The midland journal. (Rising Sun, Md.) 1885-1947, 1889-03-01

our paper circulation. The paper
money of the United States amounts
to about $500, 900, 900, and consists Of
State bank notes demand notes, one
and two year notes, compound interest
fractional currency, national bank
notes, United Strtes notes, and certiE-
icates of deposit. All this paper rests
upon the credit Of the United States.
Coin certificates representing bullion
on deposit would at least be equally
safe and satisfactory to the public. 1t
would cost the Government nothing
and save wear and loss of the precious
metals. The Government would have
the benefit of the certificates that were
destroyed or lost, instead of the nation.
al banks, and would save the interest
on bonds securing national bank cur
rency, which is gratuitous subsidy to
the banks. The power of Wall street
to expand and contract the currency
for speculative purposes will cease. IF
sufficient amount of silver could be
obtained to retire all this paper except
the greenbacks, our financial system
would be simpli6ed and strengthened
and large saving made for the people
of the United States who now pay in
terest on bonds held for security for
national bank notes. Whether any Of
this money can be retired after law
is passed providing for the exchange of
both gold and silver bullion for coin
certificates the future will determine.
Now is the opportunity for the
United States to accumulate sufficient
of the precious metals to reach me
talic basis, dollar for dollar, without
loss, and to be placed in accord with
more than two thirds of the people of
the world. Such policy would make
this country the clearing house for all
nations, with currency that would
circulate at par among all the people
with whom it is profitable for us to
trade. Our mines produce fully half
Of the precious metals annually turned
into the channels of commerce, and are
as yet comparatively untouched. Inn
proved processes and cheaper traspor-
tation will continue this supply through
many generations to come. There
ought to be no hesitation in the enact
ment Of law requiring the receipt by
the Treasury Department of all gold or
silver offered in exchange for coin Ger.
ti6cates redeemable in either gold or
silver.
Immediately following such legisla-
tion an invitation should be extended
10 all silver standard countries to unite
on fixed ratio between the two metals.
The money of the United States would
then circulate at par among three
fourths of the inhabitants of the world,
and whether the gold money contrac-
tionists of Europe conformed to our
standard or not would be immaterial.
It would, perhaps, be better for us if
they would not. Negotiations with
them should never have been entertain.
ed, and should now be abandoned. We
must be independent of Europe finan.
ciaIly as we'll as politically if the in
terests of our own people are to be re-
garded and our commercial standing as
a nation to be respected.
I do not wish to be understood as
contending that the mines will during
all time to come furnish an adequate
supply Of money, or that it may not be
necessary under some circumstances to
increase our circulation beyond the
amount of gold and silver it is possible
for US to obtain. Civilization is ad-
vancing throughout the world. The
number of people who require money
is increasing beyond computation.
When the United States has made use
of all the gold and silver attainable,
and deficiency of money should still ex.
ist, it would be the duty ofthe Govern.
ment to issue more greenbacks or some
other noninterest bearing paper to
circulate as money, but it will be time
enough to consider that question when
silver is restored and the precious
metals prove to be insufficient.
Our Government can hardly be pre-
served il it fails to perform its most
important function-to provide the