Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-08-11
Questions Answered.

Mr., N. J. Nevin of Salix, Ia, asks
the Telegraph to answer these ques-
tons:
How much gold is there in circu-
lation in the United States:
What money is redeemable in gold
by the United States and how much?
What makes the present circulating
silver dollar worth one dollar?
Is 1T not fact that the United
States government has promised to
redeem more money in gold than it
has gold?
The report of the secretary of the
treasury shows that the total amount
of gold coin and bullion in the United
States on the LIST of July, 1895, was
1896, 256.023, and that ofthis sum $40
637, 1861 was in circulation. 1t is GER
tain, however, that the treasury esti-
mate, for it it is nothing but an esti-
mate, is wild exaggeration, because
in January last, when he attempted
to locate the gold outside the treas
ury, all that Secretary
Carlisle could find in the nation
al banks was $163, 100000. At that
time there was less than 100000, 900 in
the treasury, and good authorities af-
firmed that the amount held by state
and private banks. including the
amount on the Pacific coast, would
not exceed $5O,OOO,OOO These three
sums foot up $273, 100000, and it is
wholly incredible that the difference
between $273, 900, 900 and the s636, 1000
900 alleged to exist in the United
States was or is in the pockets of the
people. Very little gold passes from
hand to hand, and we are warranted
in concluding from this that most OF
the gold is in the banks, which have
been collecting and boarding it for
speculative purposes, and that the
actual amount of gold coin and bull
lion In the country, in the treasury
and out of it, is not in excess of 5000,
0O0,OO if there is quite that much.
| 2. The United States owes no gold
obligations. The legal tender notes
are redeemable, and the interest and
the principal of the bonds payable
in coin, and coin, under the law, is
the silver dollar of 4l2 1-2 grains as
well as the gold dollar of 1922 grains
Gold certificates alone, which are
issued on deposits of gold, are pay
able in gold. Silver dollars are full
legal tender for every other claim
upon the treasury.
3. The law of the land and the
stamp of the government make the
silver dollar a.dollar, and while the lat
ter remains a legal tender it mustcon-
tinue to be q dollar whatever changes
may occur in it's value or purchasing
power. If Mr.. Nevin means, as his
question seems to imply, why is the
silver dollar, though the commercial
value Of the metal in it is but SO cents
worth the same as the gold dollar,
the reply is, it is because there is the
same demand for silver as for gold
dollars. While the demand for dol
lars is unlimited and the supply Of
dollars limited, one dollar must re.
main the equal of every dollar re
CARELESS of the commercial value OF
the material on which it is stamped
4. The reply to question 2 is re
ply to question 4. The government Of
the United States has not promised
to redeem any of it's obligations, gold
certificates alone cepted, in gold
The redemption of greenbacks and
Sherman treasury notes in gold ex
clusivelY is violation of the plair
letter and spirit of the law, and while
done ostensibly to maintain parity
it is really done, as the events of the
past three years have demonstrated
to increase the Understanding debt
of the government for the special
benefit of bankers. brokers and bond
buyers. The treasury of the people
and the property of the people IRE
! the prey of shylock Telegraph.