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

w xx\/A1 X\Os kVto
great growth, developement 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-
tion. 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 one 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 are due to a contraction of the
currency, we call it's attention to the
| fact that the volume of currency in
circulation, including coin and paper,
is actually greater now than it was in
1873. So far from having been con-
tracted, the government currency has
| been increased since the year of panic.
The treasury statement of June 30,
| 1873, preceding the panic. showed the
amount of United States currency of
all kinds Including fractional curren-
cy) outstanding, was $4Ol .527 1855: the
statement for April 30. 1873. shows
the United States currency 0utstand-
l ivn 70 l10G Ge0RQ hut a 1>sc
there is an actual circulation Of $42,-
600, 900, of silver, of which $38,802,-
600 is subsidiary coin. This makes
the present of government money in
circulation now about $406. 900 900 as
against only S4O1 ,527 ,267 in 1873, show
ing a slight expansion instead of con-
traction. Before adopting a resolu-
tion 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 denounces sinfla-
tion' 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 day
when they will be compelled to re-
deem their paper in gold and silver.
Tho To,rDoI continues.
Fourth. AS the convention will
undoubtedly demand repeal Of the
resumption act we beg to remind
them that greenbacks are worth more
to-day than they have been in sixteen
years. In July, 1854, it took two dol
lars and fifty-eight cents in green
backs to buy one 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 $1.03: during 1855
it was 81 cents; during 1857 it was 38
cents, and 80 greenbacks have gone on
steadily appreciating in value from
month to month and from year to
year, until now they are within
small fraction Of gold, practically at
par. The secretary Of the treasury il
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 staple basis, 10 1t SEN
sible. wise, patriotic, or honest to ad-
vocate policy which will knock the
bottom out OF greenbacks and let
them down again! We are on the
very eve Of resumption. Its evils
have all been met and conquered, its
terrOrs are all past. Is 1t the part of
wise men to turn back and Voluntarily
encounter them agians
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 1854 and 1855 there was no
} contraction, but an actual increase
Of the volume Of currency. and yet,
as the Journal shows, the premium
J fell from s1.03 to 81 cts. This was
due to tho victory of our arms and the
closing of the war. When the re-
sumption act was passed the premium
7 on gold had fallen. from natural caus.
e., to ten per cent. and it would
have touched par in . short time
without any resumption law.
, 1--WE are on the very eve Of re.
SUMPTION" says the Journal Its
!, evils have all been met.
Il How met BY widespread bank.
ruptcy; by starving workmenf
81 What is there in the mere fact Of
: resumption to make good timesl II
! England the hardest times came after
! Presumption and lasted for ssvera
I lyears- Why win not the same results
{ follow In this countryi