Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-10-27
WHEELING REGISTER, TUESDAY. OCTOBER 27 1896. =

amount PRESCRIBED by law by eacn par
ticuiar coin according to its face The
people have confidence that the minis
are conducted honestly and that every
dollar is coined according 10 law.
IF we take the total product of both
metals which are annually mined in
this country, after first deducting such
part as would be required in the arts,
there would be left something like
seventy-five millions, whose owners
would desire to have it coined into
money. As the coming is done by the
government without regard TO whether
the same is done for the owner Of the
bullion or on its own account, the re-
sui. is the same. II means simply
seventy-iiye millions more money each
year until the quantity of bullion either
Increases or decreases. The potent fact
is that the oney so coined, either on prl-
vate or government account, would con-
stitute part of the total money in Cir
culatiOn. Where the money is coined
on private account, or the coined dollar
delivered to the owner of the bullion,
every dollar of it is simply so much
money coined by the government and in
the hands Of its citizens to do the work
of money. The great advantage to the
government in coming money for It's
citizens. instead of buying the bullion
and coming for itself IS that the gov
eminent exercises the important func-
tion reserved TO itself of supplying its
citizens with money, without mourning
one dollar of indebtedness.
ITO illustrate, suppose the govern
ment should start out with
A DECLARED POLICY
Of supplying a metallic money Of gold
and silver, the total amount of which
should be fixed at thirty dollars per
capita; or, taking our population at
seventy million, to fix the volume OF
currency at two billion one hundred
million dollars; if we deduct from this
aggregate of two billion one hundred
million the amour; of gold and silver
supposed 10 be in circulation, in the ag-
gregate of one billion one hundred mil
lion, that would leave a deficit Of one
billion dollars 10 be supplied by future
coinage, which, at the rate of seventy
five million per annum, would require
q little less than fourteen years 10 pro-
duce. At the end of fourteen years, if
I'VE kept the total amount coined and
gained none from other countries, we
would then have two billion one hundred
million dollars. In the meantime our
increasing business and population
would require a propOrtiOnate increase
in the volume of currency. When this
amount shall have been coined, and if
it should be deemed a sufficient volume
Of currency, what course should the
government then take to prevent the
total amount of all kinds of money
swelling the currency TO a too large
proportion? The consummation Of
these two ends would necessarily re-
quire the lapse of many years. II is adj
united by thoughtful men that cur in
creased population and business would
easily absorb an annual increase of $50
100000, and allow the money already in
circulation TO remain; ii must therefore
be apparent that there is absolutely no
possibility of the free coinage Of silver
producing an inflated currency. When
the point Of a sufficient volume of met
allie currency shall have been reached,
the government would then be in a posi-
ton to provide for a still further in
crease Of this kind Of money by getting
rid Of other and Objectionable kinds Of
currency. Inasmuch as it
WAS A SURRENDER
of a function Of government 10 the bank
ing corporations TO allow them to engage
in the production of money in the first
instance, they ought to be the first to 90;
the people having submitted to national
bank currency because it was needed TO
make the total volume of currency suf-
fican. fer the demands Of business, and
l. has never been satisfactory as a prin-
cip.a Of government 10 our people, be-
cause iC placed in the hands of private
banking institutions the power 20 eX-
pand or contract the currency and TO
corIespCnd.nSly effec, the value Of all
other kinds OF property. The exercise
of such a power by private corporations
takes away from the government the
power TO regulate the total volume of
currency. And as the value Of every
dollar is determined by the number of
dollars in circulation. the right, or the
power TO regulate the number Of dol
lars ought never to depar, from the gov
krnment itself. whose business it is 70
rare for all the people without partially
or favor
IF this important power be trusted
TO private banking corporations, we
cannot expect that they would so far
depart from the object of their crea-
ton as to fail to exercise such power /
for their own peculiar good, although /
Il might produce the greatest wrongs to /
the masses. When We reflect that the /
total amount of money in circulation is
very largely affected by the number Of |
banking corporations engaged in pro- |
ducing money. I mean the National |
Banks in issuing bank notes and when |
we further reflect that the value of ev- /
cry dollar is determined by the number !
OF dollars /
IN CIRCULATION,
we can then realize, at least to some eX- !
tent. the great danger and menace to /
other branches of the business of the /
country by the exercise of so extraordi- !
nary a power. We can understand that !
to the extent to which the National Bank |
currency forms a part of the whole |
amount of money in circulation these /
banks have their hands upon the very /
nerve centres of trade. We can under |
stand how It is that, almost without ex-
ceDton. these corporations are opposed !
tai the free and unlimited coinage of I
silver. In as much as the stock in these |
banking corporations is owned by the T.
wealthy classes. a large number Of the I.
individual owners having interests in |
other corporations, that such other cor /
porations are likewise throwing their |
influence against the free coinage Of -
yer. So that the spectacle witnessed is !