The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-04-22
vILLAINoUs SUPPRESSION.
A Strong Article Against Goldocracy Refused
Publication by the Century M~agaxine.-Let
Western Readers Boycott Every Publication
Owned by Our Enemies.


copy. H. C. MOORE.
Editorial Department The Century
Century Magazine, March 18th, 1886
Mr.. H. Clarke Moore, Tama, Iowa.
Dear Sir-We are very sorry to say
that We do not Sc our way clear to the
publication of your article in reply to our
editorial, Plenty of Gold in the World"
We have already given some attention to
the other side of the money question, and
our convictions in this matter are SO
strong that we do not feel we car give
more space to that side without a better
reason than this article affords.
Very truly yours,
r. u. JOHNSON,
Associate Editor.
The article in your magazine of March,
undef the caption of Plenty of Gold in
the World" appears to the writer hereof
to be misleading, as some of the most
important facts necessary to be known
in order to form correct conclusions are
omitted, and this tends to make n who
is familiar with the statement of Presi-
dent st. John, of the Merchants Nation
al Bank of your City, believe its truth. /.
He says to the committee of the house
having charge Of the Carlisle banking
bill, Public opinion is under a newspa-
per terrorism in New York. Anybody,
who will write at length a lot of nothing
ness adverse to silver money, will be
accorded newspaper space and dignifed
into great authority. Rejoinder, if COM
plete, and the more complete the more
certainly, is denied even a limited space"
II this be a fact generally, in regard to
discussion Of SO vital a question as that
now prevailing on financial issues, it re-
Quires no prophetic spirit to foretell dis
a~strous, II not fatal consequences, to the
welfare and liberties of our people.
Hoping and believing that a more lib
eral and patriotic feeling governs the
management Of your magazine, I pre-
sumo to question some statements Of
facts, conclusions and assumptions in
that article.
In the beginning, the writer quoting
from the annual report of the mint direc-
tor, states the gross mount of gold pro-
duction to be for 1895, two hundred mill
ion, for 1894 hundred eighty, for 1893
one hundred and fifty-fve, and for 1892
one hundred forty-six million, and he
states in these words, A the annual out
put of gold is not consumed each year
but is added to the ~pre-existing supply,
the worlds stock of gold has been in
creased during the last three years $685.
000, 900, that being the exact amount Of
gross production for those three years.
Further on, the article states, On the
authority Of the mint director that the
amounts used in the arts in this country
in 1892 was SIG, OOO, 900, in 1893 SIP, 500, 900,
and in 1894 $40, 600, 900, and that no sta
tistics are kept in other countries"
With what show of justice or fairness,
under these facts, stated by himself, does
ne claim hat the worlds stock has been
increased by the whole gross production?
AS to the actual increase of gold coin,
such causes and conditions should be con-
sidered, as are likely to lessen amounts
reported.
Unquestionably, the interests of mine
owners to maintain value of stock, full
production would be given in reports,
the part of gambling mine owners.
Many large fortunes have been lost by
too eager grabbing after these gilt baited
hooks. Then there is to be added to this
reduction from gross production many
losses from various sources beyond the
reach of statisticians, uch as shipwreck,
conflagration and loss from pockets of
individuals. e 49,.
AS affecting The worlds supply of gold
for commercial purposes, there is to be
considered the vast amount of gold with
drawn from circulation by the govern
ments of Europe, and boarded by them as
the sinews of war likely to break out at
any time.
In connection, let us consider this ques-
ton, whether withdrawal from circula-
ton and boarding in money centers and
ocVyorp m ont yocoruoc 10 nnf nc NnvNarft11
and operative a factor In production of
hard times and money %stringency as is
lessening the amount of basic coin, but
the effect of non use of silver inevitably
tends to an increased boarding of gold.
Advance in civilization with increase of
numbers, inevitably under that advance,
Increases consumption in greater degrees,
than it does population, consequently
swelling the volume of commerce, and
therefore requiring a corresponding in
crease in money, its vital fluid.
But the writer's omission Of any ref
erence whatever to the absolute control
of the gold coin of the world through the
claims the capitalist and the usurers of
Great Britain have upon this and other
countries is a complete estoppel of any
claim to fairness the writer on the arti-
Gle, PLENTY of Gold" may set up.
Those claims are variously estimated at
from five to ten billion dollars, the least
amount being $713, zoe, 900, more than all
the gold coin Of the world, that amount
being, according to the writer, on the
first of January last s4,2S6, 800, 900. Esti-
mates as to our share of this debt are cur
rent at one-half of the whole, from two
and one-half to five billion, generally at
the larger amount. r
Do not these facts fully answer the
| question "why the United States finds
difficulty in maintaining it's gold re-
| server" Is it not a better and more con-
| elusive answer than the n he gives?
| viz: that the United States is the only
| great nation in the world in the banking
| business. Is the United States in the
| banking business? Does it do anything
| more than issue obligations Of it's in
| debtedness, whether in interest bearing
| bonds or in non-interest legal tender
notes? In doing this, according to u
greatest constitutional expounders, it but
assumes it's constitutional duty. Such
currency used in payment of expendi-
lures is no more banking business than
| issue of bonds. In only one feature is
the government open to the charge OF
being in the banking business, and that
is In it's connection and partnership with
national banks, the only known instance
Of the silent partnership who furnishes
the money and the credit Of the business