Better days; or, A Millionaire of To-morrowFitch, Thomas
Philosophy
Better days; or, A Millionaire of To-morrow
Fitch, Thomas
Utopias -- Fiction; West (U.S.) -- Fiction
Morning noticed that the greater the money circulation of a country, the
greater the civilization, prosperity, and refinement of the people; and
metallic money, or paper currency calling for metallic money, being the
best money, it would be sure wherever obtainable to drive out all other
currency. He proposed, therefore, to increase, as rapidly as was
possible, the metallic money of the United States and Europe to the
standard _per capita_ of France, beginning with the United States,
following with England, and then proceeding to the Continent.
The process of accomplishing this was to be exceedingly simple. He would
ship gold bars to the mints of the country whose currency he proposed to
increase, and ask that they be coined into the money of the country. The
coin received he proposed to deposit in the banks of that country for
investment or use therein.
The one danger against which he had to provide was demonetization of
gold by the nations. He could only effectually guard against this by
withholding all knowledge of the extent of his mine until he should have
accumulated a vast deposit of gold bars—say $2,000,000,000 worth—and
then deposit these for coinage suddenly and simultaneously at the mints
of the world before any law could be enacted depriving gold of its
quality as a money metal. Yet it would take several years for the mints
to coin so large a sum, and in the meantime gold might be demonetized.
In order for Morning to place his gold beyond the reach of such
legislation, it was essential to have it coined, or put in form of money
having a legal tender value. A slight change in the currency and coinage
laws would effect this. In the United States it might be accomplished by
an act of Congress requiring the government to receive gold bars, and to
issue legal tender gold notes thereon, without actually coining the gold
at all. The mints of the United States, working to their full capacity
on gold alone, could not turn out more than $50,000,000 in coin per
month, while a government printing press could issue $500,000,000 in a
day.
Morning concluded that one of his earliest duties would be to visit
Washington while Congress was in session, and promote the necessary
legislation.
Of the gold which he produced he could ship to the mints openly about
one bar in twenty-five. The other twenty-four bars he could keep at the
mine until he could build a smelting furnace and manufacture pigs of
copper, which should be hollow, and in which gold bars should be
concealed, and thus shipped to financial centers, where they could be
stored ready for any occasion.
Public-domain text, read in full here on John Shaqi.
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