The midland journal. (Rising Sun, Md.) 1885-1947, 1896-09-18

CuSS out Dut went GOWN unuer II every
time. First he remonetized silver, infat
ed prices and raised the price of every
thing, which would bring the purchasing
power of gold down. Secondly there was
600 millions of gold i'll circulation which
the silver money wonld drive out of the
country and at once contract the currency,
make money scarcer, cause great panic,
bring down the price of everything lower
than at present. Here is plain contra
diction. Then he tried a third time to
get the 53-cent dollar on his shoulder and
dump the little cuss into hades. He said
reconciliation of silver would send up
the price of pig" silver to SG.29 an
ounce, bullion and coin be the same
price, then the 53-cent dollar would dis
appear and become a hundred cent dollar.
But that kind of doctrine didn'flook we'll,
for the silver and silver dollar being equal
to gold and the gold dollar at ratio of
I6 to I, they would be equal to gold all
round and gold wouldn't be scared away
at all. This is self-evidently true but it
sent Mr.. Reynolds argument to hades in
stead of the 53-cent dollar, SO he fastened
to back out and said the price of silver
would soon fall back to the old mark. He
didn't assign any reason for this change.
Well, he couldn't. There isn't any. So
Mr.. Reynolds wrestled with the 53-cent
dollar and it got the better of him in every
round, and finally knocked him out.
Mr.. Reynolds told the audience there
was $500, ooo 900 gold in circulation. The
! very best money statisticians can find only
about half that amount. 500, ooo, 900 i'll
the Treasury, that's not in circulation"
SIC, 900, 900 on the Pacific coast most of
which is in the banks and not in "circu-
lation;" some $50, 900, 900 in the vaults
of the New York and other large city
banks, and that is all the gold which the
best statisticians can find and none of it
Sin circulation" There is no gold Gin
circulation" No person sees any. This
story which Mr.. Reynolds did not manu-
facture but only repeated is a blank lie,
and everybody in the country knows it to
be false, because he can get no gold i'll
his business transactions. The coin and
silver certificates, the greenbacks and
national bank notes are doing all the
business of the country, and no one but
the gold gamblers would ever know it if
all the gold was taken out of the country.
Mr.. Reynolds gave his audience an
elaborate chapter on per capita circula-
ton, and read from the cooked and lying
reports of the Secretaries of the Treasury,
who are and have been part and parcel
of the British gold ring, which gave the
per capita circulation at various periods,
$22, $23, $24, ETC., which is as false as
anything can be. To account for this
sum all the reserve money held i'll the
Treasury, and the banks, is counted as
being in circulation. A thing cannot be
locked up and in circulation at the same
time. That $500, 600, 900 which no man
can account for forms part of this per
capita SUM said to be in circulation, -
also the 81, 900, 900 postal currency lost
and destroyed long ago; also the millions
on millions of greenbacks which haye
been lost i'll the last thirty-three years;
also the national bank notes, the silver
certificates, all of which various denonl-
nations of paper money have suffered and
are suffering loss by fire and other acct
| Ia,,fc eThaca oil tod
in actual circulation, which a moments
thought will convince any one is a false
assumption.
Mr.. Reynolds had either the brass OF
lack of information to tell those about
him, who knew better, that we had the
greatest per capita circulation we ever
had and forgot entirely to tell them OF
read from the Secretary of the Treasury's
report for 1865, which shows that there
were $5I per capita in circulation, when
farmers had the best times ever known in
r this country.
Some of the most careful statisticians
have collected and sifted the government
financial reports and clearly proven by
the official figures that there is less than
five dollars per capita in actual circula.
ton, and that the amount is being stead.
lily contracted, with no additions of new
money added to the volume.
The goldbug club of Rising Sun cannot
aid the cause of Bryan and free coinage
and defeat the cause of Mckinley and
goldbugism better than by getting such
speakers as Mr.. Marine and Mr.. Reynolds
to expose the strength of the former and
weakness of the latter. Bring them on.
The gold ring furnishes them free. They
don't cost the club cent.
Mr.. Jacob Tome emphatically
denies the ranOrt circulatad nv the