The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-02-28
The Anti-1onopolist

der the laws becomes more diversified
and extended. Then there are but
few wealtha men who have become sc
honestly. and this system will compel
them to disgorgo more of their lily
gotten gains and it will also serve as
a check on all who strive in the world
impelled only by an inordinate love OF
gain.
The following is from Senator
Howe's speech in favor of silver re.
monetiZation: '.Of course. before we
stop building monuments to common.
crate the various herOisms displayed
during the late war we shall erect one
at least in memory of the daring ex-
hibited by the capitalist who accepted
| United States note as the conScript
put on the United States Uniform, be-
cause he could not help himself, and
who, when he could not find anything
better in the market to buy, exchang-
ed the notes for Understanding
bonds. But does this heroism give to
the doughty capitalist an equitable
claim on the Treasury Must it be
paid for in cash
Senator Bailey, of Tennessee, told
exactly what would happen should we
succeed in amassing three or four hun
dred millions of gold and throw it into
the channels of circulation, how long
will we be able to retain it and main
tain resumption! Why, sir, the first
failure in the crop of cotton or bread
stuffs, the faintest indication in Lon
don of a financial storm. an advance
by the bauk of England of the rate of
interest, will cause arefiOw of gold to
Europe, rush upon the government
or the banks for the redemption of
greenbackS or national currency or
whatever form of paper credit may be
in use, and we will be thrown back in
to the clutches of the gold-gamble
of Wall street. We can adopt no sur
er method of binding our fortunes to
the fiuctuating conditions of European
politics.
The number of papers in California
that refuse to ring in with the bond
holders clique is encouragingly large.
Among the ablest and most pronounce
ed is the San Francisco Examiner,
which, in recent issue, stated the
bondholders' position thus: They
took advantage of their country S ne
cessities. They bought greenbacks at
forty cents on the dollar, and with
them purchased seven per cent bonds
at par. For fourteen years they have
been drawing the equivalent of four
teen per cent upon their money with
gold at a premium. and already they
have been more than reimbursed. Yet
they now persist in demanding gold
dollars, with interest in gold, for their
forty cents worth of paper, which
called for no interest. and cry out
that the national credit will be ruined
unless this interest and this principal
shall be paid in gold at par
The Pekin Legal.Tender gives an
instance of the wrongs to which labor
has been and is subjected thus: In
the great strike at Fall River. Mass.
the wages of the operatives had been
cut down until they could average on
ly 1875 per week, less than $500 a
year. The employers claimed they
could not afford to pay more, but it
was found, upon examining the books
of the busine IS that they made during
that very very year, Sl0.35 per week.
or more than $500 for the year upon
each laborer. One corporation en-
ployed about seven hundred hands,
upon the profits of whose labor they
realized S375.740, while the operatives
were running behind their actual ex-
penses. The most mental and dirty
work receives the poorest pay, and the
service he renders society is as i'm
portant. philosophically and sanitarily
considered, as any other service"
The Chicago Inter-Ocean corrects
the prevailing impression that the mo-
ment the premium on gold falls to
par. resumption of specie payment is
brought about. This is wrong.
There is but one way to resume, and
that is to be able to redeem on demand
every paper dollar that is presented.
Practically the legal resumption of
specie payments means that there
must be somewhere gold enough into
which the holders may exchange the
S612 900 .o0oof paper money in circula-
ton. SO long rs it is known that
there is gold enough to redeem the
greenbacks. the demand for redemp-
ton may be comparatively small; but
when it is known that there is only
81 in gold to redeem IS of paper mon
ey, rs will he the case in 1879. then
the demand for gold will be lively.
1t is well known by long experience
that specie payments cannot be MAIN
tanned in any country where the
amount of coin is less than the
amout of paper to be redeemed.
In his excellent speech on remoneti-
cation >enotor Jones. of Florida. thus
referred TO the new generation of pa
per money men: I'VE are approach
ing near the time fixed for the re-
sumption of coin payments. You will
require every support possible TO ac-
complish success. You have behind
You powerful constituency. grown
up since the war, who have never
seen gold coin and who are welded
to paper money. The young and act
i've men in the two great political
parties have not been educated in the
school of Benton and Jackson. They
have never tried the value or utility
of hut one kind of money. They read
of the mysterious transactions in coin
as they would of the operations of the
Havana lottery You cannot hope 10
convert them TO old theories bv recis.