The midland journal. (Rising Sun, Md.) 1885-1947, 1901-08-09
Small Money.

Oludll NAUuCys
The silver certificates are to be all of
small denominations This is claimed to
be the policy of the great banks There
is but limited quantity of silver in circu-
lation, and the minis are closed against
putting any more in circulation.
AS soon as the bullion III the treasury
is exhausted the coinage of dollars and
fractional, OF subsidiary silver, will cease,
and no more can be coined until an act Of
Congress is passed ordering the Secretary
of the Treasury to purchase silver bullion
for additional coinage. The silver bullion
on hand was purchased under the Sher-
rnan iaw-ISeo to IS93-and paid for with
legal tender notes at the market price of
bullion, about fifty cents on the dollar.
This silver since has been coined and is
being coined and is always OF full gold
value.
The direct object of changing the large
denominations of silver certificates into
small notes, is to keep up the supply Of
wage paying and retail trade money as
long as possible, so that the government
will not be forced into the market as
purchaser of silver The population of
the country is steadily and rapidly i'll
creasing, and with it the small class bus
iness expands. If this population and
small class business runs ahead of the
money supply-whicfl is chiefly small
money-to conduct it, prices will fall and
business become depressed,
There are in round numbers, or soon
will be, $780, 900, 900 in circulation Of gold
certificates, but these gold certificates are
all in large notes, $40 being the smallest,
and up to $4,000 notes or certificates.
These gold certificates might as we'll be
i'll small notes as the silver ones, then
they would 60 into general circulation
But this is not wanted by the banks, the
less money i'll actual circulation the bet
ter for the spectators and dealers in
money. Then their money and the obi.
cations demanding money which they
hold will command more property. =
These gold certificates represent gold
coin deposited in the United States treas
ury-inostly, if not entirely-by the great
bankers, for safe keeping, and certificates
issued to them by the government, which
they use in place of the gold coin. They
are issued i'll large denominations to pre-
vent them from going into general circu-
1ation, and are used principally by the
clearing houses in making balances
among the banks. A $4,000 note, or
fractional parts of that amount is much
more convenient than loading a dray
with bags and boxes of gold coin at
the clearing house or bank vaults to make
the exchange.
The amount of metal mined and the
new processes of working the ore, are in
creasing the quantity of gold money of
the world very rapidly, and to keep il
from general circulation as much as pos
sible is the two-fold object of the money
spectators. The first is to preventive
rapid rise in prices, which would result if
1t was converted into small certificates
like silver; and the second object is TO
hold it as basis for the expansion of
bank credit. The credit based on the
large accumulations of gold, stimulates
stock gambling and speculation in water
ed stocks of all the great corporations or
trusts that are forming.
AS long as gold can be accumulated
and boarded, and credit expanded, this
speculation and stock watering will 90 on,
and it is enhanced by keeping the prices
OF products down to the lowest point
possible.
The wealth that is created by the un
paralleled productive power of American
brain, Drawn and machinery, is gathered
IN by this specializing, middle men class
and disposed of in home and foreign
markets by them hence the great accum-
ulations of wealth by the millionaire
grandees.
In order to keep money among the
industrial masses scarce was the object of
the war on silver. By an overriding
providence at this turning point in
human affairs, the greatest outflow of
gold from the earth commenced that the
world ever witnessed.
To hoard this new addition to gold aud
rob the industrial classes as long as pos
sible is the object of the exploiting class.
If this output of gold continues and in
creases under the new processes for ex-
tracing it from low grade ores, the great
est revolution in money and business that
this old world ever witnessed is not far
before us. Another thousand million OF
gold poured into the worlds money in
the next two years-and this may happen
would strain the dam Wall street has
built to the breaking point.