The midland journal. (Rising Sun, Md.) 1885-1947, 1895-04-05
How Could rlore Honey be Got Into
Circulation?

that the law which demonetized silver is
repealed and the minis are again opened
to free coinage. We will suppose that
farmer ZONES has discovered silver mine
on his farm. Nobody will charge plain
farmer Jones with being " silver king"
and hence we have chosen him to illus
trate the problem of how more silver
could be got into circulation.
Farmer Jones has taken from his mine
100 ounces of silver which he sends to the
mint in Philadelphia, where it is coined
into $I2o and turned over to him. He
takes the silver dollars home and proceeds
to circulate them by paying his laborers
for working the mine, his blacksmith for
smithing done, the merchant for goods,
his farm hands for their labor, and pretty
soou the 100 ounces of silver is circulating
ali round the neighborhood, going from
one to another, paying bills, being depos-
tied in the bank, and loaned by the bank
to borrowers, and helping perform the
duties assigned to money in general use.
By the time the first 100 ounces of farmer
Jones silver has got fairly into circulation
he has mined another 100 ounces, which
goes through the same routine and be-
comes part Of and addition to, the vol
ume of circulating money of the country.
From farmer Jones we will transfer the
process to all the silver mines of the
country whose output under free coinage
would be eighty to hundred million
dollars annually. This silver would get
into circulation and increase the volume
of money in the country in the same
manner and by similar process that sup
possible farmer Jones silver got into cir
culation, without the government pur-
chasing any of the bullion, or any person
being made poorer by the transaction.
but instead, benefit is conferred on the
country by much needed increase in
the volume of money.
But how could the government put
more greenbacks into circulation the
banker class ask, unless it gave the money
away? The revenue is not eqnal to the
government expenditures by good many
millions monthly. Mr.. Carlisle in conf
pliance with the Presidents dictation has
borrowed $I65, 900, 900 in semi illegal
way to meet the deficiency, which could
have all been avoided by Congress pass
ing an act ordering the issue of similar
amount of legal tender money or what we
call greenbacks, receivable for all debts,
dues and taxes public and private Such
issue,::i place of being an Understanding
debt and a permanent injury 10 the
country, would have proven blessing by
defraying the expenses of the govern
ment, and becoming permanent add
ton to the greatly contracted volume OF
our money, increasing prices and giving
a fresh impetus to business throughout
the entire country. The idle would have
begun to find employment, and the debt
oppressed to feel their burdens begin to
tighten. 1t is reported that there are
appropriations by Congress approaching
$50 millions hung up" there being nc
money to carry them out. An issue Of
full legal tender grcenbacks could be
proftably disbursed in paying for the
work called for in these appropriations,
and be all immediate and lasting benefit
to the NATION in place of bonded, taxa
ton, perpetual debt, the financial process
Mr. Cleveland, under the dictation o.
Wall street, is pursuing.
But how do the national banks gel
money into circulation? They first Dor
row bills from the government returnable
at pleasure or in twenty years, paying
one per cent per annum interest for theil
use. These bills are loaned by the bank:
at the highest rate of interest they can be
made to command in short time loans
This process of getting money into cir
culation does not resemble the method
practiced by farmer Jones and the silver
miners, and the government, i'll paying
for service rendered. Which practice the
people prefer goes without saying. Re
garding the question of Sound money!
the government makes it all. The bank
er's assumption of "sound money" is al
issue of national bank notes hypothetical
on deposit of government bonds. The
bonds are creation of the government
and the legal tenders are created by the
same power. Is it possible for one to be
safer or "sounder" than the other
Common sense says, No!
The government and people are in con-
troll of the silver and greenbacks or legal
tenders, and hold the power of money il
their own hands, free from the exactine
waste of interest The banks control the
national bank currency and the interes'
drawing bonds on which they are bot
toned and hence are in control of the
nations money and become the money
power of the country, drawing interest,
bulldozing Congress, debating to the ad-
ministration, dom;n eering over trade.
contracting and expanding business at
will, building up and pulling down at
their pleasure, and in all things acting
with the power of an autocrat. TIL,
money system that will invest the banker
class with this despotic power is calle
Sound money" by that class, while tbs
legal tenders and silver dollars created b,
he Ssame supreme power, costing tn
people no interest to circulate, this brazen
class of money monpers have superlat;v-