Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1896-10-24
No. Il.

the sense OF maintaining IN circulation
both gold and silver ON parity with
each other 1t Is maintaining ut parity
more silver money than gold money
According to the statistics Of the di-
rector of the mint, as given in the
World Almanac and Encyclopedia for
1896, the circulating money Of the
United States included 1861 200, 000g gold,
$824, 200, 900 in silver, and III addition to
the silver coinage there was $3.50, 000,0 600
Of paper currency based on coin. which
means gold on silver, so that the entire
circulation of thisscountry, aggregating
$1,754, 100000 only about 1861 100000
was actual gold money, and 81 ,093, 0O0,-
600 was silver, or paper money based on
silver which includes Sherman treasury
notes and greenbacks, for all Of which
the faith Of the government is pledged
by resolutions of Congress to maintain
its parity with gold. NO OTHER
COUNTRY IN THE WORLD Is
MAINTAINING SO LARGE AN
AMOUNT OF SILVER ON AN AC-
TUAL PARITY WITH GOLD.
The gold standard countries today arc
Germany. Great Britain, Denmark.
Norway, Sweden, Finland, Egypt, Ron
mania, Tunis, Austro-H Hungary, Chill,
Costa Rica, Belgium, Holland, France.
Italy, Greece, Switzerland, Spain, and
perhaps others not enumerated, Russia,
being practically gold standard conn
try, but many of these countries like
the United States are maintaining the
parity Of the silver they already have in
circulation with gold.
The countries upon q silver basis are
confined almost entirely to China, Ja-
pan. Asia. Mexico and a portion Of the
South American states, including the
use Of silver in India, but the coinage Of
silver has ceased in India.
Now II we should take out Of ciroula-
ton the six hundred and odd millions of
gold in the United States, IL would
cause contraction in our money that
could not be replaced in silver dollars II
all the minis were kept running to their
utmost capacity in fifteen years.
1t il well-known, as stated by Mr.
Carlisle, thot the utmost capacity OF the
minis Of the United States cannot coin
more than forty millions Of silver dol
hrs year. And in addition to this, tt
reduce the remaining 900, 900, 900 silver
and uncovered paper money, worth one
hundred cents to the dollar, to the fifty.
three cent dollars, would leave only the
equivalent OF about six hundred million
of one hundred cent dollars to take the
place Of tho total OF $l,754 100000 Of
gold, silver and paper money now worth
one hundred cents to the dollar, Whlch
we now have In circulation.
No wonder financiers are in terror OF
the magnitude Of the panic that they
believe would follow the election OF Mr..
Bryan.
Now, upon what theory should we
destroy bimetallism in the United
States ard produce contraction of over
six hundred million dollars in our circu-
lation by practically demonetizing gold,
by taking it out Of circulation as money
and making bartering commodity Of III
There is an impression oft repeated that
this gold Is not in circulation and per-
forming its monetary functions; that is
a great mistake 1t is held by the banks,
savings banks, trust companies, insur
ance companies, etc, for the money re-
serves that would otherwise have to be
held III greenbacks and other bank
notes. Gold is not as much fayorite
as bank notes for general circulation
and the bank notes are therefore more
generally used for circulation, and gold
takes their place for reserves, releasing
the bank notes. win venture to say
that there is not bank in West Vir-
ginia that does not hold large portion
of its reserve in gold, which enables 1t
to loan that much more paper money.
Money is never boarded to any extent;
boarded money brings no income or re-
compense to its owners it is no better
than coal in the ground. 1t is only the
active money, or the interest bearing
money that brings a return to its owner.
and it is only natural human weak
ness for thrift that all who have money,
much or little, want to have some bene-
fit from it,
For what reason should we destroy
the use Of both metals at a parity in this
country that has in use larger amount
Of money than any other country in the
world, and maintaining its parity with
gold, one hundred cents to the dollar?
Or, if we destroy bimetallism and go to
monometallism, or a single standard, Of
either metal, why should we choose sill
yer and ally ourselves with the less in
telligent and less progressive nations
with whom we have practically no trade
and commerce, and little or no sym
pathy, instead of choosing the gold
standard andssallying ourselves with the
great commercial and progressive ma
tions with whom we trade and with
whom we are competing and maintain
ing our position for supremacy? / do
not believe in such policy and cannot
consent to seem to do it by voting for it.
have been Democrat all my life, and
have never in forty-five years voted
other than for a Democrat for President,
and / propose to continue TO vote for
Democrats. have seen in that time
many vicissitudes in the party.
shall vote for Palmer and Buckner
and the Indianapolis platform because
4. IL - L I'll