The herald., 1896-09-27
UPON A GOLD BASIS.

Editor Herald: We are told by Repub-
lican gold money people that the silver
dollar in circulation today Is worth one
hundred cents simply because all silver
money is backed by gold. We are also
told that the national bank notes, the
gold certificates. silver certificates,
treasury notes, greenbacks and all other
forms of paper money in circulation cir
culates at its face value and answers
the same functions as gold because 1t is
all backed by gold.
For the sake of argument let us con-
cede that such is the case, and that,
were it not for the gold back of it, all our
paper and silver money would command
only it's commodity value. Let us see,
money we have. On page thirty-flve Of
his report for the year 1894, which Is the
latest report available, Secretary Car
Isle gives the total amount of gold
money in this country at 1881 .597, ,341. In
round numbers six hundred millions
Now, then, let us see what amount of
representative" money we have. On
the same page the secretary of the
treasury states that we have:
Standard silver dollars..........$ 421, ,T76, ,4oS
Subsidiary silver............. -. 1868, ,1l2
Gold certificates. 6430S, 349
% Treasury notes (act Of july j Isl 4o S SSs
Currency certificates (act June.
Na1ionai hank notes aS7 SsS SO
Total....... ....................s1.65 .659 176, ,o47
According to our gold friends way of
arguing, then, we have about one billion
seven hundred million dollars in circula-
tion based upon and made good by to-
tai gold supply of six hundred millions
Perhaps this government could go along
in the even tenor of its way upon such a
basis. but another obstacle confronts U.S.
What are we going to do with our ma
tional debt, which our late gold secre-
taries Of the treasury claim must be
paid in gold only? This little item in the
nations history has been larger, tits
true, but at present 1t stands at $699, ,e09,-
262. (See report of comptroller Of the
be overlooked since 1t is only . little
short Of one hundred million more than
our total supply of gold.
Possibly these figures will cause some
good Republican to think bit before
making more such rash statements.
True, Major Mckinley. in his more or
less famous letter of acceptance, tells
us that "a pretense Is made to attribute
the hard times to the fact that all our
currency Is on a gold basis" and that
good money never made hard times"
But no man denies this. hence his words
are superfluous, irrelevant, incompe-
tent and immaterial. OF course, it's the
lack of good money that has made times
hard, not the good money itself. But
Mr.. Mckinley goes further and contends
that, 'It is not more money we want
What we want is to put this money we
already have at work" Now, isn't 1t a
fact that our standard money has more
than 1t can do already? Our little wad
of 00,000,000 has got to be held in re-
serve to back up ABOUT $1,7O0. 100000 of
silver and paper issued; then It has to
pay debt Of 699,0O0,OOo. How would
Mr. Mckinley put 1t at work to better
advantage?
We are aware that Mr.. Mckinley pro-
poses to do many great things when he
restores confidence" but can he formu-
late a plan by which he can borrow the
nation out Of debt after he has the dod-
gasted things "restored?" Isn't the fact
in evidence that we have already had
enough of this confidence" game, and
that what we need Is less confidence
and more legal tender standard money?
H. M. WALKER.
Too An peleq Sent 81 Y