Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-03-08

~titutr money exceed that OF the actual
money I'm amount. the demand liabilities
o. The government in that event would be
greater than the assets. therefore IL is con-
s.dered ursoUnd finance and dangerous.
II "a mans assets equal his liabilities. the
liabilities are worth one hundred cents on
the dollar. but II the liabilities exceed the
assets the liabilities are worth proportion
a-eIy less n is the same with a govern
mert ass a government cannot be de-
pended upon with certainty 20 redeem an
amount Of substitute money greater I'm
quantity than the amount OF actual money
within the limits Of the government and
under its actual control snder existing
monetary conditions. gold Is the only &C
t,.sI money that we have all other forms
ir truth and in fact being substitutes for
meaev. Consequently. circulation shows
that our substitutes for money exceed
almost three times in quantity the guam
thy OF actual money. Therefore IL is alb
s1.utrly necessary. iu order 10 make our
monetary system sound and stable. based
upon gold standard alone. 20 retire the
existing money substitutes 70 an amount
UNFORTUNATELY equal 70 the sold coinage.
which is tho Only actual money, etc. Upon
the contrary. II silver were remonetized.
thereby returning 10 10 It's former place
as actual money. etc. the actual money
then would De approximately equal IN
amount 90 the substitute for money,
which would make the existing monetary
system sound and stable. based upon oi-
metallic standard. The true leaders OF the
gold sentiment desire TO contract che guam
CIV OF substitute money approximately 10
ar amount equal 10 the gold coinage. but
are afraid ~ this time 10 openly advocate
BE-. for fear &c might defeat their ultimate
obrsct. Currency reform. therefore re-
solves itself substantially into the adop-
tor. sooner or later. of one of TWO propO-
s.Uoas. to-wit: First the restoration
os silver. through free and unlimited
coinage a-o,e. 10 It's former pace
as basic. actual or redemption
ucrey etc.. which would then make our
basic or redemption money. under exist
ing conditions. approximately equal i'm
e.auuty 20 cur money substitutes, I'm
which event the existing forms Of money
voad Doe sound and stable. IL also re-
stores the bimetalic standard Of exchange
values u is impossible for our or any
other people 20 maintain permanently at
a parity. without a periodical issue OF
bonds three times the quantity OF money
substitutes than there is redemption
money iu the country 10 redeem chem.
j. is like q man whose assets are one-third
his liabilities. He may stagger under them
for while but eventually he goes down.
So i- is with a government. when the
government has outstanding demand obH-
elt.cuS three times the amount of actual
money in the country to pay with. The
true leaders OF the gold sentiment under
stand these things perfectly. which is
the reason why they are advocating the
retirement OF certain forms Of our money
substitutes. Second. II the gold standard
is continued permanently. the money sub
S,-U-es of whatever form they may con-
sist must inevitably be made approx
mate.y equal in amount 20 tho gold coin
age with the revenues OF the government
payable In go.t alone. or so much thereof
ass may Ice necessary 20 supply the govern
uart with the necessary gold with which
20 discharge IT'S gold obligations. which
cc2diuorS would bring us squarely 10
gold standard. with the products of labor
reduced TO a low and degraded level Of
general prices. Il Is immaterial Of what
our money substitutes may consist. wheth-
er i1 the form Of legal tender government
notes in legal tender national bank notes.
uon-lega, lnder notes issued under the
so-caued Baltimore plan. the plan propos-
"a by Mr. Carlisle OF any other plan. The
issue. though. in quantity is limited. nat
ura.ly. 10 the ability Of the reGeemer to
redeem the money substitutes or demand
I'M actua, or redemption money. which at
present is gold alone; otherwise there
would be established a periodical ire
deemabie substitute money which at such
periods would cause redemption money TO
so 90 a premium over substitute money.
and In consequence be very disastrous to
business. Gentlemen who are expecting 10
maintain AT a parity the existing forms
of money with sold alone as redemption
money, viii find sooner or la-er their great
error. because just as soon as there IS an
increased demand for god for foreign or
domestic purposes, or both. then The gov
eminent. under existing conditions. will
tud itself as formerly unable 70 redeem
los demand obligations in gold. resulting
necessarily i'm the issue OF bonds to obtain
sold the bulk Of the gold being boarded in
the hands or a few. who can perpetually
retain control OF it by refusing 10 ex-
change it Tor the products of labor and
when loaned require the ION 20 be re-
turned in gold alone
TONEcTy