Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1900-02-16
THE MONEY QUESTION.
A Strong Argument Against the Gold
Standard Theory.

Editor News: Mr.. G. G. Shriyer, who
writes on ''The Gold Standard and
Stringency" in The News is absolute
ly right in his statments relative to the
quantitative theory of money. This
fact is being demonstrated in every
day business life. and was forcibly
proved in the panic of 1893 when banks
withdrew their loans from customers
and reduced their note circulation.
This produced a scarcity of money for
the necessary needs of trade and COM
,merce, and so money being scarce be-
came dear. Stopping the coinage of
silver dollars under the Sherman pur
chasing act and thus cutting off the
supply of 54,000,0 900 of silver dollars,
which were annually being added to
our national money ought to be suffi-
cient proof to any man that the repeal
of the Sherman silver purchasing law
made money less plentiful.
If the quantitative theory OF money
were incorrect then it would make no
difference whether we had ten dollars
on ten hundred dollars to do the work
of circulating medium. Money is a
medium for the exchange Of the pro-
ducts of labor, and does not have to
have the intrinsic value that gold
standard people contend for, because
the sole purpose of money is tor ex-
change. and it's redemption is in human
labor; therefore, it follows that metal
money is not even required. 1t ls
governmental function only to be the
fountain head for the issue of money,
and this function ought never to be
delegated to individuals or corpora
tions. The Government should issue
all the money; and to satisfy the bull
lion maniacs, let it be gold and silver
dug from the mines and coined at the
legal ratio. and then let the volume of
money be added to from year to year
by the issue of strictly Government
paper money called Treasury notes, in
the shape of full legal tender notes of
various denominations, and that these
notes be both receivable and payable
and good for their face value in full
for the payment of all debts, public
and private. Then we will never have a
or dishonest money, but an
ever-increasing supply commensurate
with the natural increase in popula-
tion and business needs.
The quantitative theory of money is |
,onclusively shown in the closing of |
[ndia's mints to the coinage of the sill |
Yer rupee in the interest of English |
oond-holders and the English office
lolding class in India, and the money
lealers Of London. This is the one
cause of the helpless condition of the
Indian people in the famine area to-
lay. In former times when crops
allied in certain districts the people |
,ould send their trinkets and silver
to the mints and coin them
into rupees. Then they were able to
ouy food until the next harvest. I'm
ier present monetary conditions,
brought about by English rule only,
he people are deprived of the great
'esource. For the past seven years
he mints of India have been closed to
he people, and men. women and chill
lren may die a lingering, horrible
ieath of hunger with silver enough in
heir possession to save their lives.
To-day 1000, 900 of people are hunger
and it takes 100000 English
oayonets to keep the people in bond
!ge to the British CrOwn.-W. E. Bev
,ridge in Baltimore News,