, 1879-07-30
Is MORE CURRENCY NEEDED1

now In session in this city. is In senrch Of
evidence to naka cut q case. Under the pre-
text OF inquiriuR iuto the causos of "exist-
ing" stagnation mud depression, 1t is bewil-
dered with tho evidauoea at prosperity; but
1t ssartel out 10 mike q csso aud remedy
aud hence to justify tho proposed ramady 1t
has to invout d case, The Chairman. hlr.
WRIGHT, anticipated bis inquiry by asserting
what tue causa Of tho depression WA, which,
llo said, was tho contraction Of tho currency.
and by asserting that tho romody was tho
iaaue of moro paper money, and its free dis
tribution among those who wanted 1t. As
preliminary ho aaaorted that tho paper money
III circulation at ono time amounted to
IS, ,0o0, GOO, 900, that ut this time 1t was only
$70U, COO, 900, and TINT this torriblo contrac-
tion Ind loft the country without currency
enough to do business. Tho remedy was
more paper currency. Hora arc his assor-
tioug:
- lie beloved the present prosperity Of Chi.
caEo YVES only apnsmodc. This foreclosure Of
mortgaEcs affected the price ot labor. Until debts
wero mid prosperity would not come. lie was not
At ,nflaionst. liz didn't want to SEQ, SO. 0o0, :
coo, 600 ot enssency again aAoxt It wasn't neces-
t1fy. IH9Eo Weft HOW Ohty StuUs uuOt WV 1T E'9'
eulatson one'seyenttl Of which was locxea up IN
1o !teasay' WY aa r nes" ssa ~ s1
re.,,,pntton claiming Tint IT hu1 nccomplisbcl no
guol. Lack Of currency wus the complaint e,csy-
'shete In the country except In Wall s*eet. II
,ooso ws er1smes sn1axa ~ IT, ''G 9a IT,
cu;at,on now waa si:sa hcaa. wh;,o tho rato o,
tuxat!on was s1a. lLauehtcr What they wanted
they ought to haso' even t. lacEr demands ctmo In
conn'c. WIN 'ne men VINO "aa eon.to. u INC .o',
n. mia n ,njac of tj,c,r nee.s A thos. WIN had
the political power. lApplauso.1
To tie readers of TuE Tn1Buyk it is hardly
NECESSARY to call attention to tho error Of
these figures given by bIr. Wa,on7. In the
first plnca, what ia currency in tho geuso OF
a medium Of exohaugo called mouey2 Cur
roucy il money in the form of coin, or paper
circulating az money, payabla On domaul
| and bearing no intoroat Theao combined,
constitute the "currancy of the country.
Wien tha ,uaabtedness of tho country il
nlacad In tho form of OBLIGATIONS payablo at
a future tlmo. beorino iutarost, vhather at
tho rato Of 1. +, CT. or any other ratio nor
cent. that Ia not cutronoy otherwise
Tho whole proaent bonded indebtedness
of the United States. which now
aerycs as collateral security for loans, Or
which creditors will accopt at par or a pro.
MUM in PAYMENT Of dsbte or In exchange
for roal ostate merchandise. or other prop.
orty. miolt bo callod "ourronoy." Etclud.
| inn these bonds and other time aud interest.
bearing obligations. tho amouut of the cur.
| ., - 49, T7t.a cto., =. AT, .t ,
nj Mi Other t,,uos ajuca 1901. can ba readily
ascor,atuoa Tho omo,nt of onrrencv IN
nonor hoa hoo, That conta.ncd in oroon.
IL, t,,,,, ..o... .,,, f.o.,;o,.1 ,,,xso..,
o"e@es o"n1-"otea' "no Atac11o''"A o"3foAoS
and wheu Mr. WnIul1T statcs TINT the amount
- ~, I'D O. ,,nn ocn nv, -,
| u cuFfenct eFot fehoHeu F1soou.ouV.o"o, VI
eye, ouo.half TINT aim. La gpeaka with al
|
ignorance OF neghgehce WAolly uApecoM