accomplish
ed. There are s 100000 of legal
| tender notes to lookout for. have
made provisions for them, and the
resumption of specie payments may
| be regarded as certain before January
lst next. But suppose that instead of
| having only legal-tender notes to pro-
vide for, the law had contemplated
the coin redemption by the govern
ment of the national bank notes.
| There would then have been about
six hundred million dollars, and with
the coin resources of this country /
am satisfied that resumption would
have been impossible.
Surprising resumption to be an ac-
| complished fact. Mr.. Secretary, and
the country settled down to specie
standard, do you think the time will
come when national bank notes NAV
be dispensed with That is quite
possible. There being no longer anv
necessity for them they will be legis-
lated out Of existence. l have stated
repeatedly in my speeches that when
1T comes to question between legal.
tender notes and national bank notes,
than government legal tender!
do not. On the contrary. a cur.
l am in favor Of legal tenders all the
time, but that is a question for the
future. Its consideration now would
only hamper resumption.I
The question will naturally arise.
what is resumption worth when it
applies only to one half the paper
money Of the country. What is the
use OF the nation resuming specie
payments if the banks do not.
But the whole question lies lin a
nut shell:--if national banks are
worth as much as greenbacks and
greenbacks are at par, would not
greenbacks issued in lieu Of those ma.
tional bank notes also be at par.
liza greenback dollar is worth as
much as gold dollar before resump-
ton what Is the use of resuming1
viii 1t add anything more to it's val.
uel
1t IS equality Of value the people
want not convertibility into coin,