The midland journal. (Rising Sun, Md.) 1885-1947, 1900-08-31
Too rluch Honey 2

ne IOltOWlnS SdlDlCu ShataSAANS a. y
going the rounds Of the Republican
organs
ION June /, 1896, the total circulation
of money in the United States was $I.52I,-
584, 283, a little less than $500, 900, 900
being in the form of gold and gold GER
tificates. On July /, 1900, the volume OF
money III the country was $2, 34I ,S9o, ISo,
of which 81, o62, 425,4o6 was in circulation.
In four years the enormous sum of half a
billion dollars gold has been added to the
peoples money. This is in excess of all
the silver mined in the United States-at
ratio of IS to I-since 1896"
For the sake of the argument suppose
this statement is true, which it is not, but
assuming it is, what does it prove? Ex-
actly what silver men four years ago and
long before that commended, that there
was not sufficient amount of money in
circulation to properly conduct the in
creasing volume of business of the coun-
try. This demand for increase of money
was then denounced dishonest initiation.
The same parties are now Boosting of the
beneficial results which followed the
increase of money. General Logan said
ON the floor of the United States Senate
the distress Of 1873 was caused by q
money famine.
The Farmers Alliance searched for the
cause of the hard times that came down
like an Egyptian plague about twent,
years ago, after the greenbacks had beer
destroyed by wholesale in the interest O
the banking trust The Populist party
quickly followed with the same charge
In 1896 the Democratic party came for
ward with the same indictment aud nov
the Republican party affirms it true by
claiming that the boosted prosperity il
linked with the increase in the volume o
money, caused by the unexpected pro
duction of the gold mines in the last three
years. There was more gold produced
last year than there was of both gold ant
silver in 1896 at the ratio ofI6 to 1, which
is our coming ratio, and that increase i
the only factor they can show as tan
gible cause for the 'nnexampled pros
perity," viz, trust prosperity Away
understood. The logic of the argumen
is that if the silver had been coined thei
the increase of money would have pro
duced general prosperity. That has beer
our contention all along.
But silver! silver is dangerous thes
Republican financiers cry. How danger
GUS? Because its coinage would initiate
the currency! But hasn't the increase o
gold inflated the currency? Look at your
own figures, $2,34I ,Soe, $50, and thi
increase of money is the only given eaus
you can assign for the booming pros
perity. Now is there any difference il
the purchasing power between silve
dollar and gold dollar? No one ha
ever been able or even attempted to poin
out difference. If none exists between
the two dollars, then none exists or coui,
exist between hundred or thousan,
millions. The fact is it is money tina
makes the mare go" as the old adag
SAPiSes ~, hub SttVSi utotSJ las AWAY
made her 60 as fast as gold.
Had all the silver been coined In 1850
we would have had as much none
nearly put into circulation as we had il
1899, which helped to make the bi
prosperity.
| Prices are now rapidly dropping. Wha
is the cause? That which is always til
cause. Business and production hav
outrun the money increase. We need al
| the silver as well as all the gold to kee
pace with the increase Of population an
4 production in these fast times of steat
and electricity. 1.-THE mint was opene
to the free coinage of silver, bushes
would go ahead again with bound.
is now tagging and will continue to fla
till another era of low prices is reached
Bank credit will not sustain business an
prices beyond a certain period of tlm
without sufficient quantity of money t
support and hold up the hands of credit
/ Panics since 1873 have been fast an
furious, and the signs are that they wi
increase in frequency and violence till til
people rise up in one general denuncis
a ton of the gold standard which cause
them.