The Caucasian. (Clinton, N.C.) 188?-1913, 1892-11-17
THE NATIONS MONEY.
How Cur Present Financial System
Works.
INFLATED IRREDEEsABLE CUR.
RESrY LRt DS 10 BANkRUPCi
The People Demand Homes,
M0DE1.

M0nEl.
financiers of all parties agret
that the material prosperity 0f ,
people depends upon u stable cur
rency, sufficient in volume to carr
on the business Of the country.
The gold standard men, who nor
control the fnaac.sl policy of bott
tne great parties Of this country
allege that ne money, one dollar o1
which viii not buy &c SIC grain.
Of gold, is a stable curreuer. Ac.
oord,ng TO them, 10 issue money up
on any other hasis would DC mia
| tion-would be TO impose upon the
country an irredecmable currency
which is their neculi4g osnc. III
ettorts to place tho money system up
on basis adequate to the needs cf
the people has been met BY this shih-
holeth: - wGRiA sl,e Us All rre-
deemable cUrrency; it would he ruin
ous. We tried it during the war,
aid want no more of it,
On all sides the pfqpie are aemand
ln9 more money; tfc am0Nnt IN ac-
tuq! circulation is insufficient to
transact she business of the country.
Yet the hard-money men tell us VIC
cannot have moe, because tha
amount At ns.rTqssnt outstanding is all
| t nat can possibly be carried Oh a
gold basis.
A leading Democrat, Matthew
Marshall; "the .ra-se>, financial
WEi.er or America > according to the
New York Sun, in recent note Of
warning against the issuance ef mols
money, sayss;;
! tuAf parel' neney Is perilously
naar tAe limit, ut which any further
addition to it will lead to deprecia
tlon below pan in gold, which Vii
be manifested By 4 Ggsanium on that
metal,
We are how carrying 5000
900 Ia greenbacks. $40, 0GQ,1a0 in
coin notes, isEued under the act of
daily, 1857. SIS, 100000 in natloaal
bank notes, and about Y410,00O,O0O
Of silver certificates, representa- ~
dollars.
tAia mass Is intrinsically infe-
rior money. amounting to S1,033,
100000, is at present at par with
| gold coin, isaccepted hy ,ho Govern
mp4t t4r aMties aud taxes the sam;
;ss gold, and is redeemed i'll gold
VI hanever gold is demanded for il.
Fortunately, these demand.: 49, We,
rarely made. and i. small amounts;
but tie stock of gold in the treasnrs
available for meeting them. is pps
run down to 9l15,0o0,Gl0. aud J:
likely tQ diminish henoeforth rather
tAaA TO increase. = y When
the currency now circulating in the
West and Southwest among the far,
mers and planters comes back to The
center. as it will by February lst,
aEl,,, is re-enforced by additional
coin notes, issued monthly under the
act Of July, 1890, the strain Oh the
treasury will become greater, and &
! very sliah. increase IF preEent ship
ments abroad would compel sus
pension by the treasury of gold pay.
ments, with all the accompanying
evils. To encourage further ISSUES
of paper money in the face of these
facts "a financial faolishness.
! This is the exposition of the con
dltion and Workings of the system
given lis by those who hold up theil
hands in holy horror at the mer,
mention of imitation OF all IRE.
deelnahle currency Here is the TN.
yarnished confession that not a silver
coin, not d bank note, a greenback
or silver certifi, ate is money. Not.
withstanding the various laws to tn
contrary, coinage acts, bank acts
legal tender acts, etc, laws passed
to deceive the people into the telie:
that government was creating tn
money needed for the use Of th
country-notwithstanaing thes
facts We have no other money toda,
but gold.
The silver and paper money Isl
called) in circulation, is, according
to the financial policy Of this ooun
try, policy supported by both tn
old political parties, nothing NOR
or less than the obligations OF TIA
government to pay gold.
The 81 ,039, 100000 Of silver am
paper III circulation, is not none
receivable for all debts public an
private, but the Governments obi
CATION t. pay gold, against which
the government holds $l1a, ,G0o.o0
. in gold. An absolutely irEe,ieemabl
currency, eight hundred per cent ot
il pure Imitation,
In other words the credit of tn
country has been pledged and g.
hausted in holding up gold in III
interest of Wall street, upon whIcl
the country is absolutely dependen
for the very gold upon which, unde
this system, both credit aud none
rests. Our public debt is payable
:, principal aad Interest, in goh, ans
our money is simply an obligation
pay gold, of which there is not on
: hundredth part enough in existent
to do the business Of the world, an
this absolutely controlled By Il
! money power. Every dollar OF th
peoples money, under this viciot
system, is based upon and controlle
by Wall street gold.