The midland journal. (Rising Sun, Md.) 1885-1947, 1899-05-12
Not Enough Honey, and too Much
Honey.

Honey.
This statement sounds like paradox
and yet it is strictly true if the statement
of George E. Roberts, Director of the
Mint, is accepted as authority for it. Mr..
Roberts in recent interview with press
said there is not enough money
of small denominations.
"The total circulation in one dollar bills
is about $54, 900, 900 and in silver dollars
S65 ,ooo, 900, or together about SIG, ooo,-
900. The total issue of two dollar bills is
S33, SOC, 900; the total of fractional silver
is $40, 900, ooo."
The above comprises everything below
the denomination of IS 90. Mr.. Roberts
bases his statement of totals in circulation
on the amout of bills and coin which has
been at any time issued without any
deduction for losses. The greenbacks
were issued in I962-63, and only the worn
notes which found their way back to the
treasury which were too badly soiled for
reissue were replaced by new notes, and
the same policy has been observed in the
case of silver certificates, national bank
notes and silver dollars.
The silver certificates were issued from
1873 to 1885, and silver dollars during the
same period The Director of the Mint
claims there is no authority for the gov
eminent to issue any additional currency,
either greenbacks, silver certificates, silver
dollars or subsidiary silver coins, notwith-
standing there is urgent demand for these
small denominations.
$23S, 500, 900 comprises the total issue of
these small denominations under IS. 90,
which have we'll nigh the entire retail
trade, railway fares and wage paying to
transact. There cannot be this amount i'll
circulation for nothing has been deducted
for losses, which must comprise many
millions, especially of the greenbacks and
national bank currency. There is a steady
decrease by losses in the circulation of
money that is in constant use, and there
is no means to detect such loss accurately,
so our treasury officials have followed the
practice of assuming that no loss takes
place, and thus the amount Gin circula.
rion" is kept up in the treasury reports
but not in reality.
Mr.. Roberts says: "With total money
stock of over $2, ooo, DOC, 900, the above
comprises everything below the denom-
nation of $780, and it is not enough as
trade is now There is pressing need for
more fractional silver. but no law under
which an increase may be made"
In the same manner of estimating,
making no allowance for loss, the Direc-
tor Of the Mint claims that there are two
billions of dollars in circulation but only
1898, 100000 below denominations of
$500. There should be, if anything APP
proXimating ACCURACY is to be attained,
many millions of this sum deducted for
losses, especially of the greenbacks which
have been issued and in use (hypothet-
ically at least) thirty-fve years. A billion
and half ofthis approximated two bill
lions is held in the United Stetes treasury
and as a reserve fund by the banks and
has been lost. Mr.. Roberts says there is
a "pressing need for more fractional silver
but no law under which an increase may
be made"
1t is manifest the deplorable and help
less condition to which the government
has been reduced by the laws which the
banking interest has succeeded in tying
it up, in their efforts to secure complete
mastery of the money of the country, and
with its control despotic power over the
entire business of the country. With
such power in the hands of money kings
what is left OF government by the people
and for the people? There would be alb
solutely nothing but the shadow. The
substance would have entirely departed.
The banking class have now conf
mittee of members of the next Congress
engaged in perfecting a banking bill to
their liking, to be pushed by the next
oSooioi " 10 IffoSdSC, tAdl Will give luSlLl
unchecked power over the finances of the
country, to control them at their pleasure,
with no power left in the hands of the
government except to stand as security
for the issue of their paper bills and to
coin gold when they wish it coined and
i'll such denominations as they may direct
This is the new financial, gold standard,
sound money system the banking and
money power are using the Republican
party to secure. If they can secure this
golden apple while their man Friday is in
the White House, by the power of money
they hope to retain their regal supremacy
over the people and government of the
United States, until they can convert the
republic into an aristocracy of wealth,
with its class distinctions which exist as
in the monarchies of Europe. This is
contemplated by the millionaire class
who are marrying their daughters TO the
titled class in Europe.