Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-03
L ais 10 STU " II ~ lAS -
1906 OF financial table S:

0tIllICdlcS, Cul ny
Total . ...... .s6S7. Ol6.+4 81 ,5o4. Oo7cS2
The entire amount of gold reported
nv the secretary as In circulation Is not
in circulation at all, but is locked up IN
bank vaults. Very llttle of IL, or OF the
gold certificates, are in Circulation, al
though he reports ali OF the golu ana
certificates not IN the treasury IN clrcu-
lat!on.
II is this contraction of our circula-
ton of which we complain, because 1t
makes dollars more expensive ana
makes them harder to get.
We demand that this corner on dol
lars shall be broken, and that they well
he allowed to resume their old relation
70 the population and the business OF
the country.
Naturally the man who has money Is
exactly like the man who has corn; he
is benefited when the value OF dollars
go I'D. because he can get more for them'
l. is a clear proposition that with the
coinage of silver almost entirely stop
ned and with gold al locked up that mas
not been taken to Europe, that all the
other money will buy more; that do-Iars
will be increased in value and VIII De-
come harder and harder 70 gel.
To purpOse,y bring about such a
condition as this Is caused by the gold
standard advocate honest fnancie1ng.
Abraham Lincoln said It was a crime.
The highest economic authorities all
over the world call it a crime.
To call the dollar Of such a system;
the dollar that skulks like a robber;
that hides in dark places; that sweI.s
Itself ND IN purchasing value faster than
Droducers can pay debts; that, like
forger from year to year, alters the
face Of It's contract. an honest dollar IS
4 trayestv on sense and honesty 1t
would be Just as appropriate and just as
sensible TO apply the word honest 10
highwayman or a burglar.
Honest money is the money OF the
Constitution. An honest dollar IS the
dollar of the contract. Cold and silver
dollars. standing exactly alike before the
law. with the same right 10 pay deo.s
at the option Of the debtor,was the dol
lar of four-fftns and more OF the con-
tracts for payment Of money now IN eX-
istence. public or private.
Prior TO 1873 the silver dollar and the
gold dollar had exactly the same quail
itv They were both legal tender 1t
& This quality that is the most charac-
teristic and valuable OF any nations
moDev. II is a recognized principle OF
financial economies that al the circu-
lating medium Of any nation ought to
have the legal tender quality OF be con-
vertible. whenever the holder desires
t. into legal tender money. It IS this
legal tender function that lies at the
very base of every sound financial sys-
lem. II is this function that makes
money redemption or primary money.
+ IS this that IS the guarantee which
nation gives 10 the purchasing power
or the exchange value of It's money.
If this legal function is practically
appIed to gold alone, then it is evident
that we must have a severe contraction
OF our legal tender money. or we must
have a large increase in gold.
QUOTING TAUSSIG.
Professor Taussig said, in substance,
that II we are 10 have single gold
standard. We must have larger pro-
portion of gold in our currency. How
are we 10 get it? There are only two
wavs-borrow it. or buy il. The first
way means the issue Of more bonds
and the increase of cur national debt;
The other puts us in competitor with the
world for the purchase Of it, and will
compel us 10 pay more for 1t than any
one else will give if we expect TO keep
= :, orr circulation. We must buy it
With our commodities by giving more
&C them than any one else will offer.
T5is means that our prices must go
down u1til they have reached a basis
&c low as prices anywhere else. That
Is what 5 called getting down to gold
basis -..,.-.,
rotional bankruptcy, no matter what
method is adopted. In neither way Is it
,oss;ble 10 nay our debts. public or pri-
,.,ta because the vast public and private
6abt Of this country will not shrink with
-, ,,,.,ca If our commodities. but like the
iII,,stration I have given you Of the farm
90 ,aving his debt with wheat will get
,.re,s~ aud larger until the present creditor
class will own the world.
rben shall we again have returned to
mat old civilization founded on human
6oero5ation and that lives on unremu-
,,era-ed toll Where. then. will labor be?
U-pot imagination can now paint a pic
t,,ra 81 dark that the reality of the future
will not De darker stillc
WHAT SHALL BE DONE?
What shall we do? Shall We so on shall