The midland journal. (Rising Sun, Md.) 1885-1947, 1894-05-04

Whereas, III consequence OF the
loss in gold and national bank notes
the volume of currency is rapidly
contracting and
Whereas, all history proves that
shrinking or stationary volume of
currency brings distress to any
people and destruction to their
industries F.; and
Whereas, such conditions are now
seen everywhere among the people
of the United States and
Whereas, the national banks have
a paid-up capital of $67S,00O,0O
and a circulation of only $780, 00,-
900; therefore, be it resolved,
That the Secretary of the Treas
ury be requested to furnish the
following information:
First, the national bank currency
outstanding at the close of each
fiscal year. The per cent of cur
rency to paid-up capital stock.
The per cent of currency to deposits
and surplus funds.
Second, The amound of gold pro-
duced each fiscal year in the United
States since 1876. The amount used
in the arts and the amount of such
product coined in money.
Third, the amount of gold coin
and bullion imported and exported
to and from the United States each
fiscal year since 1878, and the man
ner in which such imports and
exports are determined.
AS usual Mr.. Pence has made a
center shot. In the preamble to
his resolution he strikes at the very
marrow of the whole financial CON
tention, and in his inquiries he will
bring out some facts that will be of
great service during the coming
campaign. Mr.. Pence has con-
densed within the preamble to his
resolution both the cause and rem
edy for nearly all the distress and
misery now bearing down so heav-
lily upon the people. If these pre-
ambles could be written in letters
of fire, and held up before the peo-
pie until the truths they contain
could be burned into their very
souls, nothing further would be
necessary to regenerate and relieve
the citizens of this country and
the world as well. Do you, dear
reader, understand that the volume
of money in this country is rapidly
decreasing? Do you understand
what decreasing volume of money
means to a producing people? If
yon do not, preserve this article
and in the name of humanity and
even handed justice, study these
matters thoroughly and well. Re
member, that in proper under
standing of these questions lie pros
perity, the future of your children
and the safety of this republic.
Mr.. Pence has made a declaration
that should strike with horror and
dismay every well informed citizen
OF this country. He gives concisely
the situation which the records and
the acts of Congress fully substan-
tiate. Let us go to them for proof.
The repeal of the purchasing clause
of the Sherman act eliminated the
further coinage of silver. The veto
of the seigniorage bill was a further
step in that direction, The law of
1878 fixed the volume of United
States notes (greenbacks) at the
amount then outstanding, $780,
100000. The mint reports show a
loss of 1858, 900, 900 of gold last year
which exceeds the output of the
mines for two years past. There is
at the present time over 1876, OOO,-
900 of lawful money deposited with
the treasury for the purpose of
Withdrawing that amount of nation
al bank currency from circulation
During the year of 1898 the gold
product Of this country amounted
to less than $50, 900, 900 of which
fully 100000 was used in the
arts, leaving only $24, 100000 to be
added to our currency. Since Jan
uary list, 1894, fully Sl2, 100000 in
gold has been exported and the
general opinion is that very large
amount will follow during the
spring and summer, Since the first
day Of January of the present year
the money in circulation has been
contracted to very large amount.
The sale of 500, O0O,O 900 of bonds at
a premium of II per cent took fully
$50, 900, 900 out of circulation and
locked it up in the United States
tpnoSupv did tO thic tho onoup4