The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1896-02-01
OVERSEEING THE PILE.
Carlisle Talks OF Gold That Does Not
Exist.

Exist. !
The belief expressed by some of
our newspapers that if President
Cleveland would instruct the secret
airy OF the treasury to put the $780,
100000 loan on sale at the postofices
over the country, and offer the bonds
directly to the people at a fixed price
for gold, the loan would be subscrib-
ed for several times over, rests on lit
tie foundation. If any money issued
by the United States was taken in
payment, there would be no doubt
that an issue of 100000 900, or a
much larger sum, could be directly
sold to the people, but when the
government-the government that
under Mr.. Cleveland has declared it's
first purpose to make and keep every
dollar as good as every other dollar
declares that the gold dollar is
alone a good enough dollar for the
government, and will be alone &C.
cepted by the treasury in payment
for the bonds, the people will not
subscribe freely to the loan if put on
sale at the postoffices. They could
not subscribe because they have not,
and would not find it possible to Sc
cure, the gold that the government
declares to be alone acceptable in
payment, save by buying it in the
market at a premium.
The treasury department estimates
the gold coin in circulation in the
United States on January l, 1896, at
4S4,72S,547 and the gold %certifi-
Gates at $40, 936,439, or at a total Of
1854, 1854, 1886 Of gold outside the
treasury. OF all this vast sum of
over *534,O0O,OOO not over $780,
100000 is visible. On September
70, 1898, the date of the last report
of national banks to the comptroller
of the currency, of which we have
complete returns, the gold held by
national banks is given at $162,925,-
29O. The total amount of gold held
by 6,O93 banks, other than national
is given in the latest returns at s1O,-
144,262, which added to the gold
held by the national banks, gives a
total gold holding of the banks of
less than s175,OOO,0 900. This leaves
a stock of gold in the hands of the
people Of s36O,OOO,OO DOC. That any
such stock of gold exists there is not
the slightest ground to believe. On
the Pacific coast perhaps $4,000 in
gold at the outside is in circulation
and in daily use among the people.
East of the Rocky mountains there is
practically no circulation of gold
among the people whatsoever, yet to
bring the stock of gold to the sum
estimated by the treasury depart
ment to be in the country, s3OO,O0O,.
600 of gold must be in the hands Of
the people east of the Rockies. The
money used in daily transactions
consists of silver and silver certif.
Gates, bank notes and a limited
amount of legal tender and treasury
notes of 1890, much the larger par
of the greenbacks and treasury notes
outside the treasury being held b,
!, the banks.
The gold in the banks and in cir
9 culation on the Pacific coast, all thu
gold in the United States outside tn,
6 treasury that is visible does not ex
ceed s225,OOO,OOO, and every reade
can Judge for himself of the proba
bility of s300,O0O,OO0 of gold being
in the pockets of the people. If an,
E such sum of gold existed, gold woul'
be as often seen as silver certificates
: or as bank notes and silver coin, an
gold would be found in the people
pockets in amount equal to the silve
4 certificates, or to the bank notes an
silver coin that the people nov pos
sess. The fact is, gold is rarel
seen.
d Yet it is confidently asserted thu
the masses of the people who neve
sc see gold in the ordinary course {
business, have hoar led gold to a
40 amount of $500, 900 and stan
l. ready to exchange it for bonds. Th'
+. gold is boarded in any such quantit
there is no reason to believe, and tt
belief in the existence of such hoart
rests solely on the treasury statemel