The midland journal. (Rising Sun, Md.) 1885-1947, 1899-04-07
Gold as Money.

Inc appeals 1or paper are becoming
absolutely piteous. There is a special
demand from Kansas City and other
points in the South and West, where
small notes and standard silver dollars
are the forms of money most desired.
Small notes usually accumulate in the
Treasury during the Winter after the crop
moving season, but this year very few
notes of any kind have come into posses
sion of the Trasury."
This is quite different tune from the
electioneering goldbug rant and cant, of
5o-cent dollars and the dangerous green
back. Gold is not wanted by the people
doing legitimate, honest business, only
by money exploiters and gamblers on the
nations credit. Treasurer Roberts further
says the treasury could get millions more
of gold if it had small currency to ex-
change for it, and, we have had no means
of increasing the supply of currency since
the repeal of the purchase clause of the
Sherman law in 1895 except gold produc-
ton and gold imports and the national
bank note circulation.
If the Sherman law had not been re-
pealed four millions a month of small
legal tenders could be furnished the peo-
pie whose demand for such money is
becoming absolutely piteous" to repeat
the Treasurer's expressive words, but
they will not have gold. Like the old
state bank notes, the gold coin soon goes
to discount below silver and greenbacks
when put into circulation on account Of
light weight from abrasion.
Treasurer Roberts continuing his re-
marks said:
81 do not believe that gold coins should
be issued of less than five dollars, and
much of the demand for currency is for
small denominations. We can furnish
standard dollars and fractional silver and
are responding to calls for such coin. but
paper is much preferred by most of our
correspondents"
This is a scathing satire on the gold
standard. Greenbacks are much prefer
red to any other money but any kind of
money is preferable to gold
The true inwardness of the national
bank has side light thrown on it by the
Treasurer, who said:
Zone of the surprising things about the
existing situation is the way i'll which the
national banknote circulation is declining
There was loss in the face value of the
bonds on deposit to secure circulation of
about S. 500, 900 between January and
the middle of March. Some of the banks,
l understand, have Withdrawn even the
new 3 per cent bonds and sold them at
recent quotations because of the profit due
to the premium If this is their policy,
we cannot RELY upon the bond secured
circulation as the means for meeting the
demands, for currency"
And this is the sandy foundation the
gold standard national bank financial
policy rests upon, as revealed by one of
their most reliable high priests, Mr.
McKinley's U. S. Treasurer
To sum up, all of this most important
evidence, from the mouth of one of their
most creditable witnesses, proves that
gold is the poorest money possible for
business purposes. The people do not
want it on account of the coins being too
large i'll amount and owing totheir steady
loss of value from wear by use. Every
grain gold coin loses by use means a
discount of four cents when deposited in
bank, bnt full legal tender when paid
out by the bank.
Another fact brought out by Treasurer
Roberts is the preference for greenbacks
shown by the entire public, the banks
not excepted. The government issues
thee kinds ofmoney, all of the same face
value and legal tender for taxes and all
business transactions, composed of gold,
silver and paper. The paper currency is
the first choice of everybody for all bus
mess purposes. Silver is their second
choice and gold the least acceptable of all !!
This is terrible satire on. the Sacred"
gold reserve and the gold standard.
The reasons for this we have given
above. The basis for the preference rests
upon the fact that money, all money, is
creation of law, as Aristotle, the great
Greek political economist, proclaimed two
thousand years ago, and every writer on
the subject of any acknowledged reputa-
ton since has conceded with the Grecian
philosopher.
1t is self-evident that as long as the
government of the United States remains
a government and a nation possessing
the power to enforce its laws, the currency
it issues must remain at par and pay all
taxes, extinguish all debts and transact
all business requiring money. Every
person knows this whether humble or
learned. No one stands a moment to
question it. Then what folly as we'll as
rascality to talk of gold being the only
safe money, the money of the world and
the currency and silver issued by the
government being unsound and dishonest
money. If the masses thoroughly under
stood the money question they would pelt
with mud such slanderers of their nation
and their patriotism, in the market place
The national currency possesses one
advantage which metallic money do
not. 1t remains i'll the country which
issues it and serves to maintain prices at
a Uniform level preventing fluctuations
and monetary panics. The metals being
used for money and i'll the arts in every