The midland journal. (Rising Sun, Md.) 1885-1947, 1907-11-29
Our Bunsllng Monetary system.

Our Bungllng Monetary system.
The American people could have no
better illustration of our bungling, com.
plex monetary system than the Admins
tration's decision to issue $50, 200, 900 in
Panama Canal bonds and if necessary
$roo, 900, 900 in interest bearing certif-
Gates as basis for increasing circulation.
The Government in the past has sold
bonds in order to meet the extraordinary
expenses of war But now it is to in
crease its debt while there is large sur
plus in the Treasury, and the country is
prosperous and rich and at peace with all
the world.
No Congressional Banking Committee
appointed for the revision of the Currency
laws during the past forty years ever
formulated a measure, that was not re-
vised and supervised before its final pass
age by the speculative Wall Street gamb-
lers-to suit their selfish interests without
any regard for the public welfare, or the
co nmercial and general business interests
of the country.
AS long as the great commercial nations
of the earth are welded to the gold stan
dard-and that this tenacity of gold wor-
ship may last for centuries to come, it is
not practicable for our government to
stand alone on paper monetary system
except for domestic purposes However,
our greenbacks, owing to their conven-
fences and cheapness of transportation
have often, within the past few years CON-
manded premium in London and Paris
Our entire public debt is in the neigh
borhood of 81. 900, 900, 900 for which we
have issued Understanding bonds of
varied denominations-whic are only
paper promises to pay-and which we do
not have the gold to pay or redeem them,
and yet they command premium and
The holders feel secure, because they are
based and rest, not only on the small
amount of gold on hand, but also on the
wealth, strength, integrity and per-
manency of the government.
Gold money is untitled for general cir
cnlation and cannot be forced into COM
mon use in the channels of trade.
The greenback theory does not design
to depreciate or destroy the precious
metals-gold and slver-but as our coin
ed gold is not legal tender in our foreign
exchange aud is weighed and counted as
bullion, let our gold be refined, assayed
10 the gold standard, and the bars bear
ing the government stamps be used in
meeting the balance of our foreign rade-
fos or against us as it may be.
What we advocate is. that under the
authority and regulations Of Congress one
half of our interest bearing bonds should
be called in and ia their stead Treasury
notes issued to relieve the present money
famine and panic, and supply the press
ing needs of trade with full legal tender
cheap circulating medium, available to
meet our marvellous industrial growth in
our wide expanding territorial domain
and meet the individual, corporate, muni-
cipal, State aud national needs.
! An abundant supply of cheap legal
tender currency is the prime necessity for
a continuous growth of our national pros.
perity aud business expansion.
At this important epoch in our country's
history we especially need. as we have
said, an abundant supply of good, safe,
cheap legal tender money as circulation
medium. The pressing needs are in
creased railroad transportation facilities
to carry our agricultural and manufac-
tured products to market, the extension
of national irrigation to reclaim aud ferti-
lie our arid waste lands, dig continental
isthmian canals and costly inland ship
waterways, &c.-The Havre de Grace
Republican.