The midland journal. (Rising Sun, Md.) 1885-1947, 1892-10-14
Senator Sherman's Greenback
Speech.

Senator Sherman's Greenback
Speech.
Last week we quoted from Hon. John
Sherman's greenback speech recently de-
livered at republican meeting, in order TO
point out the inevitable drift of public SEN
tment on the money question. This speech
of the great Ohio statesman and Wall street
high priest Of finance, repudiates the specie
basis theory. We quote as follows:
PAPER MONEY INCREASING.
s!All this is in accordance with the ten
denotes of the time in which we live. Every
leading nation has now its paper money, and
specie or coin only enters into the minor
transactions of life or 10 the great exchanges
between commercial nations. They have
as yet agreed upon no medium of exchange
except coin and by nearly all commercial
nations 1t is gold coin. Why cannot
the expensive and dangerous movement
OF coin from nation TO nation be avoided by
adopting the notes of great commercial
them settle their balance in great clear
ing house of nations?''
How John Sherman could stand on a
public platform and utter such sentiments
as these In the face of his financial record in
Congress since 1867 can only be account
ed for by his profound knowledge of the
ignorance and gullabiity of the average
American on financial matters Ifhe keeps
on this course his sins political though as
scarlet will be white as wool.
As matter of fact coin does not enter
into the exchanges of commercial nations.
1t is pure fiction kept up by the bankers.
They swap coin back and forth in order to
keep up the delusion among the people that
it is necessary for some useful commercial
purpose. The sole use they make Of gold
is to corner money as the bulls and bears
corner stocks and produce. The former do
their work in quiet way. All debts are
"promises to pay" or to be paid whether
the debt be in the shape of bond, mortgage,
stocks, book accounts or paper money.
This ring or money trust has succeeded by
bribery and other species of knavery in
securing a declaration from the leading gov
ernments of the world that gold coin only
shall be considered money of last resort.
The scarcer this money omnipotent is the
- more readily it is handled, hence silver was
demonetized for the sole p1rpose of making
the money omnipotent small in quantity
and readily manipulated All debts and
interest call for this gold money, and the
worlds bankers who hold the most of those
national and corporation debts, can readily
control the gold they are to be paid in, and
by this means can contract and expand the
volume of money at their pleasure. Having
the power to contract and expand they hole
disturbing influence and in a large meas
ure, controlling one, over all the business il
the world. "Eyery leading nation has nov
its paper money, and specie or coin only
enters into the minor transactions of life. ,
Which is TO say the people who do all th
work and produce all the wealth, use thu
paper money of their respective govern
ments for the purpose of debt paying, pur.
chasing and wage paying, buying and sell
Ing among themselves, and have no userfo
coin except as convenient small change
This comprises the whole of the business O
every nation. If the business of every nation
is transacted by the use of its own money
which, as matter of fact we all know TO b,
true, where does the use for this gold W,
hear SO much of, come in? Can any body
tell? No person ever has told. Mr.. Sher
man concludes the sentence above quoted
with this declaration cor in the great ex-
changes between commercial nation" Thi.
statement is meant 10 deceive. Nations at
nations, which are governments, have nc
exchanges. Or if they have it is in the
nature of indemnity for loss of property OF
injury TO citizens of foreign nations. In
matters Of commerce nations as such, have
no exchanges with each other requiring
money, but the citizens and subjects of the
several governments or nations trade with
SoSh OeiS'J Out 1hOJ w hOt ROlu W
effect these foreign exchanges. How is this
'foreign exchange" we hear SO much mysti.
fed talk of in the papers managed Very
easily, and without necessarily a single
dollar of gold or paper or silver of one
country passing TO the other. To illustrate.
Suppose any merchant of Rising Sun, Port
Deposit or Elkton wished to purchase a
bill of goods in England or France. He
would first ascertain the amount of the bill
He would then deposit that amount in one
of the banks of these towns and get draft
on a New York or Philadelphia bank
That bank would issue him a bill of ex-
change on a bank in London or Paris. The
merchant would send this bill of exchange
when is another name for a check, to The
merchant or manufacturer in Europe who
would 60 10 his hank and have the amount
placed TO his credit and ship the goods tC
America. There has been no gold or any
other money passed from one country to thu
other TO effect this transaction in foreign
exchange. But how did the Philadelphl;
or New York bank happen to have credi
10 the London or Paris bank ? Our peopl
ship hundreds of millions of dollars woril