The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-05-02
WHOLE NO. l99.
FINANCE -CATECHfSM

FINANCE -CATECHISM.
'Why are the banks redeeming
their bills in gold p
Because gold has fallen SO that 25 8
grains is not worth dollar.
'sWhen gold declines down to par.
why does it stop at 100. and never 20
below that figure?''
Because it is legal tender for inst
that amount, and it matters not Of
what material the dollar is made.
when it is a full legal tender it can
never go below par.
"What will be the effect on resump-
tion, should gold advance again to
premium -
It will cease to be paid out in ex-
change for paper, it will cease to be
money, and go into bullion where it
will bring a better price. Suspension
OF specie payment will be the ineyita-
BILE and immediate result Of anv
advance in the price of gold.
"What has caused the present de-
cline in the price % gold -
1t has arisen from two causes,
First, For three years there has
been a balance Of trade in our favor,
we have not only not needed gold to
settle these balances, but it has been
steadily accumulating from the pay
ment OF the balances in our favor.
Second. 1t has been forced. or
beared down by gold operators. as
stock gamblers bear stock down when
they wish to purchase.
There is hundred million or mora
OF gold in the country. not in the
hands Of the government or the
eastern banks, but among the people
small dealers and banks, which the
former wish to get into Sherman's
hands, SO that the holders of green
backs can draw 1t out when the dav of
redemption comes around.
"Who. or what class of men most
strenuously oppose the repeal of the
resumption act -
The National Bankers.
WAS there everan law forbiddinp
them to redeem their bills in gold. il
they chose tor
No. never; they always had the !.
privilege of paying specie II they
chose to do 49, sse. s. 49,
IF they always had this Hgbt, and
a repeal Of the resumption act would
not deprive them of it, and they are
anxious to do SO, why do they labor so
hard Tor law to compel them to do
what they never was deprived Of the
right to dog
Compelling the banks to redeem
their bills in specie is a secondary
consideration, with the resumption
lists. The chief object of this class of
men is to force gold and silver pay.
ments, for all debts--to make specie
the only legal tender. BY that time,
through the aid of John sherman and
his bonds they propose to gather all
the coin in the country. into the
United States Treasury, and with
greenbacks, draw it out and corner it!
When they have it c0rnered as they
did In 1854, it will 60 up to 2.85. or
even higher, debtors must have It at
any price, to pay their debts and
taxes-as the importers had to have
it in 1854 when it arose 40 2.85.
The Reeumption Act once carried
out, leaves nothing but coin legal
tender, and the way Sherman is now.
managing to get gold to redeem with,
ne will drain the whole country, and
place the bulk just where few New
York and Boston bankers can corner
the pile.
Then, stand from under! All the.
financial crashes gathered together
since the nation begah, and precipita-
ted into one general smash. would not
equal what awaits this debt-ridden
nation. twelve months from to-day, II
the Resumption law is not repealed.
Nothing but specie will be taken in
payment Of the millions Of private
debts--and that all cornered in the
hands Of the few, they will be able to
c0nfiscate every dollars worth Of
property in the nation.
IF the object of the Resumptionjets
is 70 gather up the scattered gold in
the country, 80 as to corner Il. why
are they now paying it out inexchange
for their bills I"
This premature RESUMPTION II
nothing but q blind. It will be done
only to very limited extent, and 10
for no other object than to dfsarm
the advocates Of repeal, and TO knock
down the price Of gold, that hoIders
may be induced to sell for bonds.
Gold, once down to par, will readily
seek investment in the bonds which
Sherman has supplied to the syndicate
for that purpose; but to get It down
TO that figure, the banks have frst 70
set the example by throwing It broad
cast for paper.
John Sherman has eliectual1y
knocked the bottom out Of the intrin-
sic money tub. He claims that specie
payments can be maintained perms-
nently BY q reissue Of the Green
hARka NnS ~ Il = ~v~M a~~~-~ A~~x