Hutchinson gazette., 1900-01-04


Mongera.
II will be remembered that last year
the secretary OF the treasury Issued
and sold 5000, 100000 of bonds, and no
got for them fraction over S2OO,OOO,-
900 gold, which has since been lying Idle
In the treasury, while ilterest Is be-
ing paid ON the bonds, Last week he
advertised that he would buy back
$25,000,O0O OF these bonds and he ls
paying about 1,14,50 In gold on the
100 per cent In bonds--a higher price
than he had sold them for.
The excuse for this purchase OF
bonds Is that aomo of the gamblers on
Wall street were getting cornered and
unless they could get hold of some
more money to put up there would
have to be "show down" Il believe
that is what poker players call ~, and
that would cause panic and explode
all this campaign prosperity. Old
Russell Sage rushes into print ouloglz-
Ing Secretary Gage for turning loose
this little handful of gold and stalking
the cornered players, and says that 1t
prevented n panic throughout the COM
merclal world.
And this Is the Sound money" sys-
tenn, the healthy financial condition
that we hear of from the stump and
read OF In the mlllionalre-owned pa
pers. And the more alarming fact Is
that the millions of our voters give no
more thought TO what is money, who
has authority to create 1t, what makes
plentiful among the people at one tlmo
and scarce at another, what causes flush
times and what causes panlcs, than
the pig does about the supply OF
acorns, 30 long as tho pig can ind
plenty OF acorns he eats and grunts;
when he can't find any he squeals.
Those who can think and are not too
stupid or lazy to do 80 find this to be
our financial condition. About OF per
cent OF the business exchanges OF this
great people are made with credits or
wind money and only per cent, 80 In
the $100, with actual money. This 3
per cent OF money consists OF about
equal proportions Of gold, silver and
paper dollars. Some believe, and they
inherit this belief from the old world,
where privileged idlers ride on the
backs of the toilers, that the paper
dollar should be "redeemable," that is,
payable as credits are payable, only
in gold and silver dollars, that solid
money system would consist In hav-
Ing only 50 to pay 500 with. But
whoever would have his name herald
ed in the 16-page dailles as Learned
political economist" financial
statesman" must now teach that the
most Sound" solid" and honest"
money con- .sts In only having 81 in
money to pay 500 with, and that
money should be stamped on gold only.
Gold Of which the bank Of England
now fixes the price; gold, of which
there is not enough In the world to
pay one-tenth Of the interest on the
worlds Indebtedness; gold, that every
nation needs to pay its indebtedness,
30 that whoever sinks the prices OF
their property and labor, the lowest
will get 1t; gold, that today Is here and
tomorrow fees to the uttermost parts
of the earth, at all times the slipperl-
est eel in the financial pool, A solid
basis" for the interest gatherers and
'usurers Of the world. But ten-year-
old schoolboy would say that as for
the balance OF the people, this gold
money only, this making 500 payable
by law and only one little gold dollar
to pay 1t with, and that in England,
Germany or China when most needed
here, looks like panic trap forever
rset.
But Gage headed of the panic last
week. VIII he do so after the next
election II he and his chief should be
elected for another term? What a
condition for great people to vote
upon themselves! And those gold-only
'dupes are seriously and anxiously de-
batting their latest issue, ARE the Fill
ipinos capable Of self-government?"
JOHN H. CHERRY.