West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-09-17
TIE GOLD STANDARD.
IFS EFFECT on THIS COUNTRY
AND HOW II ENRICHES THE
BANKS AND ROBs THE
PEOPLE.
Another Strong Article On the III.
Haneial Question By o Frank
HardestY.

sentative Of labor and property used
az medium OF exchange, or a cir
culating medium. BY what power
IS 1t made /? Our Constitution saws.
Congress shall have power to coin
money (Which means make) and
regulate the value thereof. which
was intended, and il is tie law. 1t
also says our coins shall be gold
and silver {not gold or silver. But
some of our friends who favor the
single gold standard claim that gold
is the only honest money, and that
silver is not honest. Will some of
my gold friends tell me what they
mean by "houest money ?" They
also say that If we do not pay orr
bonds in gold we are regulators.
We fnd that our bonds were made
payable in coin, (does not say gold),
and as gold and silver are both le-
gal tender, and was when the debt
was contracted, we expect to pay it
as per contract, and every dollar of
it, and if our Constitution is right,
the leaders who are demanding the
single gold standard are the repu-
diators, and not we who favor the
use of both gold and silver on equal
terms. If gold is honest, as they
claim, why is it that in every time
of trouble in the history of the
world 1t has gone to its hiding place
lin the vaults of Wall Street and
the bankers) and never won bat
tie? For instance, was not the
late war fought and won with a
paper currency? Were not the
brave boys who saved this nation
paid in that money? Now, who
did they save it for? The money
sharks ? A money SO treacherous
will bankrupt any nation adopting
1T as their only standard and remain
free country. We believe in the
Constitution, and demand that it
be carried out.
There is something else about
this money question perhaps you
have never thought of, and that is
this: The Government says that
gold, silver and paper shall he legal
tender, made so by law, and by
that law we transact all our bust
ness on that basis, aud are COM
PEELED to accept either in payment
of any and all debts, or it is can
celled. Well, there is nothing
wrong about that. But what follows
Instead of the Government con.
trolling the money which they make
a legal tender for the people, they
give that right to the national
banks, which are created by debt,
namely, Government bonds, giving
them the absolute control of the
money, so that they can limit the
amount of circulation as best serves
their purpose, compelling the peo-
pie to pay interest, both on the
bonds and to them, which in the
aggregate amounts to about 16 to
in their favor. This is what the
patriotic bankers are doing for the
people, and they call it fnancier.
ing, and we the common people
must not object to it. II we do,
we are regulators. We claim this
That the Government alone should
control that for which it compele
rs to accept as full legal tender,
and not the banks. The money
that was good enough to pay the
soldier for saving this nation, and
good enough for us to accept as q
legal tender, is also good enough
for Mr.. Morgan, Wall Street, Of
any Of their click.
Now, is this a country of equa
rights to all and privileges to mono
We fud that a certain law, passed
by tho 37th Congress on Februar,
%, 1863, that national banker
can 60 and buy a bond, say 500,
600, pay for it in gold, then take i
to tho Secretary OF the Treasur-
for deposit and receive $4,000 in
/ green backs, or authority to issu,
100000, ia bank notes, Just a.
good as gold TO buy anything with
Now, how much does it leave tina
banker invested Only $40. 600
and gets interest on 800, 900 anc
pays no tax, as the law says tina
Government bonds are non taxable
then ho loans the $40, 900. say q
/ 10 per cent, (which is the averae
discouuD, and in year he ha
again 100000 to buy anothe
hond and an on ~ ys.f t,,t......t ..