Marietta daily leader. (Marietta, Ohio) 1895-1906, 1897-10-27

Hay Scales Illustra tion--Iiow Three
hanks with 100000 Did n Busin ess
of Many Millions-Favors an Open
Man.
The republican candidate for govern
or of Iowa. Hon. Leslie NJ. Shaw,
appears not only to have clear under
standing of the money question, but to
have the rare gift of simplifying this
abstruse subject so that it can be
grasped by ordinary minds. The fol-
lowing extract from his speech at Red
Oak indicates his style of reasoning:
"Now, how is the parity of the silver
dollar maintained? 1t is worth, MS we
have seen, its face in gold. l answer
because the government of the United
States sees fit in its wisdom to pay out
either metal upon it's coin demands at
the option of the creditors. insist that
the plan proposed by the advocates of
free coinage of silver, that the govern
ment of the United States shall pay sill
yer upon it's coin demands, would cause
the metals to part company instantly.
How much gold is needed to do our
business? Just enough for convenience
in measuring and determining the value
of our currency, enough for rcdsmp-
ton purposes and enough TO accommo-
date those who desire to hoard it. How
many 5O-pound standard weights such
as are used on the larger class of scales
for weighing stock and produce, is it
necessary to have? They are used to
balance the scales and to keep the pound
and ton from tiuctuating. Just enough
of those weights are essential to accom-
modate the business. Your cattle will
weigh no more if the weighmaster have
two or dozen of these standard weights
than if he has one. 1t is essential tha t
he have one, and that this one is of the
same weight as those in the market
where you bought your cattle. If this
weight fluctuates you will not be safe
in buying cattle in one town and sell
ing them in another. You might suffer
variation in the weight as well as in
the market.
You sell some wheat for $50. You
get a check for ii. You take it to the
bank. You have it deposited to your
credit, and you pay some borrowed mon
ey or you get it cashed and take the
money to the store and buy some goods.
l don't care what you do with It.; un-
less you carry the currency home and
take the risk of the midnight thief it
will find its way to some bank before
sundown.
Il submit that it does not matter
whether you sold so bushels of wheat
or 100 for the $50. The money used as
the measure of its value is not exhaust
ed. 1t is not taken from the channels
Of trade. 1t is ready for service the next
Then, too, the chances are
that not a penny in money is used in
the payment for the wheat. If you de-
posit your check, no money is used. If
you take the check to another bank or
10 store, no money is used, for they
will deposit it. The same amount OF
money in the banks and in circulation
viii handle wheat at 80 cents a bushel
or dollar. Let me illustrate. January
1, 1902, the three banks in my town
had actual cash in their vaults OF
about 100000 In addition to this, of
course, they had money with their city
During that year there
was sold in the town and paid over
he counters of those three banks very
nearly $500,000 for hogs, a large amount
,or cattle, a large amount for wheat
md still larger amount for corn. The
banks loaned that year to every man
money who could give 3ecur-
ty. There was loaned of eastern capital
IN farm lands probably 100000. The
banks did a business of many millions.
md when the year closed they still had
-heS 100000 of cash on hand and there
lod not been shipped in or out during
he entire year $4,000.
1T is charged that the people of the
United States have suffered to an un-
orecedented extent dating back to the
iemonetization act. The facts are easily
ly established that the world has never
seen such period of prosperity as the
United States has enjoyed from the re-
of specie payment to 1898.
The wealth of the country never in
as rapidly. So many men
never prospered.
But you may say the people of the
United States increased. So they did,
but in 1880 our people were worth per
capita only S514. In 1890 ;heir wealth
per capita had increased 10 81 ,O30. The
people of the United States were worth,
on an average, more than twice as much
in 1890 as in 1862
But you answer these facts which
cannot be denied by the-proposition that
this unprecedented accumulation of
property is in the hands of the few;
that the rich have been growing richer
and the poor poorer. If that is so, il is
not the fault of the gold standard or
of any political party. All that any par
ty or any standard or any legislation
can do is 10 see to it that every man
has an open field and fair fight. 1t
cannot exempt him from the fight,
Fight he must, and the best that the
government can do is to see to ir that
no one strikes below the belt"