The Penn's Grove record., 1896-10-23
QUESTION. ANSWER.
Sound Money. Rag None

sound Money. Rag Ion v.
PHILADELPHIA, Oct. %, '96:
EDITOR RECoRD-Flease answer a
few questions in regards to free silver.
If free silver party is elected a a per-
son with a bar of silver take it to the
mint and have it coined free? If so
who redeems this money when it is
mutilated or wore smooth so you can't
keep it in circulation any longer. Please
answer these few questions and oblige
JOHN SMITH,
10 L. Huntingdon St.,
Under free silver a man with a bar
Of silver a have it coined into dollars
and take those dollars and pay his debts
and buy what he wished. The man
with a bar of gold now has that priv.
ilege and the man with silver has not.
All Is asked is to give the laborer who
digs silver out Of the earth the same
privilege as the laborer who digs gold.
U. s. Treasury circular No. 1874 says,
Gold coin and standard silver dollars
being standard money are not redeem.
able.' Our silver now is not used as
primary standard money, as the law
says, but as token money, like a city
order for work to pay taxes. It is a
criminal offense to mutilate coin and if
you do it, it ceases to be money with
which to pay debts. If by accident you
mutilate gold coin the Government will
put its stamp on it again free Of charge,
if the full weight Is there. IT you by
accident tear a paper dollar in two the
government will give you IA new
II by accident you mutilate a silver dol.
lar the government will not recoin nor
buy the silver of you, you loose it ell.
tirely as money and have to sell it to
make forks and teaspoons. IT a coin is
worn 1t will keep in circulation itself,
as the cheaper drives out the dearer
money. The government will not now
accept Its own gold coin at its face value
it worn oyer a certain number of grains.
1t requires full weight. Ask your post
master and he will tell you he never
sends gold to the treasury because he
might be required to pay for the loss by
abrasion. AS a con sequence no one
now pays the government gold for re-
demption purposes and the only way is
TO issue bonds to the bankers and they
grow rich off the interest ut the ex-
pense Of the people. Then the govern
ment allows the banker to deposit the
bonds and gives him back 500 of bank
notes for each 500 of bonds, which the
banker is allowed to loan to you at 6
per cent. That is what is making the
bankers and bond holders rich and The
people poor. The bankers want the
government to give them interest bear
ing bonds for the S34G, 000, 600 green
back now in circulation, burn the
greenbacks up which draw no interest
and then give them back that amount
OF Dank notes to loan out.
Under free silver an honest U. S.
treasurer instead of issuing bonds to
get gold will pay out silver when he
has not gold and that will stop the issu-
ing of bonds to enslave the masses.
Then twice the number of g~reenbacks
can be issued because their is twice the
amount of primary money for final re-
demption purposes. Then an amount
of gteenbaeks can be issued to the
amount of receipts and expenses of the
government as token money. That
will give Us a sound financial system
with twice as much money as now and
people will have TO borrow less OF the
bankers.
The bank note which is not a legal
tender but a promise of a bank TO pay
gold only under a gold standard, is
called ''sound money" A greenback.
issued by the government is a legal ten
der and for which the government
promises to pay silver Or gold, under
free coinage is called "rag money"