Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1888-05-16
THE MONEY MIDDLE.

The Courier Journal Explains II, ana
Considers the Effect Of the Beck Amend
ment.
Mr.. Cleveland is being advised by certain
money magnates, according to the New
York Bulletin, that IL the Beck amendment
should become operative, itwould cause the
coinage OF $50 600 in standard dollars per
month. 1t Is readily seen on examination,
says the Louisville CoUrisr7yToar7ldl that
this is manifest absurdity. The total
amount Government bonds now basinp the
e250, $50 Of National bank notes is Sl62.-
143,135, the sum Of S97, oil ,S45 being out on a
money deposit. The bank circulation Is.
therefore, based on about one-ninth of the
bonds outstanding. If the same proportion
OF these bonds should be sold by the banks
as by other classes Of holders, the total
would be only one million q month instead
Of five, even IL the rate of purchase should
averagenine millions month, which no one
would expect Besides, the banks have in
ducements to hold their per cent bonds
enjoyed by no other class of investors, as
they receive the free use of IS per cent. of
the par value thereof in the form of cur
rency with some slight Offset in taxes. This
class of holders would be the hardest of all
to sell.
Besides, these superserviceable advisers
display their ignorance as well as their self
conceit in predicting the rated redemption
of National bank bonds as a measure of the
rate OF sale by the banks. There is,
of course, no possible analogy here
on which to establish a parallel
The redemptions were compulsory, and
the sales would be voluntary. Under
the redemption system the Secretary
Of the Treasury called In tho bonds by the
numerical series, regardless OF their invest
ment or location, but in the voluntary sales
contemplated, they will be taken as they
como from the lowest tenders.
Another wretchcd blunder is the cry -
are raising that the Beck amendment .ey
be a measure Of initiation. AZ would
ment on he contrary would at amend
toput in circulation silv~ merely operate
paper dollar retired, w'ai,;n -ouar for every
tuition instead OF inGatic, S9ld DC suosti-
the one single IS own direction was
capital In Joint aimed at by Eastern
BonS .nstlgating the passage of the
Purchase bill
4 Though there is already more money in
active circulation than a year ago in spite
OF tho Treasury absorption, they are con-
stantly clamoring about the Treasury sur
plus. And here a notable distinction is To
be observed We never hear any thing
from the Eastern plutocrats about the ius-
| 49, e-e AcS~1oAtl VI CAtllnk Oh the cur
rents OF villainous surplus taxation which
carry that money into the Treasury, but
there Is no end of clamor about various de-
vices to get 1t out II is not imitation that
they dread, provided that 1t be an imitation
IN the channels of speculation and invest
mcnt- They are not afraid Of imitation II
they can only direct il to places where il
will do them the most good. All that
Treasury money in dispute. If justice, sci
ence and dccency were directing the Ma
uonal finances, would to-day be outside of
the Treasury and the dispute would end. 1t
would be in tho pockets of the millions of
producers who made it, and not being en-
! gineered into the vaults Of the speculations
Of the millionaircs so eager to get the bene-
Mt OF its usufruct in their enterprises. The
Treasury surplus, no matter how much il
costs tho people. Is boon to that class 50
long rs they can make their influence felt
in it. distribution.