The herald., 1896-01-28
The Money Schemers

The orator or writer who can handle
statistics in way to interest the people Is
a genius. Proctor Knott of kentucky and
James A. Garfield of Ohio are said to have
been the only two members of congress
who could challenge attention on such SUBJ
jects. Knott was humorous and senti-
mental, while Garfield was earnest and
logical. When the financial question OF
today is being discussed the orators and
writer's 60 at it as though they were both
mad and disguised. There are three ele-
ments that exist and are at work. Ihe gold
advocates, the greenbackers and the free
silverites. The two latter act and talk as
though, if their schemes were adopted,
everybody would have plenty OF money.
But when they are asked how, and by what
process, they lose the combination ard
their argument VIII not stand tLe cruclOle
of business logic.
Ask the Greenbacker why he wants the
government to issue paper money ana no
will give you two answers. one Is, ilat
the government is the only authority capa-
BILE of issuing money; aud, secondly, IL Is
the only power that can fix its value as
such, and make money plentiful. inns Is
true enough in the first instance, but III the
second there might be question. Does he
expect the government to print greenbacks
and send them to the people in unlimited
quantities without any quid pro quoE Or
does he expect it to open POND shops all
over the country to deal III real estate
securities or producer
Next we approach the free silver nan
and ask him what he expects. lie WIZ
have the privilege of taking the product OF
his mine to the mint and have it coined at
government expense, just as the gold
miner has now. Does he propose to scatter
it among the people without any return?
te,r
value on the product of his mine and make
him more money. II would simply grind
out a greater number of miilionaires.
viii either one of these things revive
business and create general prosperity?
If SO, how and why? IL would increase
the amount of money, to be sure. but it
would be just where it is today-in the
hands of he few to the exclusion of the
many.
The volume of money is now great. 1t
is the distribution that is wanted, and that
cannot be until new enterprises are started
TO call it into activity. The government
does more to relieve the stringency by the
distribution of $14J 100000 annually in
pensions to old soldiers and in the dis
tributon of appropriations for various
interests than all other agencies combined.
Every silver dollar coined and laying in
the mints, of which there are IN NV mill
ions, and every ounce of silver ia the gov
ernment vaults is i'll clr'iitiou as silver
certificates. Today there a'a over $780,
100000 in paper currency i'll circu-
lation. and Will be so long as the
act of 1873 is the law. Ii is re-
deemed in gold by the United States
treasury at stated periods, but not de-
stroyed. 1t is reissued and again redeemed,
and thus operates like an endless chain,
pling up a debt in the process of redemp-
ton, but never ceasing to be a debt on the
I,a ia, i,
being constantly depleted in this process
of keeping the greenbacK alive. and this is
the financial scheme Of the great iinancier,
John Sherman.
There is no honest way to get money but
by earning it. If the per capita were $1,000
head and it was all in the hands of a few
it would not enrich the masses. Some other
scheme than that of creating the volume of
currency must be devised before the relief
will come.-Fresno EXposio or.