Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-10-06

81: India s. a: China, $3.50: as contrasIeu
with the United States, which has VOW
per capita. and by the same report 1t Is
estimated that the total amount OF money
in the world IS: Gold. $500. 100000; silver
s.. 9S1. 100 900; and uncovered notes paEaple
in the currency of the countries III Which
thew are issued. s.. 700. 100000. This would
r,,,a an aqeregate of s1O.5SO 100000 all
told as the money of the world; put est-
mating that one-half OF the g, iOO.eVO'OVV
of uncovered notes are issued by countries
using silver, it would give the amount
of silver and silver uncovered notes IN
the world as $6.2S1. 100000, Of which the
United States has in circulation in silver
and uncovered notes Sl.G93 Oo0.O0 or
about one-sixth OF all the silver and un-
covered silver notes in use in the world,
and more than one-seventh OF the actual
silver in circulation.
Now. if we should take out of circula-
ton the six hundred and odd millions OF
gold in the United States. it would cause
a contraction in our money to that extent
which could not be replaced in silver dol
lars if all the minis were kept running
to their utmost capacity, in fifteen years
1t is well known. as stated by Secretary
Carlisle. that the utmost capacity OF the
minis of the United States could not
turn out more than forty millions Oh
silver dollars a year. So that II the SIX
hundred and more gold is taken from our
money circulation. and in addition 10 Ihl9'
20 reduce the remaining N0@,OOoOOo Sill
yer and uncovered paper money. worth
one hundred cents to the dollar. to htty-
three cent dollars by free coinage woulu
leave only the equivalent Of about SIX
hundred millions of one hundred cent
dollars to take the place of the total OF
ST. 754.O0OOOO of gold, silver and paper
money now worth one hundred cents 10
the dollar. and now in circulation.
No wonder financiers stand IN terror at
the magnitude Of the panic that they be-
Heve would follow the election OF Mr..
Bryan and free silver.
But when these facts and arguments
are presented, they are answered by the
Populist cry of tine money powers
against the people" What is this money
power? Where is it, and of what does
1t consist? It is as mythical as the many
headed dragon. ] am sure it IS not 10 be
found in West Virginia. Neither Is II ac-
cused of having its home in Nebraska
and I doubt whether 1t will be found TO
have a local habitation in any State that
votes for it's "crucifXion.'
But you are told rs a reason for over
turning the monetary values OF TINS coun-
try and revolutionizinz its financial sys-
tenn. that the free and unlimited coinage
of silver would advance the price Oh
silver bullion TO the price of gold bullion.
There Is outside of the United states
some 50. SO7 100 900 in silver and say $780,
600 600 uncovered notes based on silver.
Now if the United States could create
billions of money value by free and un-
limited coinage, thus doubling the price
Of silver throughout the markets Oh the
world by a stroke of the pen then Mexico
China and the other silver nations OF the
world should look with wonder and awe
upon the magic of the power OF the
United States and fall down and call US
blessed" But who believes this to be.
ANYTHING but the widest imaginationE
I am sure that Mr.. Bryan would not be-
Heve it if he stopped TO think or, II he
did believe it. has he the conservative
Judgment to make a safe President?
Fellow Citizens Upon what theory
should we destroy bimetallism In the
United States and produce contraction
of over six hundred million dollars in our
circulation by practically demonetlzing
gold: by taking 1t out of circulation as
money and making commodity or sale
and barter of it? There is an impression
oft repeated that this gold is not in cir
culation and is not performing its none
tary functions; that is great mistake.
1t is held by the banks. savings banks
trust companies, insurance companies
etc. for the money reserves that would
otherwise have to be held in greenbacks
and other bank notes Gold Is not as
much a favorite as bank notes for general
circulation. and the bank notes are there
fore more generally used for circulation,
and gold takes their place for reserves.
releasing the bank notes. I will venture
TO say that there is not a bank in West
Virginia that does not hold large part
of its reserve in gold. which enables it
10 loan that much more paper money.
Money is never boarded to any extent;
boarded money brings no income or recon-
pense TO it's owner; it is 10 better IMAM
coal in the ground. 1t is only the active
money. or the interest bearing money
that brings a return TO its owner, and 1t
Is only natural human weakness of
thrift that all who have money much or
little. want to have some benefit accrue
from it.
For what reason should we destroy the
circulation of both metals at a parity IN
this country, that has in use a larger
amount of silver money than any other
country in the world, and maintaining
it's parity with gold. 100 cents to the
dollar? or. II we destroy bimetallism
and 20 TO monometallsm. or single
standard. of either metal why sAould We
choose silver and ally ourselves with the
less Intelligent and less progressive ma
tons with whom we have practically no
trade and commerce, and little or no
sympathy. instead of choosing the gold
standard and allying ourselves with the
great commercial and progressive nations
with whom we trade and with whom we
are competing and maintaining our posi-
ton for supremacy? l do not believe IN
such n policy and cannot consent TO seem
TO do It by voting for IL. What our finan-
cial system needs is that the government
should divorce itself from the banking
business. and the treasury be relieved
from the task of furnishing TO all the
world gold when any one chooses to call
for it7But this is only question Of legis-
lation. plan for which ought to have
been devised long ago.
have been Democrat all my
life and have never in forty-fve years
voted other than for Democrat
for President and I propose to con-
tinue TO vote for Democrats. I have seen
in that time many vicissltudes in the