The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-08-15

millions Of dollars Their aggregate circulation is III
round numbers, three hundred and twenty-five null
ions. | think it may be reasonably assumed ilat
three hundred millions OF these notes are loaned at
average rate OF interest OF al least per cent II
the ANIMAL interest they receive from the lcan not
OF money. not Of capital but OF their own lhoepte
ness, is S2I.000000 And this sum is taken ont OF
the annual product Of the country, before that pro-
duct is divided between labor and capital Inc gen
eral rule is that the product Of human industry Is Ill
trnately divided between labor and capital; but
when banknote circulation is used the banks hfst
step and by virtue of their special privilege take
d large slice in the shape Of interest upon taer own
Indebtedness. Ii the OF our national oanks,tnis
slice, have seen amounts tc twenty one null
ions every year. Now if there can be sound Pa
per currency blt banknotes, then there is nothing
LETT for but to bear this burthen or try to reduce
the amount OF the exaeton. But Il the gresnpack Is
good the balAnote, and nobody denies that It
Is, why should it not be substituted tor the banknote
and end put to the eXactlon?
And consider further, that for every greenbacA II
has Issued the government has received value That
greenback has paid for services rendered, or mater
als fu nishad or it has discharged portion OF the
interest bearing public debt. There is thus saving
to the government, to the people, OF an amount
equal to interest upon the outstanding greenoack CIR
claon for, had the greef3back not been issued, the
government would have had to raise the money by
loan taSation, to meet its expenditures. If it
raised it by loan it would Of have to pay in
eres upon the loan. If raised it by taxation, the
taxpayers lose the interest their would have
earned had they not been compelled 10 give 1t to the
government.
The greenbacks outstanding amount to $780,
6a1,0i6. Computing interest upon this sum at the
lowest rate at which the gov rnment can borrow
money, per cent. and we have annual saving to
the people. resulting from the lse Of the greenback,
of $3.50 ,240. Bus II greenbacks We're substituted
for 532, 600 OF national banknotes outstand
ing, there would be further saving to the people CT
per cent. annually on that sum- namely Sl2,88su 800
making total annual saving by the OF the
greenback of S2t, 24o. From this, however, de-
duct the taxes their circulation paid by the banks,
amounting about three millions annually, and
the saving would be about twentyrhree and three
quarter millions. Perhaps. in striCtness, this de-
dction ought to be made, for it is prob
able that banks throw the burthen Of taxation
their customers, VINO i'll shift it to the Shout
ders OF those With whom they DEAL until like all 9TH
ta1atlOn II nally falls upon the body OF con-
-ltners, the people.
| have thus given you, feiow-citizens, rea-
for substituting greenbacks for bank
notes now proceed to consider the only objection
to the substitution that TO have any weight 1t
j. said that if greeubacks Were to constitute only
paper currency, It's volume would depend upon the
action Congress. and not the natural laws of
trade and that Congress il likely to be influenced
by popular feeling the one hand, the arts and
appliances OF special interests the other the
rency would be 4nbieet TO iKfaon or contraction, as
other influence might IreFail to degree that would
ne runous to business and prosperity.
III answer to this objection, and admitting that It IS
without force, ] have say ia the first place,
mat ii il equally potent Hhf her paper currency
be greenback1 exclusively er bank-note. exclusively;
FIR, let it be the other, Cos. gress would have
the D0teef TO expand il contract il viii. For
stance. Congress to repeal the tax state bank
circulation, multitude Of banks would spring up
under state laws and treat Inliallon Oh the curren
- would take place. IN the other hand. should Con-
rcail the tax aud retire the greenbacks, the
Republican lnanciefs demand, frightfu cantrac-
ton would result. In bnef. If Congress should have
neither honesty 1t ri sht, for The time be-
ing, ruin the country bat that it would do
50, would b. to condemn form of government
But our platform slaarely meets this difficulty. 1t
condemns contraction on tire hand or hitting on
the ether 1t demands hat 1.-THE Of such s.iies
(ereeabaet7 be regulated by legislation organ
fa ~ fqIa of tat
in volume al currency and consequent stability of
value, ami III unustaable terms i oppo-es the de
monetizat on. disslse of precious metals. Could
anything. appeal to you, BE- conservative than
this, il astn means 10 conserve the interests
of the people at large, aud a certain class
Can any iatfl gent reasonably ob ject policy
that preserves god and silver from destruction ami
demands i stability in the volume and value of the
currency greater than has vet been attained?
Fellow-citizens, platform has been denounced
by who never read T. and by others whose inter-
esfs preiudices incline them to ulisrepresentit:
and the answer make to them is to ask YOU to
read aud to study it. 1t is in for its enemies
say that it what does express. Its Ian
guage is too plain to be misunderstood by candid
and the character OF the committee that report
ed and the convention that adopted H. il sufficient
shield il from the charge of deception. 1t is hon
est platform and means INST what says. II means
opposition monopoly, opposition to special priv-
leges opposition 10 contraction Of the currency. OPP
position to the decentralization OF the metals. oppo-
sition to wasteful expenditure and opposition to a
neyer-sndng public debt. And it means equal rights
ana privileges. au honest and stable currency strict
economy and lighter taxes. and faithful payment OF
the public debt. 1t gives no sanction 10 lrreig1on
ana communism. hft IT fuly recognizes the dignity
OF labor and sincerely sympathlkes with The aborng
man III his toll and privaton. II asserts the priIci
pies which the government founded. and
which are essential to its usefulness and prrTet'iity
1t promotes frateriml feeling throughout the length
and breadth Of the Republic. AID conde.us section
aSin ~ the worst Ice OF the nion In word. II IL
an honest PLATFORM 81 honest men, patriotic plat
form for patriots 10 stand upon.
fello"-tatketls II am not III error III what have
eAht, nav" given yoa snffcient reason why there
~hohii Ne FhaNge IN our Federal ADMINISTRATOR.
II eur financial policy Is correct that cf THE Republic
an party or Ut least al those who share its legislation
- wrong u t'ls ee 50 thfn as soon as the forms
q the constitution viii permit that party should
erase 10 rale.
Ein there are other reasons why there should be
charge AMI to some ~ them wish briefly - call
yeuF attention.
The Claim q pa-+F IN power 10 rrolongation of
and government in the past II is last rule has been
vicious or nn~ase r1enct- oh ioasy dictates that
end Tor me tiiss" e'ny - least should he nut IL -
dominion
Now has IN. re Of the Farui4asu marty shines. te
close Of ths ciSil war thirteen years "a heen va.
aud he.fceata I think thar this ltl.-ti n mast b.
answered In the negative II - not rec-s arv Ia 60
into detailed examination Of all is measures. nor
coild thst he dofse III thc hlif cf sreeeh. indeed
II many speeches. Ner y il necessary Assert that
all its measures have been had and injurious. Fl Is
sufficient tn hook AZ the general result. ard see wheth
er that IS good government and irosr~r1ty or the ~
verse. Nos certainly. no viii deny thai this |
country has for the last I'VE wears suffered a. per-