The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1874-04-18

that while the, United States has $780,
600, 900 of volume Of currency circula-
tion, England has $9S4, 900 900. We
have sixteen dollars and fraction per
capita; England has twenty-four dollars,
Germany has tweniy-six dollars, AMI
France has thirty four dollars. Now, II
we had currercv in the United States
equal to what England has per capita,
or Germany, or France, we would have,
according tn The per capita of England,
S97l ZOO, 600 in currency; or II we had
what Francs has Per capita, we would
have 81 ASS, 900, 900; or if we had what
Germany las we would have S1,072,-
900 600.
Now, does anybody pretend to say
that country new and vigorous. such
as this Is, aud desiring to be developed,
does not need more money than Eng
land or Germany or France? We have
Il greater area of territory. We have
seventy-six thousand miles of railroad,
while England has but fourteen th0uS.
and miles. As I have said, we are
largely indebted for our railroads ami
public improvements to Europe, while
England has paid for the whole Of hers.
Nuw, Is 1t possible that new country,
which must BE- built up i'm every direc-
tion, does not need more money than
an old country, Whose houses aud rail-
roads and public improvements are al
most fniSheu?
II ynu have not gold enough to do the
business of the country, what do you
intend t0 do the business of the country
with? What iter tan you get than
the promises of q government; because
government note is a mortgage upon
every farm and upon every workshop
in the country, and the people brlieve
that the government will at last pay
these promises? Because of the waste
and prostration which II great ami won.
deriuI war produced this country for the
time being was an | is crippled. The Gp-
v"rnment, however, i>lrn'ling its credit
totlle penple that its great resources may
be developed. That Is the idea which
great many men in Pennsylvania and
In other portions Of the country enter
tain upon this question.
But gentlemen say that IL you in
crease the currency you initiate 1t. Not
necessarily, because fOr'v.twO million
people need more money than thirty-tive
millions or thirt,-twO millions. BY
some statistics which have here, aud
which | understand have been very
carefully ,llaied. it appears that the
currency of tie United States In 1875
was over TWO billiOnS made up of Un,-
ted States notes, fractional currency and
national-bank notes, interest
III fam .rf.rl lrt,
celtlfi :ateS of Indebtedness, Treasury 5
per cent. lrgll-tend RS, Ire ISury notes
and legal-tenders past due and not pres.
cnted, State bank notes, and thrre-yrar
Treasury nuteS, which in the aggregate
amuuted TO sl.1ll, ,67S, $50 To-day
you have but one fifth OF that. While
you have some eight hundred millions
of money, two hundred millions of it Is
tied up by reserves and gold, while. as
l understand he distinguished chairman
OF the committee whO ha, this bill in
charge, large quantity of money is in
the hands Of poor people who are hor-
dung it, 50 that the country ut this time
perhaps has not more than four hundred
mlllions Of money with which to do
the great business of this country
Now, sir, | do not lieve that an
expansive. developing country like this
Is 10 be tied down to a Gel tain sum Of
money, and that you say you have
reached the ultiinate point and that
there Is no use OF going any further
believe that as WI are growing and
expanding we must provide so he means
by which the people can grow and pros
per, too. Ii you have not gold, what
better substitute can you find Than Uni
| ted States notes aud national bank
notes? r.
Mr.. Maynard II the gentleman will
! allow NE LO interrupt him, would re-
mind him that In those parts OF the
couJtry VIII rt there ale no banks--and
there are whole regions OF country
where there are no banks for hundred
miles-all the money people have they
Eold IN their packets, and number Of
amounts Of tifty aud hur.dred dollars
come to II great deal in the aggregate.
Mr.. Albright. have no doubt of
that. Ihe saule Is true of the mining
districts of Pcnnsylvnnia. The county
commissioners of the county IN which |
live desired To borrow money. Though
they had banks there they could not
bUr 'Ow IRON the banks, and they went
to the miners, and m "a few days they
raised from twenty tO thirty thousand
dollars which the miners were willing
TO loan the county on the county bonds.
Aud what Is true OF one county is no
doubt true Ut others.
have not time to discuss this Ques-
tiOn rs would like, but the OppOrt,n-
ity TO speak at length does not present
itself AMI therefore | desired to say
what | have said 50 that might be un
drrst rod upon this question when shall
vUte.
offered an amendment to-day to the
fifth section of this dill, in which | PRO.
pOse that the reserve of banks may be
invested in 8 65 per cent. currency
bond which the banks may hold aHd
convert ut pleasure. or course they
would hold that bond. Gentlemen say
to me, "WLy, the Government does moi
want to give the bond when 1t has nc
nee d for money" / hat would be true
IL the Government were not n debtor
J But the Government would take thai
money and buy the gold bearing bonds
!