People's Pilot, Volume 2, Number 48, Rensselaer, Jasper County, 19 May 1893 — WHERE IS THE GOLD? [ARTICLE]

WHERE IS THE GOLD?

Not Only I* the Pyramid Standing Upon It* Apex, But the Apex Seem* to Hav* Dwindled to a Very Fine Point. I notice that a great many of the leading journals of the country are felicitating the people of the United States upon the fact that there is an enormous stock of gold in the nation, and that, as Mr. Carlisle says: “There is gold enough in the country to meet all the requirements of the situation, and if all who are really interested in maintaining a sound and stable currency would assist the secretary of the treasury to the extent of their abilities the existing difficulties would soon be removed.” From a recent issue of the Topeka, Kan., Press I clip as follows: “Nevertheless, the reserve has been trenched upon and the event gives the country another evidence of the unspeakablc folly and ignorance which the goldolators and money sharks bring to the discussion of the great financial issue of our time. We were told that gold would go out if the Bland-Allison act was not repealed. Awhile ago, the goldolators and their subsidized newspapers were declaring that the silver law of 1890 was draining out gold, and yet on January 1, 1893, the gold stock of the United States was >049,788,000 as against 1278,310,130 on January 1, 1879. These figures are official. They are to be found in the report of the director of the mint just issued.” One of the inexplicable and inscrutinable mysteries of modern times is the whereabouts of the vast quantity of gold said to be circulating in tho United States. It is true that according to the report of the director of the United States mint, there was on January 1, 1893, in this nation a volume of gold amounting to 1(149,788,000. At the same date there was gold in the United States treasury amounting to 8238,359,801, leaving a supposed amount in tha hands of the people of 5411,428,200. The national banks held September 30. 1892, 895,021,952; March 6, 1893, 899,875,235. Assume that they held on January 1,1893, 897,428,209. Amount to account for, 8314,000,000. The report of the comptroller of the currency for 1892 showed only 88,889,870 —in gold out of a total of 8197,789,884 in all kinds of moneys held by 3,194 state banks, 103 loan and trust companies, 043 savings banks, 416 stock banks, and 1,161 private batiks—s,s79 in all. But as there is an item of 8122,000,000, in round numbers, under tho head of “Gash Unclassified,” we will assume that gold bore the same percentage to the whole amount that it bore to the amount classified. Put it at 828,000,000. This leaves the residue to be accounted for, 8291,000,000. Where is this gold? Does any sane person believe that even a tenth part of such an amount of gold was in the hands of private individuals on January 1, 1893? How many of. our 65,000,000 people had 8100, 850, or even 820 in gold in their possession on that date? How many of us ever see any gold, except as we get a glance nt it behind the lattice railing of a bank counter? Gold is not the people’s money and in the ordinary, every-day transactions of domestic exchange, gold c<\U> almost an unknown quantity. TheW is not to exceed 8360,000,000 in gold iifthe whole nntidn. Let us see if the established «ucts will bear me out in making this ask*, tion. The total amount of gold stock, bullion and coin on June 30, 1888, was officially stated to be 8705,818,855. In his report for that year Mr. Leech, the director of the United States mint, officially stated that 8270,000,000 of that amount had mysteriously disappeared and could not be accounted for. I tabulate as follows: Supposed amount Juno 30, 1888..5705,818,85b Unaccounted for 27i»,'(00,000 Amount actually on hand ......... ..$135,818,855 Excess of expor ts over imports J uno 80, 1888, tb January 1, 1883 150,000.000

$285.818,8 » Total production same period 114/0 »,•> >0 $400313.8.56 Used in the arts same period, say... 47318,855 Gold in United States January 1, 1893 $353,000,000 If this insignificant sum of gold was simply a commodity in the United States it would be no more easily obtained from us by foreign nations than it is now, for it is as a commodity they take it now, by weight, and not at its money value in United States denominations. Why should we not demonetize both gold, and silver and establish a monetary system under the operation of which the money ‘ of the United States .would be absolute legal tender paper currency, based upon the ideal., imaginary unit of value, the American dollar. This would free American industries and save her future millions from forever offering sacrifices upon the altar of the idol of gold. It would put it out qf the power of gamblers, Speculators, Rothschilds and Shylocks to exact tribute from the toiling masses. It would free humanity from Shylock’s bonds. It is doubtful if anything else will. Metallism is a delusion and a fraud, and the, single gold standard is the acme of satanic devilishness. The basic fallacy upon which is built the temple of the moiiey changers is the stupid sophism that “a" measure of value must possess value.” Satanic ingenuity could not have devised a more devilisil and accursfed scheme, or one so .diabolically calculated to .-perpetually enslave a>d impoverjsji; the toiling masses, than has beqn the insistent inSulcajion of the pernicious fallacy which teaches that the money standard is cd value, rather than quantitive, and has taught countless millions of otherwise sane individuals to substitute the term, “standard of value” for the term “unit of account.”

GEORGE C. WARD.

—Millions accumulated in the hands of a few means national death. Millions accumulating in the hands of the many means national life and prosperity lowa Farmers’ Tribune.