The midland journal. (Rising Sun, Md.) 1885-1947, 1898-04-01
The GoIdites Ridiculed.

THE statesman who comprehends the
crisis and presents with clearness a plan
for an honest standard of silver, or silver
and gold alternatively, even at the ratio
of 16 to l. and who does not seek to use
silver simply as means of further dilut-
ing our present conglomerate currency,
will be elected President of the United
States in 1900, or, what is better, will
deserve TO be elected.
"Vice- President Hobart stated that the
silver basis would wipe out eight billion
dollars worth of property at blow, by
reducing the holdings of banks and other
corporations from $4,000, DOC, 900 to
5000, 900, 900. The logic of this state
ment would seem to be that doubling the
number of grains in the dollar would
create SIG, 900 900, 900 of property by IN
creasng the holdings of these institutions
from SIC, 900, 600, 900 to $50, DOC, 900, 900.
political parrots assume that with free
coinage of silver the value of the dollar
would drop to about fifty cents in gold
and remain there, and that all gold would
leave the country while silver would flow
in to take its place.
LET this be assumed. $500, DOC, 900 of
gold would leave the country i'll exchange
for 81, 200, 900 900 of silver, which would
just fill its place. Then f., 2oo, 900, 600 of
silver would be required to take the place
Of the 81, Ioo, 900, 900 Of alleged gold cur
rency now aAoat. This would take
$3,4oo, 900, 900 of silver or all of the silver
of the globe. The $500, 900, 900 is more
than the production of gold i'll the world
in the last twenty five years, or, in the
fifty years preceding Much of the cur
rent value of both gold and silver is due
to the demand for them for currency. If
therefore one of the greatest nations
transfers its demand from gold to silver.
if it forces upon the other nations $500,
600, 900 of gold and takes from them
$500, coo, 900 of silver, less the amount
i'll its own Treasury, thereby reducing the
demand for gold I6 per cent, and adding
100 per cent to the demand for silver,
what then throughout the world will be
the relative value of gold and silver. 1t
is argued that as formerly a demand for
two millions a month did not materially
advance the price, therefore the imme-
diate demand for / 100 times that amount
would not affect the price. The PROPOSE
ton is untenable. Consider the forces
that free silver coinage in the United
the parity. 1t would add forty per cent
to the present gold holdings of all the
European banks. 1t would create all i'm
mediate demand upon 10 to valuation
for three times the entire silver holdings
of all the banks of Europe combined"
The above quotation is from an article
in March arena, by Anthony w. Dimock,
Wall street goldite, man who under.
stands the money question, and not one
of the common ignorant herd of the gold
bugs who talk without knowledge. Mr.
Dimock is one of the money class who,
owning money wants dear money and
says so because it is profitable to the
money owning class, although ruinous to
the producing class. He is disguised with
the silly pirate about silver INDUCED i'll by
the subsidized gold press and such blatant
gold orators as Secretary Gage and little
Eckels the ex-comptroller, and iidicules
them in this unmerciful and most scath-
ing manner.
The goldbug 5o-cent silver dollar is the
object Of his satire. He opens the attack
by stating that Vice President Hobart
says that a silver basis would wipe out
billions of property by reducing the hold
ings Of the banks TO the value of the
5o-cent dollar, and reminds the goldites
that the 5000, ooo, 900 of gold they claim
to be in the country would require s., 200, :
600, 900 of silver to replace the gold which
had been driven away. The goldbug
theory of money is that it is a commodity,
and Mr.. Dimock carries it to its logical
results, aud shows how ridiculous aud