The midland journal. (Rising Sun, Md.) 1885-1947, 1891-11-13
Can't Brighten Them With the
Old Bugaboo OF q Gold
Premium.

RIGHTS OF A FREE AND INDEPEN-
DENT PEOPLE TO CORRECT A MON
sTRoUs WRONG DONE THEM.
The monomets. posing in the United
States as bimets and failing in the argu.
ment, are depending upon the poltroon
tactics Of frightening the people out of
the demand for free coinage, by the
bugaboo of gold premium. The tao
tics have met with some success, but
only brief one.
The common sense Of the masses is
always proof against devices contrived
for popular deception. Mr.. John S.
Carlisle says truly:
The average intelligence of the peo-
pie, the resultant wisdom of the many
common sense-that is to say, what
all men think about their own business,
is superior to the inspiration of any
statement.
Deep in the minds and hearts Of the
people Of the United States, though 1t
has been slow in coming, is the convic-
tion that they have been wronged in
the matter Of the secret, unnecessary
and fraudulent characterization OF silver.
The attempt now to brighten them
from demand for righting Of the
wrong will fail, and fail miserably.
How silly to pretend that this coun-
try, with its vast, increasing and inn
measurable resources, cannot establish
and maintain any policy it may in its
wisdom choose to pursue in finance,
especially in substitution for the pitiable
system now fastened upon us by the
domestic agents of foreign bankers and
their class.
There was great cry of wolf when
for six or eight months there was an
outgo Of gold from the country which
grew in the aggregate to about seventy
millions, as if this great country could
be seriously injured by q profitable sale
of that much metal. The mint reports
show that it still had left after that
outgo nearly six hundred millions Of
gold and four hundred and Fifty millions
of silver. For six months at least bus
mess was made to stand still, and all
enterprises held to mark.time step
because bagatelle Of gold had gone
abroad. Money lenders would not lend,
and money employers were frightened
from borrowing because of these ship
ments Of gold. What false system Of
finance did this experience disclose
Why should our great industries be
subjected to the control of financial
poltroonery like this whenever gold
embarks on brief trip to Europ? The
balance Of trade is always in our favor
by nearly, if not quite, q hundred mil
lions year. This balance will always
give us command in finance, ii America
will bnt discard the teachings to which
she has SO long given ear and determine
to control the financial situation in sub
seryience to her own interests and views
Of policy.
The silliest of all fears is that Of any
sort of disaster from the free coinage Of
silver. So far from its being rash OIL
revolutionary policy it would be the
most conservative and judicious thai
could be adopted in finance.
It was predicted in 1878. before the
resumption Of specie payments on jan
uary !, 1879, that such mass Of green.
backs as was then outstanding could no,
be put.or kept upon par with gold.
and that every dollar Of gold paid in
redemption Of the paper would, under
Gresham's law, leave the country. We
know that the prediction was falsifed
by the result. although six months be-
fore the resumption there were in this
country only seventy.seven millions Of
specie aud the enormous sum of six
hundred and ninety millions Of paper.
Contrast that state of affairs with the
present, when we have in the country a
thousand and seventy millions Of specie,
of which FIVE hundred and eighty. five
millions are in gold, and less amount
OF paper money-that is to say-one
thousand and thirty two millions Of
bank and treasury notes and certificates.
The attempt to brighten the people out
Of their just demand for free coinage in
such a condition of the country's
finances is simply idiocy.
Mr.. Tilden was an earnest advocate
Of resumption, holding to Mr.. Greely's
maxim that the best way of resuming
was to resume. He had no patience
with the then current prophecies OF
disaster from the measure. Mr.. Hen
bricks, on the contrary. was full of an