New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-27
Is TIE CURRENCY REDUNDANT

To IN LGttOT OF me ITtOUHe.
SIR: Writers who discuss the finances and
currency matters Of this country seem to fail in bringing
out all points, two Of which beg leave to suggest
Tor further considerations In the first place. compat
sons are frequently made OF the amount OF currency in
circulation, according 20 population, between this
country and others without making any allowances for
the differences OF the character in the population OF the
United States and other countries. little reelection
will show that much larger amount Of currency is
required supply the needs OF the people Of this country
chan Of any other known The numerous small land
holders and business men here who do business
in currency without the intervention of banks hank
eTs is much larger than in any other country Millions
Of dollars In currency from 0cent posta TO $50 and
500 greenbacks, carried about every day in the
pockets of farmers, mechanics, laborng mon, and
ghopkeepers and tradesmen OF every grade In England
40 far appears 10 us, business men more genera lily
keep bank accOunts, and the laDorinS classes seldom
have money except in smaller proportional amounts
than the abornc classes do here Ihas always seemed
10 me hat the rural population OF tds country required
more than double the currency per capita of any other
country.
Since the war great change has been made at the
South in this respect Before the Rebellion very little
money was required do the business Of the cotton and
tobacco States The planters did their business through
their agents, and when travelling North bought
bills OF exchange, which convenient tnan
rcncy Ono thousand dollars in gold, silver and bank
bills would supply larger region OF country with cur
rency then than four times that amount VIII do now.
The great abcrng and producing classes had need or
money the1 all their wants were supplied by their
masters and owners. BY the emanepaii Of the
slaves q large class has been brought into
business relations, less. with the outer world.
and the result demand, growing creatr from
year 10 year. for currency fCr the mOn5 Of freedmen
Thousands OF dollars OF their earnings are yearly put
into savings banks. bu. they keep absorbing the cur
rency in way and another, moro and more never
tbeless ran accurate statement o. the amount Of cur
rency carried from day to day by the people OF this
country could be obtained it would form an astonishing
sun1 in comparison with tho amounts carried by the
same number OF people in ony other country known
Ii has long been source Of wonder the way cold was
absorbed by some OF tue Eastern nations AMI yet no
one ever seems have thought OF any absorption or
money by the people Of the United States 10 reckon
the average SUN OF 81 Tor each person IL the couatry
carried ia tho pocket laid awayi some missionary or
ether savings box, would take some Si0OOO00O at once
out OF circulation. and think nvosgat wOnld show
much larger average, taking old aud young rich ana
poor. from one end Of the country 20 the other, A
poor washer" oman OF ny t soI9 oen -,
1norfy ebs had laid away to de'ray her funeral c1-
erss sacred deposit with her and doubt hund
red OF Others nave LARGE or smaller sums iad Ny of
BroEeis and spectators doing business OF millions
require less currency tAan rural p0pLaiOu Nnnoso
j;s c f5T 81 65 5 taxes no no more room than
a Que dollar crecuJack yet It covers traholeto on
which has caused t6e previous transfers OF tooCj ia
currency H. tho way az railroad fares, freight bills, etc
from the pockets OF people all o1er the country 10 MS
depository . g.. .,, ,t,;s cum ~
Let writer's and students Of finance take thus sum OF
on, epey held dailv IN the pockets a. the people INTO
top hereafter, and they may not after all con-
sidar the amount noIninay Issued By the Government
and bankS a. 30 much beyond the needs of the country
8s they nave her tOfJre hoio ID-ioi'
Sara!og4 Spy.Ngs. Nov. 10, 1879
(Whft our correspondent says may be true enough
but the evidence that currency Is deprecated from
the gold standard exists Ia the foct 'hat 10 oue va" t0
It for gOld.-Edl