Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-07
Honest Money.
Chicago Record.

J
Europe. The degrading serYlllty OF
some gold men 10 European example
appears in thess words IN Sound
| Money" pamphlet: In our age finance
rules the world. London S its throne.
Lombard street is the focus OF
! these exchanges. and Whatever meaSur 5
! values in Lombard street must neces-
sarilv Determine and control values
wherever industry Pills the pow, the
pick. the hammer, the shovel or the
yard-stick.
"Whe her we consent or not, there
fore. whether we approve or not, as long
as the world has Lombard street for us
/ clearing house, just 80 long must we
| conform TO the standard OF value tieFe'
Could madness so further?'
Parity with Europe is a coca th!hg'
/ bu. il ls possible TO pay 700 much Tor Il.
| Ought our American railroads IN order
| TO be uniform with Mexican railroads
ADOPT the gauge that was entirely un-
/ suiud 10 the transportation business OF
/ this country? And if we had such
gauge would il be wise to keep IL for
! The sake of the merchants, importers
anI exporters wno ship goods across cur
Mexican frontier?
Less than ona-ffIieth Of our business
I is dom with Europe. Shall we accept
| decay and paralysis fer the whole IN
| terror OF this gigantic country just 10
/ accommodate the bankers, importers
! financ.ers. dealers in foreign securities
and company promoters OF our seaDoaru
cities and the small knot Of men IN taa
interior cities with like financial IN
! ,erests? ~,
But we have 50 much silver already.
saw some; "S624, 10000 OF ii. Only India
and China have more. We coined only
/ 5000 coo silver dollars before 1878. and
since then we have coined over 100000
GOO. Haven't we done enough for Sill
ver?" The third statement is dishonest.
/ We coined 5000 900 of silver dollars,
but s144. 900. 900 OF silver prior TO 1873;
! and besides this We had as much as
100. 900, 600 of Spanish and Mexican DOL
lars in circulation. all full legal tender
But aside from this The gTeal point Is;
All our full legal tender before 1873 was
a. the silver level, while me S624, OOU ,oVV
Of silver we have absorbed since 1878 has
| all been lifted 10 the gold level ana ap-
preciates with the gold standard.
Bv the parity clause in th7 law OF 1880
silver has been tied to gold, and every
! dollar Of Il has appreciated with the gold
/ dollar. II is as good as gold because
| II is as dear as gold. This mass mas JUS
/ relieved the strain on the world gold.
L has not cut the cable that binds us 10
The ruinous and iniquitous monetary
| system. -, L.,
after free coinage cur gold will prompt
/ " go out CT circulation and there VIII
h. an appa,ling contraction of cur cur
rency. The spec.ecle OF goIu NOUNS
itsa,f aloo' in proud and gloomy lso.a-
ton. while low prices are, tempting l.
back into circulation, is abou; as easy
10 imagine IS upright walls Oh water;
| between which he children OF 1side4
cross d the Red Sea.
The pitch Of folly is reached by the
holders of the gold vacuum theory Wneh
here will be only half IS many dollars
n do our business with thzse dollars
viii he "50-cent" dollars. This implies
rhar with half as much money prices
will he d9ubled-just the same as as
ser-ing tina. II you pump one-halt Of ne
water out of a cisJern, the wafer Will
be twice as deep.
Some people ere. however, worried
br their gold contracts. what can We
do " they anxiously say, If The COLO
| leaves the country? How could we NEE,
o,,r confracts?" This is striking case
of confusion OF thought. There VIII al
wavs be some gold in the country, as
there We during the paper era, ISoZ-'9'
Remember. TOO. that the holder OF
cold contract cares not for gold, but
for COLDS worth. and under free coin
/ aga I assert .ha: Il will take less OF the
fruits of toll TO procure the gold or the
colds worth Of silver to satisfy gold
contract than II will if we go right on
as we are. The release Of our gold
/ from money use here is bound 10 halt
the rapid apr citation that We must
endure if we sick to the gold standard.
+ The power Of your silver or your prod
uc-s 10 procure silver in the markets
Of the world will certainly be greater
# mis- country steps 10 The silver col
umn and allows her gold 10 pass into
The European channels of trade.
Certain objections remain TO be ex-
amined.
Pankers-It is claimed hat the bank
ers form the greatest debtor interest in
the country and yet oppose free coin
age But statistics show that our ma
tiOnal banks alone owe S400,000.0OO less
than Is owing 20 them. Besides this they
own s430 600 coo of reserve. The inter
es- of me banking class. therefore, in
The appreciate Of the gold standard
( Is % per cent. of $3.50 0C0 900, or over
500 900 .0C0 annually. l am a bank d.
rector and a stockholder in a bank. and
as such my interests would b. injured
bv quitting the gold standard; but
! must be honest.
Building and Loan S.ocks-The
building and loan associations are held
I'D for pity. if the 212 per cent. annual
premium on money ceases. Il is for
gotten that thess associations lend ev-
erv dollar 10 their own members. so l.
IS the workingmen VINO are debtors as
we'll as creditors. The two interests,
Therefore. balance each other.
Savings Banks Deposits-Harrow.ng
pictures are drawn of the losses 20 be
endured By the cessation OF the 21a per
cent premium on the $500, OO0.CG0 Of
/ savings from deposits But hey do nc
! tell us how much of This IS deposited
by the wage Garner: nor do they point
on. that the whole is no, one-eleventh Of
cur total d=b,, and is far, even. from
eoualing the burden of public debt that
mears on all citizens.
Pensions-We are accused of az
tempting TO iniUre our pensioners by
s.o-0ing The increase in value OF their
pensions. To no class could We so cor
daily conc5de an approaching dollar