The midland journal. (Rising Sun, Md.) 1885-1947, 1890-04-11
SCARCITY OF GOLD.

tee u >SouSrSSS aul thS peoPlS vi the
United States.
SCARCITY OF GOLD.
"But we ask again, without the use of
silver, where is money supply to come
from? There is a concensus of opinion
among those best able TO judge that the
production Of gold is destined to diminish as
time goes on. 1t is doubtful whether there
is lief; from the annual production any gold
at all for money. Soetbeer estimates that
probably $l5 100000 are left for money,
after the demand for the arts and dentistry
is supplied. Fifteen millions for the worlds
money Is this the feast to which the in
dustrial world is invited by gold monomet-
allsts? Whence, then, we repeat, is money
supply to come? Is it to be credit money?
Uncertain bank issues? The world has
happily passed the era Of that source of sup
ply and that kind of money, and will never
go back to it. The true answer is, restore
silver to its oil place as a money metal by
the side Of gold, without limit as to use, and
the sooner it is done the better for this
country and the world.
''It is not necessary, of course, that all
the silver offered should De actually and at
once coined. The same end will be reached
if certificates are Issued on silver bullion,
the same as now on gold bullion.
BIMETALLIsM OR GOLD MoNoMETALLIsM
at must be apparent to statesman as well
as 10 economists that the present attitude of
this country towards silver cannot be long
maintained. The forced coinage of So, DOC,
900 a month is an a! bitrary and unscientilic
mode Of regulating money volume. Either
we must accept bimetallism, with natural
regulation through the mines, or adopt gold
monome:allism and rest value, on the pres
ent stock of gold and the po ,siLla excess of
gold production over requirements for the
arts and making good the loss by abrasion
and otherwise. This is the situation and
this the problem before us.
twill we heed the warnings of history
and escape the disasters that have Invariably
attended a shrinking volume of money?
Allison is no doubt right in attributing TIE
fall of the Roman empire and tie stagna-
ton of the middle ages more 10 the want Of
a supply of money than to any other cause
"Wlth the discovery of America and the
opening of the mines of Potosi began new
era. The money of Europ, and America
increased six-fold in century. Commerce
revived, and on silver wings spread oyer
the world. In the early part of the present
century the revolution in South America
cut off the supply of silver, and depression
of trade Immediately followed.
Jacobs, in his history of the precious
metals, shows that the stock Of money Of
Europe and the United States, from 1909 to
1880, fell from 81 800 100000 to $l,555,-
100000, or loss of $3.50 ,0OOO 900, in less
than quarter of a century. The shrinkage
continued to the end of the first half of the
century. Prices. according to Newmarch
and Jevons, fell SO per cent. AS many we'll
remember, this was a period of chronic
"hard times" relieved only by spasmodic
initiation through "will cat" bank notes,
which left a train Of wrecked in lustlies be-
hind them.
"But at the close of the first half of the
century the veil began to lift With the
beginning of the last half OF the century,
dawned the new golden era" California,
and then Australia, began to pour their
treasures in the lap Of the world, revivng
commerce and quickening industries every
where. But in 1878, as if the hand of man
was turned against himself, hal the worlds
supply of money was Topped off. A writer
in British Review, not long after the close
of this period, wrote:
"'The present generation has seen come
and 60 the most remarkable outburst of
material prosperity which has ever visited
the nations of mankind. The epoch has
been short lived as a northern summer, and
the world has fallen into winter again.
"WIth this year we begin the last decade
of this memorable century. The issue is
with Congress and the people. That it i.
an issue that outweighs all others, free trade
and protection included. is too apparent tc
require argument.
1--WE insist that as silver was only broker
down BY legislation, and by no natural law
that the legislation should be reversed.
1--WE believe that such a step would ad-
vance every industry of the country, anc
that other nations would follow our exam.
pie, and, further, that it would give us :
prestige in :he Spanish American countries
where our best future trade is to be, that
could never be reached or disturbed by any
combination of nations.
"Wil free people, then, controlling
their own government. longer submit to the
wrongs of decentralization?
"Will a wise Congress continue to sub-
ject an frightened people to the incalcuable
evils of an eyer-shrinking volume of money
and the robbery of an ever-increaslne
standard of value?'
History cannot fail to record the last
fonrth of century as the stupidest era in
financial management on the part of the
United States government, when its oppor-
tunities are considered that the last thous-
and years has witnessed. Oar statesmen as
masters Of finance have shown themselves
TO be the veriest ounces the world ever saw. I