National Republican. (Washington City (D.C.)) 1872-1888, 1874-04-11
THE SPIRIT OF CONGRESS.
korULL 6IRCubAFtoN

.6oTUAL CIRCULATION 81
IMr.corth. = 81, ~ 2,
The actual circulation in this country at pres
emit is about S16.S5 TO each individual. In Ger
many it Is about $3.50, and in France within
q fraction of SS4.75 to each individual. It thus
anpears that while the amount in this country
is orly ale. rs to each Individual, the average
amount Of circulation In the three foreign coun-
friss have named and which stand IN the
front rank of civilization, commerce, and man
ufactunes, is $2S 90, being SllS5 to each fndi-
yidual more than The amount OF circulation In
this country.
THE THREE sIXTY-FTVE BOND.
General ButIer.l i
The great advantage Of the three sixty-hve
bond is that instead of lending It to trust
company or to savings bank, which VIII have
to loan 1t at high rate Of interest to some one
else in order that 1t may make profit out Of
1t, It will be lent to the Government. And
every dollar thus loaned to the Government
brings down our rate of interest which we now
pay, or per cent, to S.65. That Will take
the burden of the people, and relieve my friepd,
tions, TMr. Garfield from the necessity of
pairing doWp the appropriations to less than we
need, thereby throwing %orkmen of the country
out of employment in order to save few dol
lars. Ky
= BANKING SYSTEMS.
(Mr. KeIley.)
The only banking systems that have main
tanned the integrity Of their issues have been
those which avoided the gold-basis theory and
discarded the use of bullion as a security for
the redemption of notes. They have been very
few. Let me name them. The free-banking
a Uaa aa11ad Of New York nndar
which bonds of the United States and Of the
State Of New York were deposited TO secure
the notes. The next is the Bank Of England,
which, as we are assured by Mr.. John E. VII
1iams, an eminent banker Of New York, IN
an interesting article in Q recent number
of the "old and New" borrowed this sIlu-
tary principle from the New York system.
It may have &c, 900 Of notes ahost,
which are secured by the deposit of
; FLA ,OOo, 900, sterling Of Government securi-
ties, and its notes have been interchangeable
with money since 1874, with three brief inter-
ysls, when the system Of promising gold re-
demption and Of issuing notes based on gold
deposits in excess of the e14 ,000, 900 brought
about crises, and the Government interviewed,
and by order in council set aside the restric-
tons of the law and appealed to Parliament,
then in session or when II asseE bled, to legal
iEe the violation Of law. The partial departure
from the true basis has thus brought the bank
to the verge Of insolvency three times since
1874. The Bank of France has also been saved
several times by the like interposition Of the
Government, which relieved it from embarass-
Rent by declaring its notes legal tender, as
they are at this time.
COLD AS A STANDARD.
CNr. Butler, Of MassachYsetts.J
Not the value Of It; the use Of it is regulated
in that way. How do you estimate the value
Of goldi By saying that certain cube Of it is
to weigh-how muchf Twenty-four caratsi
What is a carau An Abyssinian bean. Take
twenty-four Abyssinian beans, and then you
bave standard Of gold. Well, you thereby
fix the standard weight so that the STANDARD
weight does not change; but how does England
FIX the value of her money! She fixes 1t by
making it redeemable in gold. But how does
she fix the value of goldl By her bank running
its rate of interest up and down, 50 as to keep
gold at q regular value. If you call for mil
lion pounds sterling at the bank of England
she instantly puts up her interest, and if the
demand for gold continues she puts it up, up,
sometimes as high as IL per cent. She
has done 1t four times since 1913, and II
there is any irredeemable currency in the
United States which works worse than that !
should like to see It. / Say, then, that there
ere two systems of regulating the value of
4
changing the rate of interest at the great
money centers, as England and France, and
the other is to regulate the value of money by
fixing the rate of interest-by having q fixed
tat of interest for which you can always use
dollar. What do you want with q dollarl
To buy g breakfast; to buy coat; Grand
tn at is the last thing you want It for-to pay
70 ur debts. If you have any surplus then LEFT,
If you wish to invest dollar, how do you wish
TO invest 1T Do you wish to invest It per-
fnanently, and then you want as high rate Of
interest as you can get. If you want to leave
it where you can get II at pleasure to invest
permanently in some business, what do you
vest 1t at 1 per cent, or you go to
trust company and invest # at 4 per
cent. ! propose that instead Of going 10 q trust
company or savings bank, TO invest your money
1t low rate of interest while you are not using
It IN business, you should come to the United
Slater and invest it in a three sixty-fve boDdj
thus diminishing the interest the people are
paying, and having your money where you can
find II when panic comes. That is the prop
osition which had the honor to elaborate some
five years ago, and, thank Godl believe the
people of the country, and the good sense of
the business men Of the country. are gradually
coming into my view.
AN INITIATION POINT.
General Bufier.J
We have twelve million workilgmer and
women in the country who receive wages.
VIII you admit they earn, high salaries and
low, on an average two dollars dsy-sixty
dollars a MONTH If you should pay their
wages on given and the same day in the
month It would take S72O, 000,0 900, which is
more currency than you have IN circulation,
deducting the bank reserves.
WHY PENNSYLVANIA WANTS INFLA-
TON.
Senator Cameron.
shall vote for this bill because am salts
fed the country needs relief. l speak for my
own State. We are great mining and great
manufacturing country. know that every
body engaged in each Of those branches Of in
dustry is paralyzed TO great extent, almost
destroyed. More than half our iron furnaces
are now entirely stopped or greatly reduced in
their business. All the foundries within my
knowledge are doing nothing. The car fac
tories all over the State are nearly stopped.
One at Bellefonte, close TO the neighborhood
of my colleague, in which q very large
capital was invested, is entirely out Of
business; and another at Wiiliamsport,
also in his neighborhood, is doing no business.
Another one at Northumberland is in the hands
of the sheriff. Another one at Middletown, in
my neighborhood, is in the hands of the sheriff
also. So 1t is with our iron establishments all
over the state. A large Establishment at
Harrisburgh which last September employed
twelve hundred workmen, now has but one
h undred employed, and they are kept employed
because they are old employees, who have large
IA miles and whom the proprietOrs think it
their duty to take care of out of their own
funds.
THE DISTRICT.
4 WESTERN VIEW OF WASHINGTON