Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1876-08-19
WHOLE NUMBER, 956.

- N>ASeAAoAeANA3 ~ GU hVCAJ
three years the assessments are made,
and the annual increase of wealth
could be obtained on the AVERAGE of
the last three years, The present
volume of paper currency from 81 and
upward is something as follows:
National Bank issue. ....... $500, ,O0O, 900
Legal tenders, etc. .......... 35O, O,1O7, ,221
lhree per cents. .......... 45,540,O0O
Ttoal volume. e.............. .$7O1 ,947 ,221
From a recent statement published,
the assessed value of the real and per-
sonal property of the country is given
at $24,5O0,OOO. The issue of 81 cur
rency for $35 of wealth will give
volume Of currency of $7oo,oo0,OoO,
only 81, ,947 ,22l less than the present,
with this advantage, that the volume
would increase annually as business
and wealth increases, thus giving it
an expanding limit instead of an ar
bitrary one. don't think there can
be any opposition to such an issue of
currency and the fairness of it's distri-
button, or at least there ought not to
be any opposition in any section of
the country. To equalize the curren-
cy we would withdraw from twenty to
twenty-five millions from the states
which have now too much, or, 1 should
say, too large proportion, giving
them the option of transferring it to
the west or south by the organization
of banks there. We would then in
crease the issue of the states and ter
ritories not having their portion, and
withdraw the 8 per cent. certificate.
Then we would commence also the
withdrawal of legal tenders and fund
them in the new loan, if they cannot
be cancelled by the government as
fast as the national bank currency
was issued up to the limit, including
the legal tenders outstanding. Just
in provortion as the legal tenders are
removed, will the banks be better pre-
pared to resume specie payment, and
in the meantime as the legal tenders
diminish we would require the banks
to increase their coin reserve in place
of legal tenders, preparatory to re-
sumption. In this manner all the
government issues can be withdrawn
gradually and without causing any
trouble, until we have nothing but
national bank issue of currency.
No doubt some may object to the
interest that would have to be paid on
the legal tenders if funded, but the ad-
vantages to be derived from their re-
moval so as to bring about a resump-
tion as speedily as possible, will more
than counterbalance all the iisadvan-
tages of the increased interest, both to
the government and producing classes
and business generally.
With these thee principles fully en-
grated on the minds of our legislators
and faithfully carried out, believe
our productive capital and labor
would be protected from the blighting
influence of non productive capital,
and hundreds of millions of dollars,
used to depress business and develop
ment would then be invested in devel-
oping the industry of the country, and
would tend to increase its progress in
wealth and power to such degree
that all other nations would stand
amazed OF our rapid progress. Its
benefits would not be confined to the
limits of our own country, but would
react upon other countries in equal.
izlng the inequalities that now exist in
draining their surplus labor, and thus
elevate and ameliorate the condition
of millions of the toiling masses of the
world.
AS the time is now drawing nigh
to change our executive officers and
our lawmakers, sincerely hope that
my fellow citizens will be careful for
whom they cast their votes appeal
both to employer and employee that
we look to our own interests, for the
non-productive capitalists or money
changers and money-shavers will cer-
tainly look to their own and continue
to grind the producer and toiler in
the dust of the earth. I don't think
that the ohice-seekers are any better
than the money shavers, especially
such men as the Hon. H. w. Hoffman,
whom I heard last Saturday evening
preaching economy to the working
classes. If he wants economy, let him
go and preach it at the heads of de-
partments; to those who receive for