The midland journal. (Rising Sun, Md.) 1885-1947, 1894-01-12
MONEY.

few could fathom it, while It's very SIM
plicity is what confounds people, They
have been led to believe that nothing
possibly could, in strictly true sense, be
money but gold and silver; that paper could
in no manner be money; that all paper
currency was merely a debt without interest
| which the government owed to the people.
But how it was possible for the people TO
borrow from themselves and pay no interest
on the loan was puzzle which none al
tempted to explain.
But the sophistry made way for the
''funding" of that imaginary debt without
interest, by creating real debt drawing
interest which took the name Of bonds, by
DESTROYING the non. interest bearing debt,
which was no debt at all, and giving in its
place interest bearing evidence of debt.
This is the trick which has been played
so successfully on the honest, industrious
people by class who assume the name of
+" financiers.n This has proved the most
successful scheme to rob the public that was
ever invented.
Gold and silver are not money but merely
minerals having commercial value for the
uses they are applied to in the arts, and it
is very unfortunate for civilization that these
metals are used by governments out OF
which to manufacture money. This double
demand for these metals has made them
very dear, the supply being nothing like
sufficient to satisfy the demand. If the
demand for them for money were abolished
their price for use in the arts would fall to
less than half the present price. Even the
partial discontinuance of silver for money
has knocked down the price so per cent. If
gold we're discontinued for use as money the
price would experience much greater fall
in the market. so much so that all the mines
would be closed for years TO come, and until
the gold at present used for money was all
used up in the arts. IF demonetized at all
the demonstration Of gold would be much
nearer complete abandonment of its use
than the abandonment of silver. Gold
caunot be used to advantage as small coin,
while large quantity ofsilver will continue
to be used as subsidy coin. Gold if demon
etized must go out of use entirely as money.
The fact that silver was so long looked
upon as money by right divine, by the
masses, and is now discarded and spit upon
as money by these very wise fnanciers"
who we're believed by the people TO possess
all knowledge iii matters pertaining to
money, is removing the scales from the eyes
of the people, who inquire in common
sense way, "If silver is not money BY divine
right, which it was so long claimed to be, is
it not fair TO presume that gold too is moth
ing more than scarce metal, possessing no
more divine right to be money than silyer?"
And this is exactly true. ANY government
can demonetize both gold and silver and the
people will be enabled TO conduct their
business much better without them as
money. AS money they are hindrance
and constant menace TO business.
What may seem most remarkable is that
the country which abolishes gold and silver
as its money will have as much gold and
silver as there is any demand for. There is
but one means of keeping gold and silver
in any country, which is to buy them by
exchanging other products of industry.
That is all that keeps them in this country.
They are constantly being bought by all
other commercial.people on the globe, who
exchange produce for them, not because they
are money but because the metals are mer-
chandisa WHICH is ready sale any and
every where.
Although the United States produces
large quantities of gold and silver they do
not remain in the country and our mer-
chants are constantly purchasing them in
foreign countries along with other merchan-
disc to supply the demand for them,
Money in no sense being merchandise
and gold and silver metals being always in
the market as merchandise, it very naturally
follows that their value is constantly huct-
uatng. This merchandise fuctuation which
is caused By both the commercial and money
demand, very much inteFferes with the
money functions which by law is given to
these metals, and that function is affected by
every change in the commercial market for
the metals as sensibly as the mercury is by
temperature. People may not detect this
influence, or feeling it are not able to trace
il TO the cause. 1t is nevertheless always
active. And more especially is this the case
with gold money, in which there is con-
slant contest between its commercial value,
derived from the demand from the arts for
the metal, and for its use as money. Gold
is more commodity than money every
where and always. It is weighed when any
considerable amount is offered for deposit in
the banks, and the depositor is credited only
with the commercial value of the metal.
That value is sufficient to discount the
money function Of gold, and this contest
steadily going on between the money and
commercial function of gold makes il the
most unsuted for money Of any known
substance. If the money of the country were
cut loose from this disturbing element, it
would maintain more steady and even
value, or rather the value of commodities
would escape the disturbances which are
incident to gold and silver money on account
of its susceptibility to their merchandise
properties,