The midland journal. (Rising Sun, Md.) 1885-1947, 1899-06-09

HAS DSell SllSutlJ StiliiuldtS'i, anu Ills
rise, though small, is demanding more
money Of the smaller denominations. The
Treasurer states that there is steady de-
mand for small notes and silver coins by
the retail business of the country which
he has no means of supplying. The
banking interest has succeeded i'll having
such laws passed as to prevent the issue
of any more currency by the government,
or the coinage of any subsidiary silver,
of silver dollars are coined monthly to
supply the place of those drawn from the
treasury, but they do not add anything to
the circulation, those coins being made
from the uncoined metal accumulated in
the treasury under the Sherman law, on
which was issued legal tender notes,
which are already in circulation.
Having admitted the contention of the
silver men that the worlds demand for
money to transact its increasing business,
by claiming that the increased supply OF
gold was filling that demand, they con-
tradict their own argument by contend
ing for a Currency reform" that will
enable the banks to increase their circu-
lation thirty-fve per cent, aud at the same
time relieve them from the tax on circu-
lation they now pay.
Again the people do not want gold and
steadily refuse to receive it the Treasurer
states, and for two reasons. Gold coins
represent nothing less than s. so to $40,
and cannot supply the demands of the
small retail trade, the business of all
others which requires the largest amount
of ready cash, and in fractions ola dollar.
A second and very patent reason is that
gold coins lose weight very rapidly when
i'll constant use and the banks will not
receive them on deposit at their face
value but by weight, deducting the loss
of weight from the depositor's account,
which is nearly a cents for every lost
grain.
All of these patent reasons, supplied by
the goldbugs themselves prove the con-
tentions of the silver men that the worlds
growing business demands the restoration
of silver to the metallic money of the
world, and to no country does the demand
appeal so strongly as to the United States.
In this respect this nation stands at the
laaI f,f oil tho both IL, SIC hcn 1,,fa
needs and i'll its undoubted ability to
make free coinage successful throughout
the world. Let us glance at those reasons.
First-The United States is the greatest
silver producing country in the world. 1t
is the country's interest to dispose OF its
silver crop at the best possible price, the
same as it adds to the general enrichment
of the country to dispose of any of its
crops at the very best price attainable.
And it is more profitable to the country,
or would be, to dispose of its silver at its
full coin value than any other of its crops
And now let us examine the manner this
crop can be disposed of so as to bring the
most profit to the whole people. That
method is undoubtedly by opening our
minis to the free coinage of silver. Eve, y
age would add to the money Of the coun-
try $4I,S74. TIL, miner would return this
new money to his mining district to pay
his worknen and for numberless.necessary
supplies, repairs to machinery, etc. The
receivers of this money, these new coined
dollars or their certificate representatives,
would quickly disburse it i'll the purchase
of necessaries of life. The merchants
whose business it is 10 furnish such mer-
chandise would create new demand for
such goods on the manufacturers and
producers of such articles, and that ton of
silver dollars would soon be flowing in
every direction through the country, like
water seeking its level by expanding.
This would be practical expansion by one
of the worlds best and most used moneys.
AS this one ton of silver went ont and
spread its blessings like the dews of
heaven among the rich and poor-and
especially among the poor, the rich are
all crying for gold but never refuse silver
so would every other ton go out and
circulate in the form of new money,
raising prices, stimulating new industries
and employing labor.
Were the minis opened to free coinage
it is probable that 500, 600, 600 would be
added to the volume of money in active
use the first year. The goldites are now
attempting to occupy our ground of argu
ment that the increase in the circulating
medium tends to rise i'll prices or that
money is the equivalent or reciprocal of
the products it exchanges for, that the
quantity of money in circulation deter
mines the level of prices.
The goldites contended till recently
that there was plenty of money in circu-
lation and the cause of low prices and
to business was cover produc-
ton" but as there was perceptible in
crease of gold in the output of the mines,
undernewly discovered processes andthere
was small rise in prices and a move
ment in business, they straightway seize
on our philosophy and argument that a
contracted currency caused the low prices
and staguation in business The goldites
are ever ready to shift their ground on
the financial question, but the mecca OF
their ambition is a money oligarchY for