The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-06-06
NO. 2O4.

great growth, development and pros
perity, and that disaster followed
when it was attempted to reduce all
this growth, development and pros
perity to the meagre measure of the
quantity Of gold and silver in ~circula-
ton. The Irishman said sit was not
the fall that hurt him, it was stopping
SO quick" 1t was not the paper mon
ey that produced collapse. it was the
attempt to make n dollar of gold re-
deem three dollars of paper. s'Specie
payments" has been the parent of the
worlds great crises.
The Journal continues:
Third. AS the convention to-day
will probably declare that the hard
times r due to q contraction of the
currency, we call it's attention to tho
fact that the volume Of currency in
circulation, including coin and paper,
is actually greater o than it was in
1873. So far from having been con-
IAuNCSAs WIN wv l1AASA NuAAOAOy ll00
been increased since the year of panic.
The treasury statement of June 30.
1878, preceding the panic. showed the
amount of United States currency Of
all kinds (iEcluding fractional curren-
Cyl outstanding, was $40l SGT ,268; the
statement for April 80, 1873. shows
the United States currency Outstand-
ing to be 1858 ,9l9, O98, but besides this
there is an actual circulation of $42,.
600 600, of silver, Of which $38, 8O2,-
600 is subsidiary coin. This makes
the present of government money in
circulation now about $406. 900 900 as
against only S4Ol ,527 1867 in 1873, show
ing a slight expansion instead of on
traction. Before adopting a resolu-
ton denouncing contraction or at
tributing the hard times to this cause
we trust the convention will consider
the foregoing statement of fact and
endeavor to explain or answer it.
The Journal first d%enounces emilia
ton" as the cause Of all our woes
and then upholds the present admin
istration because it is initiating the
currency !! The statement, hOwev-
er. made by it, refers only the green
back. it takes no account of the ma
tional bank note circulation, which
has been shrinking through the desire
of the banks to prepare for the d;Y
when they will be compelled to re-
deem their paper in gold and silver.
The Journal continues:
T>@,I A.. 4ba anuunD, rr.11
undoubtedly demand a repeal of the
resumption act we beg to remind
them that greenbacks are worth more
to-day than they have been in sixteen
years. InJuly, 1884, it took two dol
lars and fifty-eight cents in green
backs to buy n dollar in gold, and
the latter would purchase as much Of
the necessaries of life as the former.
During the year 1854 the average pre-
MUM on gold was Sl.03; during 1855
it was 81 cents; during 1857 it was 38
cents, and so g%reenbacks have gone on
steadily approaching in value from
month to month and from year to
year, until now they are within a
small fraction of gold. practically at
par. The secretary Of the treasury is
entirely confident Of his ability to re-
sumo and maintain specie payments
at the time fixed by law. In view
Of these facts. and Of the certainty
that resumption alone can restore
prosperity and place the business Of
the country on a staple basis, is it SEN
sible, wise, patriotic, or honest to adj
vocate a policy which will knock the
bottom out Of greenbacks and let
them down again. We are on the
very eve of resumption. It's evils
have all been met and conquered, it's
terrors are all past. Is it the part Of
wise men to turn back and voluntarily
encounter them agian!
Very plausible But it will be re-
membered this great fall in the pre-
MUM on gold did not result from the
: policy Of contraction and resumption.
Between 1864 and 1855 there was no
contraction, but an actual increase
: of the volume Of currency, and yet,
. as the Journal shows. the premium
fell from S1.O3 to 81 cts. This was
due to the victory Of our arms and the
closing of the war. When the re-
sumption act was passed the premium
ON gold had fallen. from natural caus-
es, to ten per cent. and it would
! have touched par in a short time
without any resumption law.
I'VE are on the very v Of re-
SUMPTION says the Journal ''its
evils have all been met.
How nett By widespread bank.
ruPtcy; by starving workment
q What is there in the mere fact OF
resumption to make good timesi Ir
. England the hardest times came after
. resumption and lasted for several
years. Why will not the same results
follow in this country