The midland journal. (Rising Sun, Md.) 1885-1947, 1895-02-08
DemOnetize Gold.

of gold rs an offset or kind of retaliatory
measure for the demonstration of silver.
This of course causes the gold ring to
laugh OF what earthly use would it be
for the United States to demonetize gold
Such action would not have the slightest
effect upon the price or value of gold
while all the nations of Europe are seek.
| ing the bullion to coin. 1t is the small
supply of gold bullion i'll proportion to
the demand for coinage which keeps the
price up. Whenever the demand for
silver bullion for coinage is equal to the
supply of the bullion produced, the price
will go up to the coin demand and stay
there. 1t is impossible that it should fall
below that fixed bid, which the demand
for coinage is. No one owning silver
bullion would sell the uncoined metal for
less than he could get for it if coined into
dollars by the government mint at little
or no expense to the owner. And if the
government of the United States should
determine to open the minis to free coin-
age, the price of bullion would have togo
up to the coin value. Almost half OF the
silver produced in the world is mined in
the United States. The government
would be making the bullion of its own
citizens into money for the use Of the
country, which would absorb all of the
silver as soon as it was made legal
tender money, that could be produced
The supply would be small in comparison
to the demand for money in this country,
the business of which is now absolutely
famished for circulating money. The
equal to the trade Of Great Britain, France
and Germany, and territory greater in
extent than the three nations combined
The money required by the people of the
United States to transact their business is
as great as that of any two of those
nations, which is a convincing evidence
that there is no possibility of anything
like all unhealthy "infation of the cur
rency" taking place from the amount that
free coinage of silver would add to the
volume of money. Such assertion is dis
honest and made to deceive a gullable
public.
There is on the other hand no possibil-
ity of retaining in this country all the
silver converted into coin or the bullion
before convention, after free coinage is
resumed. The nations of Europe and
Asia all use many millions of silver
annually for coinage All of these nations
have to keep up their silver coinage for
retail and wage purposes, and under
present conditions they are buying the
silver of this and other American countries
at the discount the gold ring has placed
upon it, which is clear profit to the gov
eminent of all silver using nations but
not to the laboring people of those nations
more than to the laborers of the United
States. Free coinage would add to the
wealth of the nation the difference be-
tween the price of silver bullion and coin,
as we'll as stiffen prices and start business
up i'll every line of industry. Those who
talk of demonetizing gold under present
conditions are clearly ignorant of the
subject Did the United States and every
nation in Europe demonetize gold, leav-
ing England alone as the gold money
nation, she could and would easily keep
up the price of gold by paying the legal
price fixed by Parliament in 1916 for the
purchase of gold bullion, which is Is,
II s., IoH d. per OF. troy. England
being creditor nation to the amount of
ten billion dollars would hold the price
of gold up by demanding payment Of
interest i'll gold which would always
keep up the demand for it among her
debtors.
The United States on the other hand is
absolutely master of the silver situation
by virtue of her owning nearly half the
silver produced in the world, and the vast
volume of her business being sufficient to
absorb it all as money, compelling other
nations to compete for it. The foreign
demand would drain large portion of
silver from the country as it is now drain
ing gold, while making silver all active
competitor with gold, thereby bringing
down the value of gold, which would be
indicated by rise in prices.
BY the establishment of government
banks and the issue of legal tender paper
money as we'll as the coinage of all silver
and gold offered, but few years would
elapse till coin money would go out of
use in this country and become a conf
modify of commerce, between this and
other nations Then gold and silver would
be used as merchandise but the mintage
value would keep up the price of bullion
A government system of legal tender
money would be preferred by all, and the
people being freed from the usury game
carried on by the present banking system,
would cease to use metal money except as
small change, permitting the metal to go
abroad to satisfy the demands Of those
countries which could be buncoed still by
the skillful manipulators of gold. The
example of the United States would soon
find imitators in the old world countries,
and the beginning Of a monetary revolY-
ton would be started which would wipe
out the superstition that is enshrined In
the people for gold. May the light of a