The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-07-22

'" WI AWAY lTuIl prosperity III lhOS nilu
embrace the hcicsy Ot free trade, nnd
VINO now by their AilcIeG on TINT subject
admit hclrl mistake, and by their
clam0r for froc silver Vnlnly hope that
the people will forget their experience OF
tho Inst four years, and to what IL liz
uue ana to whom Is II chnrBchblC?
with TINT bravery which accepts all
issues and lodges none tho Republican
party meets mud challenges aY false tho
doctrine that the free aud unlimited
coinage OF silver ut this tlnIU will result
IN tho prosperity that Is predicted for
IL IT goes farther, ind says that, on the
contrary, II will produce financial
panic and distress which viii visit every
American home, nnd uJipn none viii It
bear ~ hard us upon Tho farmers, the
lnDOrnrs, anu mechanical OF thlH country.
We stand to-dHy, IN We have ever stood,
Tor currency ns strong III the govern
meht Itself, and M untarnlshed az It's
honor' Continued npplausC).
IL IN unfortunate monetary QucS-
tons should ever become tho subjects
ana objects Ot partisan politics, passion
ana prejudice. In their nature they are
so entirely scientific, aud 40 completely
controlled by interchangeable natural
laws, determined by the experiences of
"N'Sf tHiN NHS uNNEtllllN w hVlNlV lNCUl ny
appeal to passion and prejudice IL as
foolish ns to attempt the solution OF ono
OF Eucllds problems by the voice OF Il
ward caucus. (l.aughtGr).
Tho Money Qurstlnm.
But those who nrc In favor OF the free
and unlimited coinage OF silver are not
willing to have this question patrl0ticai-
~ considered and settled outside OF put-
tisan politics, ind independent OF prcju-
dice by those natural luws, and In har-
muhy With the experience Of ages, but
have forced the question into politics;
therefore, for u short time, ! beg your
attention to 4 subject which can only
partially discuss ut this time. In times
OF buslncSs depression and industrial
paralysis, such rs have called your at
tcntIon 10 before, as well ~ It's cause.
when men In financial straits are catch
ing ut rhetorical TtrilwS, when the d.
minlsh!nG purchasing and consuming
power Ot the people narrow the demands
FOR products and thereby reduce prices,
the opportunities for cruss- tCnd5 hnan-
cirrs with Infalliblc monetary remedies
for every financial mlpfOrtuue are great
~ INCREASED, and we have a regular de-
huge OF financial Quacks. Cloud APP
plnusr).
At such times money, however nbund-
ant, IN inactive, and inactivity Is readily
c0ntoundcd with scarcity. What Is
really result Is mistaken for cause.
For Instance, It Is assumed by the advO-
Gates OF the free and unlimited coinage
OF silver that the stugnntlon IN business
Is caused by the scarcity Of money.
when, In fact. there Ia no scarcity OF
lNItH A..
dlstrustful nf the future. prefer TO bank
their money and there let Ii lie Idle
rather than risk the uncertainty OF an
Investment Of 1t. II we consider this
closely It is Il matter Of no difficulty TO
understand why people hoard gold
rather than invrS II at this time
Suppose any OF ua had five hundred
dollars In gold. Naturally. we would
prefer to have this amount OF money
loaned and Bringing us interest
rather thRn have II lying Idle
and unproductIvc. But here are people
ngitatinE for such a coinage as would
enable my debtor to repay the hundred
honest dollars ! have tullcd for and
snved and loaned to him In II deprecated
silver currency that would mean loss
10 me OF almost half the amount have
loaned 10 him.
AS long ~ people agitatc for dis
honest dollar In which 10 pay their debts
Is 1t surprising that those who have
valuable money. money that passes at
It's face value all over the world. refuse
10 invest 1t In loans? with thu. possl-
bility Of, financial panic that wuuld
mean the ruin OF thousands. is It sur
priSinG that capitalists having money or
any kind TO invest arr tImId? Is II not
better for those having money to loan to
let 1t lie Idle and lose the interest on 1t
rather than 10 invest II or loan It to
others TO invest and run the risk OF los
Ing great part OF 1t? Are they tImId
on account OF the scarcity OF money?
Telling Figures.
There is more money in circulation
now per capita than there was In 1878.
Let us see what the official report OF
the treasury has to say about this. The
amount OF money In circulation on July
l. 1871. which was the end OF the fiscal
year OF 1873, was $I26, SSl, SO9. To this add
specie In circulation on the Pacific
coast. say S"5.00o.0G0. and we have 4
grand total OF ST5l .SSl. 500. The eStl-
mated population ut that time WIS
il2,GT 900. GO that Their. was for every
y,
SIS o.. by the report Of the secretary OF
tho treasury. June /. 1S96wc have in cir
culation $l.52t .5S+,2S3: and this does
not Include money held by the treasury.
but only that In actual circulation
among the people. Now. GStlma ting
that we had on the first day OF July,
1896. a population OF Il ,263. 900 this would
give the actual money in circulation per
capita Of S2l 81, being 81 90 for every
man. woman and child In the United
States more than there was In 1873.
Beside the money In circulation In
1896 we have, II there Is any demand
for more money, about 2I0. 500 900 stand
ard silver dollars. not including subsl-
diary coin to the amount OF about $685.
100000 to SIS 100000 lying in the treas
ury; beside about 100000. 900 that IL re-
CURED 10 be kept as Il reserve, which
We did not have In 1873
Beside this. our circulating money to-
day is all good, and OF gold standard
as 10 the measure OF value, and each
and every dollar, whether OF silver,
gold. or paper, is as good rs any other,
and has the same purchasing power. to-
wit. that Of one hundred cents. Zap
plause.) That we have money in ahun-
dance Is shown by the fact that we have
and lying Idle In the banks.
The disadvantages of the silver dollar
ns circulating medium. and that there
Is no real demand FOR It. are shown by
the fact that We find from the treasury
report that there have bccn'coined since
1919 %93.?%9.309 Of which only 52.Tl7.il7
silver dollars were In circulation June !,
1896, while S70.57i.S92 silver dollars. be-
sides the millions Of subsidiary coin !
have mentioned lie idle In the treasury.
the people prcferrInE silver certificates
for such rs circulate to the coined dol
lars and yet the friends of FREE and I'M
limited coinage of silver say we only
need 1t to enable us to resume business
activity, AMI that the stnEnaiIJn NJ
business is not due to luck of conf
dcncc. produced MS | have said. but
simply To II lack Of silver dollars.
Tia free and unlimited coinage OF