The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1900-02-23

| Use Of money can he bought cnedply IL
may have the effect to make every
thing else cheap. am afraid very
low rate Of interest would tend to re-
duce wages. one of the glories of the
Republic is that Americanlabor is the
best paid inthe world, and this should
be maintained il possible. The
Government at least, should not do
anything that would have atendency
to reduce wages. The loss to the
wage-earneB and the country at
large wouldbe greater than the gain
to the Government. We should con-
tinue, so faras we consistently can, to
do everything TO keep up the price of
labor. Good wages make good, happy.
and contented citizens. Wages, and
high wages, is the best method found
yet for the distribution Of wealth.
Ninety per cent of the cost of nearly
every product Is in labor: therefore,
the better wages are, the more money
is paid out and distributed: and
general business is better We are
paying In wages about seven thousand
million dollars per annum, or twenty
millions daily. III a low rate of inter
est, such as proposed in the bill.
should operate to reduce wages even
one-half of per cent, which would be
about one-half cent on dollar, then
the loss to the wage-earncB and the
country would be much greater than
the gain in saving interest by funding
the public debt at , per cent.
lnasmuch as the sound conclusions
reached in the general provisions of
the bill have been the result of the
education Ola quarter of century,
why not let the work Of education go
on in the matter OF reflInding the
public debt until the time is AT hand
when our bonds mature and we mnst
take such action: Waiting until then
will not work any injury. We would
be advised by the light OF events, and
better able to Judge than now. The
Government owes it to its citizens to
provide them ut all times with safe
currency: in other words, To- see To 1t
that the currency is sound and stable
and the volume equal To the needs OF
business.
There is an unjust prejudice and OPP
position to national banks Throughout
the country. Some of the opponents
OF national banks are clamOrous to
abolish them outright; Others favor
taking from them note circulation;
but while agreed in opposition they
are not united among themselves as to
just what kind of currency or money
should take the place of national-bank
note circulation. These people be-
lieye that the prerogative Of coming,
making, or issuing money belongs TO
sovereignty and should be exercised
| exclusively BY the Government and
never he given To the banks. The
senior Senator from Colorado MIR.
Teller s;ys-open the minis 70 the
| free coinage Of silver: that this is the
remedy and would supply all thcneed-
ed currency. The senior Senator from
Nevada tMr. Jones' says, in effect,
let the Government issue iiat money:
while some Populists. believe, wish
money issued against deposits of
wheat and other farm products
Ii the national banks should be
abolished OF required TO giveup note
circulation and the Government
should issue aud control the circulate
ing medium. then it seems tome that
the best and Sifest form Of currency
which the country enjoys, ANA the one
against which there is no prejudice or
opposition, is the gold and silver
certificates issued against gold and
silver deposits in the Treasury. There
is now. in round numbers, in the
Treasury about S4O2, 100000 Oi gold
and S4l4,0O0,OOO III silver dollars and
ssO, OO0,O 600 OF silver bullion. making
s4s4 .OoO, 900 Of silver. The gold in the
Treasury is par all over the world, and
counting silver worth go centSin gold,
would! make the S4si, 100000 Of silver
worth S-Jt, iuu,Uvu III Suih' iitlG 10
already in the Treasury goldand sill
yer OF the actual value Of about $780,
OOu,oOo Against this there Were out
standing ON July 81 last in gold
certificates s2OS,2l3, SO, and in silver
certificates s4Oi,363, 5o4, making S6l3,-
577,S223, which, under present condi-
lions and the pledge of the Govern-
ment. is the best and safest money in
the World.
The production OF gold is increasing
50 rapidly throughout the world that
We are authorized u believe that the
amount in the Treasury will COON in
crcasing more rapidly than heretofore.
Ii So, and without much further
legislation, what is 10 hinder The in
crease OF gold certificates against gold
in the Treasury, making ii the best
money in the world, and in this way
reach the solution of the money
question On basis that would be
satisfactory to all aud take it forever