Speech of Hon George W Morgan Delivered At Canal Dover Ohio August 7 1875
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There is only one hundred millious in the United Sta'ies, and that is mostly owned by the Government, and is used by the Government to pay gold interest to the bondholders^ and the bondholder sells his gold to the merchant who imports goods at a premium of from 12 to 17 per cent. Where, then, is this three hundred and eighty-two millious of gold to come from ? From Europe ? No, for the European States are forced to buy gold, and have but little to spare. How, then, can the greenbacks be withdra...wn from circulation ? It can all bo done by the use of one huudred millious of gold, and when threee hundred and eighty-two millions of greenbacks are withdrawn from circulation, there will be left in their stead oaly one hundred rniilious of gold, and the volume of currency will be reduced over two bundnd millions. We are now paying to the people in Europe tifcy or sixty millions of gold interest iu semi-annual payments. Before it would leave the country it would be invested and reinvested iu the five per cent, bonds, and through the process of exchanges one huudred millions of gold would withdraw the entire three-hundred aud eighty-tvyo millious of greenbacks.
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To quickly assess the difficulty of the text, read a short excerpt:
There is only one hundred millious in the United Sta'ies, and that is mostly owned by the Government, and is used by the Government to pay gold interest to the bondholders^ and the bondholder sells his gold to the merchant who imports goods at a premium of from 12 to 17 per cent. Where, then, is this three hundred and eighty-two millious of gold to come from ? From Europe ? No, for the European States are forced to buy gold, and have but little to spare. How, then, can the greenbacks be withdra...wn from circulation ? It can all bo done by the use of one huudred millious of gold, and when threee hundred and eighty-two millions of greenbacks are withdrawn from circulation, there will be left in their stead oaly one hundred rniilious of gold, and the volume of currency will be reduced over two bundnd millions. We are now paying to the people in Europe tifcy or sixty millions of gold interest iu semi-annual payments. Before it would leave the country it would be invested and reinvested iu the five per cent, bonds, and through the process of exchanges one huudred millions of gold would withdraw the entire three-hundred aud eighty-tvyo millious of greenbacks.
What to read after Speech of Hon George W Morgan Delivered At Canal Dover Ohio August 7 1875?
You can find similar books in the "Read Also" column, or choose other free books by George Washington Morgan to read onlineMoreLess
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