The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1889-11-07

A-Bccause the banker and broker
would be without an occupation.
Gold ;tnd silver would b out of the
question. except us h;.ii..o. to pay of
foreign creditors
Q-Wh hat about the ''lnoneV of the
world or international money?
A-Ther. is no such thing in exis-
tence as s.money of the world A
go gold coin stamped in Il United
States mint is no more the. ssmoney
of the world than twenty bushels of
wheat. 1t is United States money
only. You might fill ten-bushel
box with $50 gold coins and put it
on board an ocean steamer for trans
portation to London, and the very
moment the steamer passed the linn
lts-the territorial boundary of the
United States, marine league or three
miles off shore-your gold would
cease to be money and become bull
hon, market commodity, and
be weighed in the scales of the Bank
of England, just as if it had never
been stamped at ALL
OFF this be true, certainly we
have no need for gold and silver coin
for international trade.
and silver as metals for money by the
Government simply furnishes wealthy
mine-owners like Blaine, Stewart and
hundreds of Others, a: good market
for their mine products, and the
damphools plod along their weary
way and sing the praises ofspecie ba-
sis and the money of the world.
"What fools we mOrtals be-
l., = Al
run, hard-worked and heavily-taXed
people of the United States have the
right to make their own money and
as much as their business demands?
A-Of course it is. The people alone
have the right to make it. 1t is for
their good, their convenience, their
happiness, their usefulness; it ought
| to be made, and he who boards it,,
obstructs it's course, makes it burden
| some by usury, or interferes in any
way with it's life-giving course among
men, is simply an enemy to his coun-
try, and his s'crime smells to high
| heaven"
| ONE OF THE PEOPLE
| z. Sit may be well enough to call
the attention of ''Gold and Silver
to some facts which justify the severe
denunciation of the specie basis bus
mess as usually carried on. By ref
erence to Hunts Merchants Maya
zine' vol. II, page 200 and column
II, page 800, may be found the State
of Connecticut Commissioner report
on banks from 1887 to 1910. Look
at the official figures, and if you dc
not agree with me that a bank anC
specie basis is a I'D lie' humbue
and swindle, I'll put you down as
hopeful.
! Average capital, $S,6SS, 295. 50
| average liabilities, $12, 129, 239.37
average specie, $47S, 719. 80; averag,
loans and discounts, $11 ,669, 1927.
A. From these figures we learn tn,
startling facts upon an average spe
Gle basis of $47S, 1880 these bank
ers' average loans to the peopl,
| amounted to $11 500, 457 .44-mOr
than 24h times as much money a.
they had specie The interest (usury
annually upon $11, 669,457 wa
500, 167.
If these banks had loaned this spe
Gle only, the interest would hav
amounted to but $2S,723. SO yo1
:, see they made out of the people b.
means OF the cd lie" $661 A
above the interest on their specie
and in the twelve years more thai
$4,000, OOOl!! Who will not join m
in saying "D--l IL oank and speci
basis" In the year 1909 a commit
tee was appointed by che Rhod
Island legislature to investigate tn
condition of the banks, and the frs
one examined was the Farmers En-
change Bank of Gloucester. Th
rascals had put into circulatio
$3.50, 900, and how much specie ba
sis do you suppose was found in til
vault to redeem their notes in tn
hands of the people? Only $S61f
D--n bank and specie basis
ONE OF THE PEOPLE.