The midland journal. (Rising Sun, Md.) 1885-1947, 1889-08-09
$39O,C30,204 90
Balance in the Treasury
after all liabilities are de-

pOJo,Soo,%- w
Balance in the Treasury
after all liabilities are de-
ductad. ................S o26, 543, 4oo 40
or over three hundred and tRenty-six mil
lion dollars.
Tfthis is not riches-what is? And this
is all idle, drawing no interest, while the
United States is laying interest on shade
less than eight hundred and thirty million
dollars-$S29 ,S63, 900. OF the balance in
tine Treasury the Treasurer is required by
law to set apart SlO0,0C0,000 as reserve
for redemption of United States notes, and
under present laws he is also required to
keep idle the $50 6S1. 2C9.16 deposited with
him by National banks to redeem their cir
culalion as it is presented. This leaves
clear surplus of $l42. s62, PIG 80, but of this
amount there is again set aside the sum OF
SAG O23 366.01 to cover accrued interest on
the debt and to meet disbursing officers
drafts when presented: just rs ifthe receipts
of the Government we're going to stop, and
never again another dollar TO be paid into
the Treasury. We, as country, are rich
enough to stand all this, but We cannot see
clearly why, after all has been provided for,
nearly one hundred millions, not wanted
and not set aside for any purpose, should
lie idle when so much money could be saved
for the people by decreasing the interest
bearing debt. as the law Directs
There are in round numbers 61S4 millions
of sold and silver lying idle in the treasury,
and all that is practically charged up
against it is the 374 millions OF gold and
silver notes which are doing most Of the
duty as money among the people. There
will be no demand on the treasury for any
significant amount of coin for redemption OF
these gold and silver notes, and there would
not be the slightest risk of drawing on the
treasury for gold and silver 10 degree that
would effect this specie basis if there were
four times the amount Of gold and silver
notes issued by the government, which
would make the national bank note issue
unnecessary, and in place of persons or cor
porations who propose TO establish banks,
going into the market and purchasing gov
eminent bonds 10 derosit with the Treasurer
as collateral, they would procure gold and
silver and exchange if for notes issued by
the United States and payable on demand
in coin by the Treasurer, or convert other
property into money already issued. The
money of the country would then be fur
nished independently of the holders and
traders in government bonds and the pre-
MUM would go down on those evidences of
debt which have been used as a pump by
the gold ring ever since that ring has got
the bonds in its control. TO draw the greatest
tax out of the industry Of the country that
any people were ever subjected to. When
il is remembered that the credit ofthe gov
eminent stands alike behind the bonds, the
national bank currency and greenbacks, it
is passing strange that bank notes should be
issued on bonds-the latter as security
when the government has piled in its vaults
more than six hundred million dollars in
gold and silver, on which it could issue all
the paper money needed TO supply the cir.
culating medium, and could have probably
as much more gold and silver as specie
reserve by issuing notes, payable on demand
for all the precious metal offered and thus
establish the value of silver in our own
country in place of allowing it TO be shipped
to England to be beared by the British gold
ring to their profit and Americas disadvan-
tage. If the United States would issue
notes to twice the amount of gold and silver
coin and bullion in the treasury, payable on
demand and destroy all other denominations
of paper money issued, and demonetize sill
yer 10y issuing certificates on alb that was
offered at the treasury, there would soon be
money enough in circulation to enhance
values, bring down the premium on govern
ment bonds and make the people indepen-
dent of the New York and London gold
ring which is crushing the industry of the
country to the earth by using our govern
ment as fulcrum for their lever, and the
tariff as bugaboo to lead the public off on
false scent. The gold ring and the whis
key ring are the twin cnrses of this nation.
One debauches and the other robs it.