The Van Buren press., 1875-10-19

no me re money is needed to transact our
BUSINESS now than In 1851, and will
prove it. Oa the FIRST day of October,
1874, there WAS in circulation in Texas
and On the Pacific coast SEQ, 900 900 Of
coin, and In the rest Of the country 9875.-
O0O,0O0 Of greenbacks. and 1857 900, 900
OF national bank notes. All this vast sum
of 1872, ,000. 900 is now in circulation, or
awaiting circulation. Besides this there
was in Washington, locked up in the
Treasury. Sll l.645, 200 ofcoin certificates,
S67, ,833,3l6 "a of coin, and S4,790, ,352.-
92 in currency, making an additional
SS4,26S 500 S6, or nearly $500, 200, 900
in all The country, which in 1860 trans.
acted its business with less than $780,
100000, now has nearly twice that sun
in existence, and the business is no larg
er 1t uses no more money now than
then. There is to day more than $780,
600, 900 of greenbacks for sale, but peo
pie cannot buy. Ths State of Connect
cut has $50 600. 900 to sell ar to Let, and
the city of Boston has as much more
Three weeks ago Western business
man told me that he was practical inha
zionist He said that he could not argue
the question, but that he knew that more
money WAS needed in his city and placed
it at S2,000,000. l told him to come to
Hartford and would give him $4,000,
600 the next day He laughed at me, but
! persisted, telling him to get his securi
ties and come, but he wouldn't come He
was, so to speak, fraud on the market
he was bidding for money without re.
sources to pay for it. Afterward the
bankers of Hartford told me that they
would fill an order for $4,000, ,00Oi in thir-
+, ty minutes. Suppose. now, that Congress
should come together and authorize an
issue of $500, 900, 900; that the President
should concur, and that Treasurer New
should print and sign it, How then
would Mr. Kelley, how would Gov. Allen,
how would any man who might want the
money get hold Of it2 There is plenty
of money now that men cant buy, and il
more was printed they could not buy
that.
Before closing, let me point to the con-
dition ofGreat Britain to day. For more
than fifty years the statesmen Of England
have, without diversity of opinion, agreed
upon gold and gold notes as the currency
Of the country. And now, with bust
ness exceeding that Of the United States
as three to one, all her manufacturing,
her transporting, and her traffic is con-
sderably less than 100000 900 coin.
bullion. and bank notes. There is, in
addition to this 100000, 900, reserve
fund of gold in the Bank Of England of
100000. At the same time there is io
this country, with less than one third the
business to be transacted, nearly 5000.
100000 in circulation and in reserve. OF
England's business nearly ninety six per
cent is transacted BY checks and cx-
changes and only four per cent. by the
con that passes from hand to hand. Mr..
Carl Schurz thinks that in this country
ninety three per cent. is transacted by
checks and exchanges. and seven by com
and currency. think he is mistaken.
estimate that ten per cent. is transacted
by the actual transfer of money. Ifmon-
ey was scarce instead of credit being
scarce, the proportion would approach
more nearly to that of England.
Whenever there is a'redundancy OF the
circulating medium, and when the powers
delegated to our legislation are honestly
exercised, there can be no disastrous in
hation. If we wanted more greenbacks
we could get them We cannot take our
honds-there are more than a thousand
million Of them in existence-carry them
To Warhingt-,5 and call tor the reserved
grecnbacks but the men who have bonds
and securities do not want greenbacks,
and those who do want them are too
poor to buy them IL there were ten times
as many in existence. ''
What then can we do to be saved
First, he economical. l say that $780,.
100000 can he saved in the expenses OF
the Federal Government. Save that sum
yearly, and long step will be taken to
ward prosperity. Repeal at once the
measure known as Shermans bill. 1t
lays down no method; it is dictatoral,
arbitrary and conclusive.
Save $4,000 900 year, and then each
month withdraw from circulation such
sum as sound policy may dictate, whether
it may be one million or two millions or
three millions, Save fifty millions year,
and resumption of specie payment will
come without legislation.
Did time permit l would show you
where 4, the saving could be effected
Strict economy and responsibility is nee
essary With them the thing could be
accomplished, through them the green
back dollar would in time buy gold
dollar, ana that is what specie payment
means.