Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-06-13
A Remarkable Statement by a Banker


through Mr.. Cleveland.
A Remarkable Statement by a Banker.
The following was published by
the Birmingham Age Herald several
days ago:
cat the weekly session of our local
Tammany, Capt. j. f. Johnson, the
president Of a National bank, made
an able argument in behalfof the free
and unlimited coinage of the sill
yer dollar. Here is remarkable
statement which has not been made
before:
eff the whole silver produced in
the world, less that used in the arts,
were coined into dollars by the Gov
eminent of the United States, it
would require the world s product for
nearly ten years to give us the per
capita circulation of silver that
France now has,
"Verily the fear of silver is Il pre-
tense thrown at the people from Wall
street"
1t is tact that France has more
gold than the United States, and it
appears that where most silver is
used there the most gold is found.
On the first of January, 1891, the
stock of gold coin and bullion in the
United States was in excess Of $780,
600, 000, of which $400,000,000 was in
circulation besides $40, 600, 600 gold
certificates, leaving reserve holding
in the treasury of $3.50, 100000.
While Great Britain, the single
gold standard country, had only
$$49S SIG, 500 gold, and this is not in as
free circulation as American gold, as
the banks are required to hold large
reserve.
These are astounding facts and
figures for the mOno.metalist to get
over, There is not reputable news
paper in the country that will under
take to explain them away. The
whole truth il that England is doing
business on her credit. Her circula-
ton is principally checks and bank
exchanges and depreiated silver.
While England reports no silver the
united kingdom has $l05,000,0 600 of
the white metal in circulation, being
about 80 per cent. of her actual gold
circulation. This despised metal is
not legal tender for more than SIS,
but used as change to pay laboring
men and clerks, and is made to do
absolutely more work as circulating
medium than gold, because changing
hands oiIcner. The English and the
Wall street policy is the same. 1t
was through the influence of English
banks that Amarican silver was de-
monetized in 1878. That policy is to
make gold the single or only basis,
that metal being scarce, which would
make money scarce and very high,
giving holders chance to make
enormous profits by lending credit at
high rate Of interest, and under
this policy the government was
barely saved last winter from a
sweeping panic, and this ut the great
sacrifice of the treasury made by Mr..
Window in the purchase of bonds be-
fore due ut high premium. The
panic, as will he remembered, started
in England, where they are still
drawing on us for gold to right up
their credit.
Another important fact of a SINH
lar nature to this given ont by the
Age Herald, that has been over
looked in the discussion: The con.
ference committee, nearly all mono
metalists, having the Senate free
coinage bill under consideration at
the time Mr.. Cleveland wrote his IA.
nous silver letter, reported in sub
stance that the apprehension of free
COlhuSO "llNiiS 'ub gnu VI huliuS
ing the country by initiation, was
unfounded that they predicated
theirreport On statistics and Informal
ton furnished by the secretary of the
treasury; but there was no necessity
for free coinage, as the present law
served that end or Il better purpose,
for the reason that the surplus silver
of the world, after supplying the
present coinage and art demand, was
only SAC, 900, 900, and the present law |
provided for the purchase of $4,000 |
600 OF silver annually for monetary |
purposes-the whole output of this
country. 1t is plain that dear money
il the milk in the cocoanut, which
enables money spectators TO make
great fortunes easy.