Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1903-12-17
THE MONEY QUESTION.

following communication from a
writer whom the residents of For
est City will Immediately recog-
nize. While we may not be able
to agree with Mr.. Converse in all
of his views. still we shall he glad
to hear from him often. Limited
space, however, will sometimes
only permit us to make extracts
from his writings.
New Pine Greek, Greg.
December 6.
Mr. Z p Thorne
My Dear Friend.
Believing us | do, that it
is the duty of allintelligent citizens
of the United States, especially
those with whom the power of en-
acting laws is constitutionally
vested. to utilize every opportunity
to become acquainted with the
financial and economic conditions
existing today in our loved re-
public, and assimilate the facts
learned, as l may say, SO that we
may exercise underslandingly the
elective franchise given us by n
free governments, it was with con
siderable interest that l read the
article "The Fallacy of Free Sill
ver," published in the s'Press" of
Noy. 10Th.
1t seems to me that an un-
biased treatment of this question.
based on non-partisan lines, might
result in unbounded aud unqucs-
tionable benefit to any community,
even be that community as wide
as the whole commonwealth. Ii
is the duty of every voter to in
vestigate these conditions, and to
know our national institutions, for
the voter is ''E Pluribus Unum"
who constitute our government.
and as he wisely votes, Just in
that measure do we have wise and
equable legislation.
1t has been the custom to blind
the eyes Of the masses just previ-
Gus to elections which results in
in such confused and irrational
conception of the issues at stake
that the average voter may vote
against his own best interests un-
knowingly. 1t is the duty of each
and every intelligent citizen to he
come thoroly conversant with
these national conditions and pro-
blcms, and if not intelligent, then
should he become student. at
once, until he is able to hold sound
doctrines evolved by his own brain.
You speak about the scarcity of
gold, yet gold is the principal
money here, silver only used for
small change, while large sums
are almost invariably paid in gold.
and paper money is the exception.
This condition is local to the
Pacific states, and another peculi-
arity is that one scarcely ever
sees penny here-a penny is as
rare here as you say a gold piece is
in Forest City. Small change if
insisted on is made with stamps:
and it is not many years since a
twenty-five cent piece was the
smallest money in circulation here.
In local phrase it is called ''two-
bits, and we hear no more of the
'slug.'
You speak of the scarcity of gold. vet
the national treasury holds many millions
of the yellow metal in reserve. and Uncle
Sam invariably pays the interest on his
debts in gold. The retirement OF the ma
tional currency would release this gold
but would it benefit lis? What would bt
the result If this gold reserve was released
and tho task of maintaining the gold
standard" devolvcd on the national
banks? Can you say?
1 The per capita Of money in tho United
States is something over $1,000 most OF
which is currency or paper money. and ii
is quite interesting to study this money
and how we get it USUALLY by hard labor,
by we. l mean our people as whole con
sidcrcd AS an individual. There are sever,
assay offices. five mints. and one printing
and publishing establishment. The latter
is located in Washington ID. c.. the former
| are placed at various convenient points
throughout the Union. and from these
come our moncy-Ortsidc of the issues OF
the national banks. of which there are
many.
SILVER certificates. gold certificates and
L. 5. notes are all issued mt the Washing
ton office. Silver certificates are rcallv
nothing but promissory notes drawn on
the L. 5. treasury. and are issued onIy IN
such amounts As are cquallcd by silver in
the treasury. They are our 81. ~ and 81
bills
Gold certificates are parallel with the
silver certificates. only issued in larger
bills. and If called in would release the
gold reserve: but these bills are more con
] vdnlcnt and safe. for all practical purpo-
scs. as long as they are backed by the re-
serve and - stable government. This is
Simply an issuance Of credits by the GOV
primput