The midland journal. (Rising Sun, Md.) 1885-1947, 1899-03-03
Who Wants Gold

Among the telegraphic news sent out
to the papers from Washington is the
following of recent date:
"a telegram was received at the Treas
ury from New Orleans stating that there
was surplus of gold there and an insult
fcert supply of paper currency, and ask
ing that an EXCHANGE be made. Treas
urer Roberts, i'll speaking ofthe situation,
said We have in the Treasury and its
branches 1921, ooo,o in gold aud
$23, 900, 900 i'll paper. We are giving out
what paper we can and distributing as
well as we can among our nine sub
treasures. We have received lately
similar appeals from New York, Cincin-
natl, Chicago and Kansas City, asking
for paper in return for deposits of gold in
the Sub-Treasury at New York.
"'The cause for these demands seems
to be that the people have not yet become
accustomed to using gold coin. and par
ticularly to the fact that business is so
active that paper money is being kept
out among individuals instead of being in
the banks. If gold does not become
popular as means of commercial inter-
change the banks will have to give relief
by increasing the issues of their own
notes. That is where the relief must
come fronl.'"
Treasurer Roberts reason is a rather
odd one. The people "have not yet be-
come accustomed to Using gold" Such
a reason will hardly answer for the un-
popularity of gold among the people.
When gold coin is deposited in bank
it is placed on the scales and if the coin is
a few grains light from use the depositor
is locked nearly four cents for every
grain short. If $40 gold piece is light
five grains, which it soon will be from use
the discount will be about twenty cents.
When the bank pays out gold coin it is
counted, not weighed. This is one of the
more substantial reasons for the peoples
aversion to using gold. Again gold coins
represent large amounts comparatively.
In the SOS when gold dollars were
coined and in use they we're as plenty as
silver dollars are now, but were so dimin-
utive that they were liable to be paid out
lOI ulHlGS. SOiI ldS never DeSn popular
with the people. 1t is not fit to transact
retail business with, and it has become so
costly that every grain lost by abrasion
falls on the users, the banks taking care
to catch the loss or discount, like the old
darkeyss coon trap, ''a-gwine and
a-comin'."
Treasurer Roberts very kindly proposes
that 1.-THE banks will have to give relief"
The people would very much prefer the
relief TO be given by their government
issuing the relief, which it is its constitu-
tional right and obligation to do. The
people without single exception, other
than those engaged in the banking bus
mess or pro6ting thereby. prefer silver,
silver certificates and legal tenders or
greenbacks to any bank paper ever issued.
In fact the time has come when they will
not accept bank currency without the
government endorses it. There is not
national bank i'll the country whose notes
would circulate freely and without going
to discount, if the government withheld
its endorsement. This is fact known of
all men and even the bankers havn't the
gall to deny it. All their currency
reform" schemes have the government as
endorser of their notes.