The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-11-07
he PRESIDENTS TOLEDO SPEECH.

his hearers to understand that the
cause Of their prosperity was the
war, and the cause of their ruin was
its cessation. That is to say, If we
wish to always remain prosperous we
must continue to STAY our fellow crea-
lures, and the only way out OF our
present difficulty is to get up anoth-
er civil war.
President Hayes is reported by
leading Republican paper to have
said:
1.-The war had not been prosecuted
ninety days until every man saw that
every street was buster than
before. \ n Every man lin the
north) who had wheat or corn or coal
or labor, found when the war came
he had better customer than ever
before-a customer that wanted all
he had got and wanted it immediate-
ly, and business, instead OF
being depressed, began to revive.
Property which had laid on the
shelves of the merchants for long
time increased in value day by day.
The result of it then was we made
money fast; we made it easily; we
could afford to borrow at high rates
of interest, because our investments
were sure to be profitable. Finally
the war ended. The flush
times of war were to be followed by
hard times like those we have lately
known; and there is the cause that
for five years past there has been
stagnation in business, and the de-
preston still exists"
1t is difficult to understand the util-
ity of christianity when member Of
church and presumably a christian
can, without moral conjunction,
take advantage of his official position
to promulgate doctrine that would
do credit to the leader of predatory
pagan horde. Either
CHRISTIANITY IS FAILURE.
80 far as this nation is concerned, it
president Hayes truly represents ma
tional opinion, or else president
Hayes and his applauders are simply
tolerated until the nation can peacea-
bly, elect successors who are fit to
represent christian community.
No one can endorse president Hayes
speech at Toledo, without condemn
ing christianity.
1t would be interesting to learn
what wars occasioned the "hush
times preceding the crash in 81, in
~, in 81, and in 81, Or to the cessa-
ton of what wars are the catastro-
plies Of those periods traceable. We
must not look to Mr.. Hayes or the
admirers Of his peculiar doctrines for
an answer that will satisfy those who
are acquainted with the past COM
mercial and financial history of the
nation, and who have investigated
the causes which gave rise to the vi
cissitudes recorded in that history.
Those financial commissions which
within the past fifty years have Pc
riodically destroyed the industries
and prosperity of the nation, are all
assignable to the Esame cause-vlZ..
the destruction of the currency.
Never has there been in this coun-
try decided revival of business I'M
til the appearance of paper money
or currency. All the vast strides we
have in material prosperity, all the
stupendous improvements we have
effected, and all we have done
towards transforming boundless
wilderness into innumerable gardens,
are due to the use of paper money.
Without it the population of the
country would still have been contin-
ed to the Atlantic Seaboard, and the
lands west of the Alleghanies would to
this day have been to the vast major
ity, terra incognita. Without fall
ing into the practice of the most prlm-
tive form of barter, such rs prevails
among the rudest savages, the people
conld not have penetrated the coun-
try far from the gold centres; and the
amount of gold and silver available
in the absence of paper money, for a
strictly cash business, was, and al
ways has been. entirely too small to
circulate except over very limited
areas, with that readiness and celari
ty an extensive business demands.
Paper money alone. Joined to an intel
ligence and enterprise capable of prof.
tably utilizing it, has wrought that
MAGICAL CHANGE
which, time and again. has excited
the unbounded surprise and ill-con.
cealed envy of Old World govern
ments. 1t is not difficult to under
stand, then. that when the paper
money which called forth and sus
tanned SO much was suddenly with
drawn, there should follow a fearful
crash that buried numberless
thousands of fortunes in 4 common
ruin. Like the coral insects, the
business generation died in creating
an imperishable foundation for hose
who came after 10 build up in greater
security.
The destruction of the currency
has ALWAYS been due to the same
cause, viz. IN effort TO make it re-
deemable in only one and the least
part of the common property of the
nation. called gold, instead of in all
property indiseyiminately, which tie
paper money represented.
Before the advent OF Greenbaeks
the paper money consisted of bank
notes and individual promissory notes:
these represented the value OF the
property belonging to the drawers,
and so long as the drawers retained
that property. their notes were freely
taken and made use of with the good
results already described; but the
constant, unremltting effort to
measure the value of all property.
al