The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-07

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 as not 10
run the risk of leaving much money in
their stores overnight, II IL apparent That I
the amount OF money then In the pockets
OF the people was not large. Good judges
have asserted that when you take into cont
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 or 70 per
household would DO full average, and
ms there were then about IA, 900, 600 fam
lilies, that would make $40, 600 900 But
In order 10 cover every contingency let us
nearly double this, let us add another 800
O0O,O 900. This would make xl20, 900, 600,
being at that time, ~ we say, In the pock-
cts Of the people. Adding this sum TO
what there was then In the banks and in
the treasury, 1t makes 81, 070, 629, 900 rs
the total money In the United States avail
able for circulation. less than half Of the
sum named by Mr.. Schurz.
Amount Per Capita.
Now, bear In mind that this Is the result
OF an actual inventory made by all the
moneyed institutions in this country, and
therefore 10 the most reliable Information
which the treasury department has yet
furnished us upon this question. IL you
say we have underestimated the amount
In the pockets of the people, then add an
other o. for each household, and 10 will
make only $40, 900, 900 more and still be
only half the sum named by Mr.. Schurz
III 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 that he Is
not a safe guide II he did not know these
facts, then IL will be admitted he Is not q
safe counselor. But in either case II Is APP
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 IL, 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 are unable to furnish whit
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 it's
large banks, that many of the banks had
to refuse credits to their customers In le-
Ultimate 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 a number OF banks
would he 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
70 pay their obligations because they had
not tho money with which to do il and
forced the 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 II finds profitable employment
there. Naturally you ask II there are
oceans of money lying idle in those money
centers then 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
| It 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 congcsted and the extremities ar
| cold a condition which always follows
when large portion Of the blood is taken
| from a patient
Small Amount of Gold Here.
In passing l call your attention agair
| to the fact that on the 18th day Of July
| 1895, all of the banks in the United States
| of America together held only sl27 ,629, 09s
| of gold, and that sum, added to the 800,
| 900, 600 Of gold that is supposed to DO 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 1.
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
| ton Of Mr. Bryan, Mr.. Schurz points ou
| in n thrilling manner how $500, 600, 900 o
| gold would instantly take wings and van
ish. Other gold standard orators hav'
dwelt loud and long upon the vanishing
of 5000, 600, 900 Of gold. 1t Is one OF thu
| stock arguments met everywhere and i
is iterated and reiterated by the banker
themselves Now, in view Of the facts pub
lished by the treasury department itself
| and which will not be challenged by golt
standard people, am warranted In assert
| ing that these bankers know that there 4
scarcely 5000, 600, 900 Of gold in the entir
country, including what there Is In tn
United States treasury. They know tina
II every dollar of gold were withdraw
from all the banks in this country 1t woult
make only a little over &lz7 900, 900
When they therefore try to make the i'm
preston that there would he contraction
of $500, 900, 900, their conduct is In keep
ing with the whole history of this gol'
standard movement--that is, It Is one O
Misrepresentation, deception and fraud
These bankers further know, and Mr.
Schurz knows, that, no matter who i
elected president, 50 long as they want q
run their banks they will Of Necessity keel
some gold, and II will perform the func
lions Of money while they have IL. Th
fact is, they could not well reduce tn
amount Of gold they now have, and who
ever Is elected president there will be lit
tie or no movement Of gold from the bank
of this country, but II 1t were all to go
and II that which Is In the United State
treasury were also to go, 1t would amour
10 only about s227, 900, 900 of gold There
fore, so much OF the awful catastroph
that Is to befall this land by the remova
of 5000, 00O, 900 Of gold in the event Of tn
election of Mr.. Bryan will not come :
pass. It is one Of those predicted storm
that 1t Is not necessary to insure against
NO Overproduction.
But the main fabric Of the whole spcec
Of Mr.. Schurz Is based upon tho theory Q
overproduction. He insists that there Is
fall In the prico Of silver and that this
due to overproductiop; that there was 8
much more silver produced than formerl
| that it had to fall in price. You will read