The midland journal. (Rising Sun, Md.) 1885-1947, 1895-04-19
Friday, April 10, 1895
Charles Emory Smith on Silver.

The gold bugs selected Hon. Charles
Emory Smith, editor OF the Philadelphia
Press, to deliver lecture against silver.
AS piece of sophistry, evasion of facts
and ignoring of the merits of the financial
question, this effort of Mr., Smith may
be said to take the cake " The soph
istry of the address is so thin that geese
could pick corn'through it.
Mr.. Smith succeeds at the close in over
turning his whole argument by admitting
that the deplorable condition of business
and general shrinkage of values demanded
the demonstration of silver that the bus
mess of the entire world needs broader
basis for credit. Even the wind or gas
money, called bank credit, requires silver
to sustain it, gold having proven to be
wholly insufficient as a base to rest enough
of bank wind OH to conduct business.
Buff the United State should attempt
to open their minis to the free coinage Of
silver all the silver in Europe would be
brought here for coinage into American
dollars to exchange for our gold, to be
taken to Europe
There is 81, 900, 600. 900 of silver, Mr..
Smith assumes, which would be sent over
to be coined and exchanged for our gold,
and all the securities. such as railroad
stocks and bonds and similar evidences
of debt all would be sent to this country
and exchanged for our $500, 900, 900 of
misunderstanding the canards of the
Comptroller of the Treasury, that is about
all that is visible in this country And
when the these foreign simpletons had
brought us their billion of silver and all
of their stocks and bonds and exchanged
for our four hundred millions of gold, we
L. y
entirely ruined Mr. Smith mentions
nothing else foreigners want but our little
stock of gold and if his argument proves
anything it is that the foreigner is willing
to sacrifice this vast sum of wealth for the
insignificant amount of gold they have
left in the country since we have been on
that sublime gold basis the Rothschild
ring are employing its Charles Emory
Smiths to speak and write in support of.
In place of being ruined by this large
donation of money European nations are
waiting and watching so anxiously to
make us virtual present of, la Charles
Emory but which they have no notion
of sending to ns,) it would fill the chan
nels of trade with real money and drive
out the bank wind or credit money with
which they are choked, business would at
once revive, labor would be employed,
values would rise, and new lines of bus
mess would open on all sides. The idle
labor of this country once set to work by
the use of any kind of money would
create more new wealth in short time
than would be sufficient to buy all the
gold in Europe.
Money is not wealth, but wealth is that
which labor creates for the use of the
people.
One of the compartments in Mr..
Smiths address is the millions that are
deposited in the savings banks by the
wage earning class. This would only be
worth fifty cents, he says, on the dollar if
our minis were opened to free coinage.
savings banks were to demand their
money the securities it is invested i'm
the money is not lying in the banks
would not realize, under the hammer,
fifty cents on the dollar such condition
has the single gold standard" brought
values of property down to i'll the twenty
years it has existed in the United States
Was there full volume of money
silver or any other United Suites govern
rnent issue-to flea the immense business
that is completely stranded for the want
of money, the values of all the securities
invested in by the savings banks would
rise, the depositors in place of drawing
their money out would find employment
and add more to their bank account. If
times continue and grow worse as they
are at present under Mr.. Emory Smith S
gold ring financial systern, these frugal
savings bank depositors will have to
draw their money out to live on, and the
securities finding no bidders will sell for
half price and they. will realize but fifty
per cent on their deposits The naked
fact is that there is no safety for those
savings bank depositors but an increase
il the volume of our money.
Mr.. Smith thinks it would be grand
thing if the nations of Europe would joir
i'll an international silver coinage agree
ment, but we shouldn't dare to coin the
silver which we dig out of our own mine:
without their consent That is what the
Tories said to our Revolutionary sres
That is what the pro-slavery men sale
thirty-hve years ago, and what Roths
child gold ring tories say about our abilit,
to make and sustain our own money
Away with such twaddle It is littl,
short of treason to American institutions
The Philadelphia Item makes the fol
lowing crisp comment on Mr.. Smith
1abored address:
Hon. Charles Emory Smith, on tn
10th instant. addressed the Legislators O
this State at Harrisburg, on the subject O
"sound money"
"The facts necesitate that it be sal,
here, that Mr.. Smith does not understand
his subject. Consequently, his opinion
as expressed, is of no value to the com
munity, nor to the Legislators of thi