The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-05-30
JOHN SHERMAN.
The Way He Is Trying To Bankrupt
the Country.
TSt. Louis Dispatch.1

We see it announced that Secretary Sher-
man is directing his energies and taxing his
wisdom to bring about an early resumption
ofsspecie payment He believes that even
without further legislation by congress re-
sumption can be effected by the beginning
of the year 1879. The plan upon which re-
sumption is to be brought about is unques-
tionably further contraction of the circu-
lating medium, which is already inadequate,
and the scarcity of which has gone far to
damage business, as we'll as to disturb values.
Ii is passing strange that the government
at Washington for many years has persist
ed in this line of policy in the face OF the
most convincing evidence that its continu-
ance is death to commerce, and only fraught
with ruinous consequences. For it is very
evident in comparison with the money en-
ployed to do business on in other countries,
that one of our greatest evils just now-one
of the greatest barriers to the restoration of
business is the want of sufficient amount
of money to do the business of the country
on.
In illustration from statistics compiled by
the Philadelphia Press, it appears that the
estimated value of gold money in circula-
ton in the United Kingdom of Great Britain
and Ireland on the 31st of December, 1875,
adopted by Dr. Linderman, director of the
United States minis, amounted to $647 3d.
300. The like approved estimate of the six
yer coin in circulation there is $92, $50, 600
The paper currency of the same date is given
at: Bank of England notes, f2s, 041 900;
notes OF other English banks, "a, US, 600;
notes of Irish and Scotch banks, fl3, SIS, 600,
or a total paper currency of 1924, 545, 300.
This statement gives a total circulation Of
! 1864, OLA 900, or $50 per head of the popula-
| ton of the united kingdom, in the follow
ing proportions: Paper money, 81 per head;
gold coin, $2012, and silver coin, So SO.
France is known to have great business
| nd To anfoxy orpial mr.
perity. NJ. Cernuschi, in his testimony be-
| fore our monetary commission in February.
| 1877, estimates the money circulation in
| France at 81 900 600, 900 (deducting $500, 900
IN reserve in the banks This would give
| for active circulation in business $27 per
| head of the population.
| Now for the United States. In this coun-
| try on April /, 1877, the outstanding" cir.
culation of United States notes, including
| fractional currency, was 1886 l6l sos; of ma
| tional bank notes, $31S, $40, 668, amounting
to S704, 400, 476, to which add for subsidiary
silver issued up to that date, $29, 1897 900; to-
tai. 1874 $780, 76. Taking the population at
| "A SOC, 000 we have a circulation of $16 As
| per head. No account is here taken of the
unknown, but very small, circulation OF
state bank notes, nor of gold in use of busi-
1 ness in the United States. Nor is the mac
| tive money lying in the treasury and in the
rye of the banks taken into account.
| With these necessary allowances, the CIR
| culation of Great Britain and Ireland stands
| at $50 per head; that of France, with the
bank reserve deducted, at $27 Tor, if the re-
serve be added, $40), while that of the
| United States is only $l6.4S, or as much less
as the inactive money would reduce it.
| Probably-almost certainly-the circulating
| money in the use of business In the United
| States is much less than one-half the amount
per head that is employed in England and
| France.
The United States has not the one-half OF
| the money to do business on that France
| has, or as much by a third as Great Britain
| possesses. France is known TO enjoy greater
| amount of business and commercial prosper
| ity than any other country in the world, by
| virtue of the fact more than anything else,
that her people have the money to do bust
ness on. Yet, in the face of this example,
/ our financial wiseacres continue to retire the
currency and cry contraction, contraction
while the people, suffering from general stag
nation of trade, and on the verge of bankrupt.
cy, cry money. money; not gold, but green
backs, pledged upon the faith of the nation.
| Yet contraction goes on, while we are all go
| ing, in business way, down the broad road
TO commercial ruin together. Will not some
| one pray that our lawmakers and those who
direct the finances of the country may be
| blessed with an ounce of practical common
sense-that they may be convinced that the
| way to make money plenty is not to make il
scarce-neither is it possible for the people
| to be prosperous or successful in a CONNER
cial way in the absence of the requisite
amount of money upon which to transact
the business of the country.