The midland journal. (Rising Sun, Md.) 1885-1947, 1891-04-10
Friday. April 10. 1891.
AMERICAN MONEY.

The issue oil paper money W lh0 Cn''SN
States, based on land or its produce would
cheaper the purchasing power Of money
throughout the world, as the contraction o.
money to one metal (sold) tended to en-
hsnce the purchasing power OF gold and
cheaper the products of labor throughout
Europe and America, increasing the value
Of all debts at the same time. Gold is at
the bottom Of the protection fear. fit was.
not the fear Of losing our gold no one would
complain Of how much we imported If the
imports we're exchanged for farm products,
machinery, manufactured goods, &c.
We examine at the end of the year the
export and import statements and II we ex-
port more than we import we say the bal
ance Of trade is in cur favor and we have
done a prosperous business, gold will not be
taken from us or exported to pay the bal
ance oftrade. This may be grave error.
The dividend earning property in the shape
Of municipal, corporation, State and Nation
al securities owned in England, draw from
us ii is estimated, by those who are best
situated to know, 100 millions Of dollars
annually, owing 10 our security OF money
valuable properties and securities have
fallen in prices in the United States and
foreign capital has been brought here aud
invested in them aud the profits derived
from such investments all go abroad. Our
exports Of farm produce largely, or almost
entirely, lard which are worth gold,) go
from The United States to pay this interest
and profits. That is a loss to this country.
And the lower the price of these staple
products are forced down by the contraction
of the currency the more of our goods go
abroad to pay that interest which remains
all the time the same. The men and news
papers who fight for the gold single stan
dard are in the contest on the side Of the
foreign debt holder and interest drawer,
and against our farmers and laboring people
The characterization Of silver greatly aided
this class, for when ii was no longer in de-
mand for money the price fell as the price
Of gold would fall if the United States,
England, Germany, France and the Latin
nations were tAdemonetize it as they have
silver. Our silver becoming commodity,
while in India-one of England's colonies
it remained a money metal and as valuable
as gold in its purchasing power there; the
English purchased our bullion at discount
below gold, sometimes as great as 40 per
cent, and sending it to India disposed of it
10 the mint at the same purchasing power
with gold. This not only made profit to
The English traders in our silver but by in
creasing the volume of money in India
stimulated production and enterprise in that
country while our loss of that much money
metal encouraged and aided contraction in
the United States aud served TO lower
prices. This gold standard delusion has
been dear experience TO US as debtor
nation, while 4 has been boon TO England,
creditor nation.
If the producing classes of the United
States ever expect 10 get clear Of the debt
or's clutches they must reform this abuse
and make this nation free in fact as well as
in name free financially as well as politi-
cally, by establishing thorough American
financial system. In order to accomplish
this the delusion that gold has been invested
by the Creator with some intrinsic power
constituting il money must be got rid Of. II
possesses no more such prerogatiye by nature
than iron or wheat. Gold is as purely
commodity as iron or any other metal.
Silver was supposed by the masses to possess
this same divine quality till the spell was
broken by decentralization. Now It's former
worshipers cannot abuse il too much.
The money ola nation does not represent
the wealth Of nation. Our rich men have
but very little money at their command
unless they are money loaners, and give up
all other business. So the money of
nation is not to represent the wealth Of a
nation but for the purpose Of facilitating
exchanges among the people. 1t is the
yearly products which constitute national
wealth.
1t was long ago discovered by business
men, merchants and traders that the gold
and silver of the world was not fitted to
transact the business Of the world with and
consequently paper supposed to represent
coin was resorted to. Some fnanciers claim
that one-tenth of~the money of this and
other nations is gold and silver, which is
doubtless very. much TO grea: ratio.
This moyety of metal (and il that metal is
gold they think it is all the better) is the
leaven which leayens the whole financial
loaf, and without that drop Of gold hidden
away somewhere in vanltthe paper dollars
would be worthless. This is monster de-
lusion. Let us test the matter by supposing
case. Ten dollars in gold in the bank of
England is supposed to make good hum
bred dollars in paper. And $100,000,000
Of gold in the U. S. Treasury is supposed to
make good S46 millions Of greenbacks in
this county, IT'S millions of national bank
notes aud The interest and principal of our
unpaid outstanding bonds. We will fur
Their suppose for the better calculation of
This divine gift believed by many to attach
10 gold, that some enterprising genius like
Jay Gould or Vanderbilt or one of the
Rothschilds took It into his head to burst
Uncle Sam. and gathered upa hundred