Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-10-15

banks responded to the inquiry, and
have h,re the comptroller's report for the
year 1895, and on page Is he gives a sum
mary Of these reports.
will give you this in the language of
the comptroller: The cash held by M.
tional hanks on July IL and by other
banks at about that date amounted 10
1851. Ill 300, classified as follows: Gold,
fl27, ,62l ,OS9; silver, tl5, ,594, 037; specie
not classified, sla, 29S, 1853; paper currency,
S342, 739, l29; fractional currency, 81, ,O23,-
Az, and cash not classified, sl24, S35, 200. 4"
The reports for several prior years were
practically the same. At about that time
there was In the United States treasury
all told s329, ,5l7, 7l3 available for circula.
tiOn. Adding this sum to what there was
then In oil the hanks uf the United States
IL makes $3.50, 629, ,OO0 This constituted
all of the money in sight in this country
except what there was then in the pockets
of the people. There Is no way of ascer-
taining definitely just what this would
amount TO, but considering the fact that
we had had several years Of panic and
idlcness and distress, during which time
most of the little savings had been used
up, and considering the further facts that
In recent years building associations have
been formed In every village in the Land,
and the money that used to be saved or
boarded in q small way was drawn out
and absorbed by these building associa-
tions, and that we have banks in almost
every village In the land, and that all bust
ness men deposit every day so us not to
run the risk of leaving much money In
their stores overnight, 1t Is apparent that
the amount of money then In the pockets
Of the people was not large. Good judges
have asserted that When you take into con-
sideration all of the poor laboring classes
of this country and of the colored people
OF the south, and the fact that farmers had
very little money, an average of So per
household would be full average, and
as there were then about Il, 600, 600 fam
lilies, that would make $40, 600, 600. But
In order to cover every contingency let us
nearly double this, let us add another $780,
100000. This would make 1920, 600, 600,
being ut that time, as we say, in the pock-
cts Of the people Adding this sum to
what there was then in the banks and In
the treasury, it makes 81, 07O, ,629, 600 as
the total money In the United States avail
able for circulation, less tnan half of the
sum named by Mr.. Schurz
Amount Per Capita.
Now, bear In mind that this Is theresult
of an actual inventory made by all the
moncyed institutions in this country, and
therefore Is the most reliable information
which the treasury department has yet
furnished us upon this question If you
say we have underestimated the amount
in the pockets of the people, then add an
other IS for each household, and it will
make only $40, 900, 600 more and still be
only half the sum named by Mr.. Schurz.
If Mr.. Schurz knew these facts and
withheld them from his audience and his
readers and used figures that were incor-
rect for the purpose of making wrong
impression, then you will admit thnt he is
not a safe guide. If he did not know these
facts, then it will be admitted he Is not a
safe counselor But In either case it Is ap-
parent that so much of his argument as
was based upon the alleged amount of
money we have In this country must fall
to the ground.
Money Scarce.
The fact is, there is not enough money
In this country at present to do its bust
ness. In all of the agricultural states of
the south, the Mississippi valley and the
west there Is the greatest scarcity of mon
ey. The banks arc unable to furnish what
Is needed, and even in the money centers
q very little disturbance renders the banks
helpless Recently we had what is known
as the Diamond Match stock speculation,
and a collapse followed, and so seriously
did this single speculation strain the mon
ey market of this great city, with all of Its
largo banks, that many of the banks had
TO refuse credits to their customers In le-
gitimate business, and the banks, acting
together, forced the Stock Exchange to
close, so that there should be no market
quotations on Diamond Match stock, for
fear that otherwise o number of banks |
would be unable to meet their obligations
and be ruined. A few years ago the banks
of New York that are perniciously active
in this money agitation, actually refused
to pay their obligations because they had |
not the money with which to do 1t and
forced tho public to take clearing house
certificates. Mr.. SchurZ says there are
oceans of money lying Idle, and then In
another sentence he says that gold is now
leaving our country and going to Europe
because it finds profitable employment
there Naturally you ask if there are
oceans of money lying idle In those money |
ccnters thon how can money going there
from here find profitable employment
there. He is no doubt correct In this, that
there Is congestion in money centers, but
1t is because Of the constant downward |
tendency in prices which prevents prudent
men from embarking in enterprises and
using money for legitimate purposes The
heart is congested and the extremities are
cold, condition which always follows
when largo portion of the blood is taken
from patient
Small Amount of Gold Here.
In passing 1 call your attention again
to the fact that on the 18th day of July, |
1895, all of tho banks In the United States
of America, together held only 1927 500, ,099
of gold, and that sum, added to the $780,
900, 600 of gold that is supposed to be con
stantly in the treasury, constituted all the
gold there was in sight in the United
States No sensible man now claims the
poor people are boarding gold. The fact Is
that even rich people rarely get to see 1t.
In depicting the horrors which will come
upon our country in the event of the cleo
In thrilling manner how 5000, 900, 600 of
gold would instantly take wings and van
ish. Other gold standard orators have
dwelt loud and long upon the vanishing
of $500, 600, 900 of gold. 1t is ono of the
stock arguments met everywhere, and 1t
is itcratcd ard reiterated by the bankers
themselves. Now, in view Of the facts pub
lished by the treasury department Itself,
and which will not be challenged by gold
standard people, l am warranted In assert
ing that these bankers know that there Is
scarcely 5000, 900, 600 of gold in the entire
country, including what there Is in the
United States treasury. They know that
If every dollar of gold We're withdrawn
from all the banks in this country 1t would
make only a little over s127, 100000
When they therefore try to make the i'm
preston that there would be n contraction
of 5000, O00, 600, their conduct is in keep
;,,,, with no yrhnlo of thia ,rpl1