Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-03
MORE MONEY WANTED FOR ALL,

MORE MONEY WANTED FOR ALL.
Money Is abundant in volume, and
in value" said President
Mckinley at Richmond He could af:-
ford to say It, because there are many
of dollars in the Treasury,
from which he draws salary of $780,
600 year. There is abundance OF mon
ey. no doubt, in the Treasury, and for
Mr.. Mckinley: but there are others be-
sides Mr.. Mckinley. In previous ar
ticle we showed that. even in the COM
mon acceptance of the terms, there is
not abundance of money. The prevail
ing scarcity of money in this country,
for many years, among the people out
side Of the cities; the recent stringen.
cy in the money-market of New York
and other cities; the advance of So
many millions from the Federal Treas
ury to relieve" the banks, million
aires and bond-holders; the forced re-
turn to barter in many rural regions
for want of currency; the general APP
prebension that is felt everywhere in
money circles at the stoppage of the
gold-yield in the Transvaal on account
of the war; and the universal decrease
in values, prices and wages (Which
still persists, despite some partial in
creases here and there), all prove in
con testably that there is not an abund-
ance of money even for those who have
most, while the mass of mankind are
actually suffering, because of tse con-
traction of money in circulation, and
as a medium of exchange.
That IS the test: the distribution and
availability of the money as n circu-
lating medium and q medium of eX
change for all, both small and great,
both rich and poor. Under this test,
even the money we have is of very
questionable value; for millions of the
people of this country find themselves,
in relation to this money, in the con-
6ition of coleridges Ancient Mari
ner," with respect to the sea and his
devouring thirst and need
Water, water, everywhere,
Nor any drop to drink
The case was no better with the
Mariner that at the poles there was
abundance of pure, cold water, locked
in icebergs and eternal SHOWS What
avails 1t that in National and State
Treasures money is piled high; that
in banks 1t is boarded for the rich;
that among multi-millionaires, Million
aires and other accumulate tors it is held
in profuse quantities for their own
pride of having? Gold does not circulate
among the people: never did, nor ever
will. It is sixteen times too costly for
that and for them; and, moreover
coined in sums of not less than 50. 80,
and most usually and largely in $40
pieces, as in the late coming of s1S,OOO,-
600 by the Treasury (to relieve" the
abundance of money, we supposeD. in
which the people could have no part
as rule; and, of course, even gold
certificates follow the gold coins in
denominations of $50, S., $40, s20 and
Social for the rich and their trans
actions! An English Prime Minister
once said very truly that England did
not become rich by adopting gold as
the standard of value, but adopted 1t
because she was already rich. 1t is the
money of the wealthy; not of the peo-
pie, and it is wholly unsuited to gov
ernment like ours, "of the people, by
the people, for the peoples" as Lincoln
said IN his speech at Gettysburg, and
under which the very great majority
are not wealthy.
Even our bank-notcs. though furnish
ed to the so-callcd national banks at
per cent. a year by the peoples pub
lie Treasury, are not the peoples mon
ey, in any sense as they are lent only
on gilt-edged security, even the law
nor authorizing the loan of dollar on
lands and real esCatt. II is In those
notes, however, that the proTTr- ,,d-,e
their only currency-borrowing not
from the banks at the lawful rate of G
per cent. year, but from the agents
OF the banks and others at the usurious
rates of - to 20 per cent. per annum
on mortgages. Thank God land not
Mr.. Mckinley, nor his party) we have
plenty of corn, wheat, hogs and cat
tie; but the prices of these show
(though they have risen some conse-
quent on the influx Of gold from the
newly discovered mines OF Alaska ana
South Africa that money is not
abundant. Corn at so cents and wheat
at 60 cents Uor these are the average