The Caucasian. (Clinton, N.C.) 188?-1913, 1901-06-27
A sUBsCRIBKR TAKES ISSUE WITH
THE CAUCAsIAN.

THE CAUCAsTAN.
THE CAUCASIAN has received
letter from Mr.. A /. LedfOrd, of
Hidgonville, Macon county, In
which he comments upon q recent
editorial In the CAUCASIAN relative
TO the great output Of gold increas-
ing 10 such q marked extent the cir
culatln medium Of the world, etc.
Mr.. Ledford takes issue with the
CAUCASIAN AZ 10 the output Of gold
being sufficient In quantity to in
crease the circulating medium to o
degree necessary to meet the wants
Of increasing population and bust
ness. He calls attention to the fact
that money Is too scarce in his sec
ton of the State.
We take 1t that Mr.. Ledford states
the true condition in Macon county.
Indeed, IL we had free and unlimit-
ed coinage Of silver supplemented
by a sufficient quantity Of green
backs to maintain prices and furnish
q volume Of money to do all bust
ness on c.sh basis, still 1t would
take some time for this volume of
money to be so evenly distributed
that all sections Of the country would
feel the impetus caused by the ad-
ditional volume Of money and to
have In any given locality what
would be its share per capita. Be
sides, Mr.. Ledford is probably right
In contending that there is not
enough gold yet In existence to dis
pense with the necessity Of addition
nj silver money or greenback money
The point that we intended tC
make was that the money famine
and panic which IL seemed certain
would follow the passage Of the
gold standard law has not come, but
that there Is q measure of prosperity
unexpected; and we pointed out tn,
true reason for this, which was tn,
great output Of gold, all of which
gold is at once coined either int,
new dollars or deposited with tn
treasurer and gold certificates Issuet
thereon.
A few years ago 1t was very diff
cult to get hold Of gold dollar or t.
see gold certificate. One day tn
writer of this article went to banl
to draw 500 and had 1t handed +
him In five twenty-dollar gold cert
fcates, that being the kind of none,
Of which the bank had the creates
quantity. Indeed, few years ag
the banks harded these gold cert
ficates as well as gold dollars; nov
they pay them out daily and hourl
on accout of their abundance.
In 1896 we did not believe tina
the free coinage of silver with tn
then output of gold and silver woul
furnish sufficient money. We cor
tended that it would be necessary t
supplement the volume with greer
backs to give sufficient volume
Our point now Is that the preser
output Of gold is about equal to tn
output of both gold and silver
1906, and, therefore, that the fire
coinage CT gold gives now about tn
same volume of money that tn
free coinage of both gold and silve
would have given in 1896. w
think now that the present volum
Of money should be increased SOM
what by the addition of greenback
But this great fiuctuation in tt
output of the precious metals serv,
as an illustration and proof of IL
principles for which the People
Party has always commended on tt
money question, namely, that it
not only foolish. but absolutel
criminal for the government to 9
low the people and the busine
world to be at the mercy of the a
cidental output Of either gold I
silver. There may be next We,
twice as much gold and silver CO.
rs this year or half as much; no ms
can tell. Its price may be great
inflated next year or may drop. III
only rational and common sen
course Is for the government to
sue all the money aud issue it
the form Of greenbacks and regula
its volume in proportion to the
crease Of population and business.
This is the principle for viii,
THE CAUCASIAN has always stoo
for which 1t stands now, and (
which 1t will always stand becau
1t Is eternally right.
NORTH CAROLINA SHOULD Biz
OFT THE "a ME- nvsQpAru