New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-17
II NE 10 IHINH.

The Senate seems about to have financial
debate Perhaps 1t is too much to hope that
any information will help toward wise action
the wear of a Presidential election, whether
year of good crops in other respects or not, is
ant to Weld a remarkably large crop of "more
money! plans, some of which are apt TO be
winked at because their practical emptiness is
seen. while others are pushed with intense and
fanatical yigor precisely because they are dam
ecrous The Democratic success during the
last four years has done moro than most people
realize to undermine and weaken public desire
for sound and honest currency, and there are
very few who realize how far the country has
drifted already from the safe position it at
tanned with so much difficulty ten years ago
under Republican guidance.
Ten years ago it really seemed as If the
Nation had come to understand that sound
and safe currency was a blessing beyond all
price. Resumption cost something, and the
people faced the cost and sacrifice with sturdy
and manly resolution which has since made
free government more highly honored through
out the world. There was in actual circula-
ton, outside the Treasury, on the first Of July,
1873, close to S752,000,0OO of all kinds Of
money, and on the day Of resumption, with all
the gold in the country theoretically though
not yet all practically available, there was about
S819,59OOOO of all kinds. Nine years have
passed, and on the first of January, 1888, the
supply of money of all kinds in circulation out
side tho Treasury was 81 1888, 684,281, not in
Guiding in either statement the vanished frac-
tional notes.
Every one knows what a wonderful prosper
fol n
specie payments how industry expanded with
rapidity never before witnessed, how business
of all kinds thrivcd, how labor was fully en-
ployed and in great demand at good wages.
1t is a waste of time to theorize about the guam
tty or kind of money that a country needs;
this at least Americans do know, that their mon
etary supply January 1, 1870 was such as to per-
nit or to cause general prosperity never sur
passed. or matched. But now we have in ac-
tual use 1854 100000 moro money, an increase
Of over 70 per cent, and the increase in popula-
ton meanwhile has been less than 30 per cent.
The business of all kinds recorded through
twenty two clearinghouse in the year 1879
was S38, 012 900, 900; during the year ending
April /, the business recorded through thirty
five clearing houses has been $40, 100000,
an increase of only 28.4 per cent, a little less
than the increase in population.
1t might be asked with great reason whether a
single Senator in 1878 would have voted for so
great an initiation of the currency as has already
been realized. Certainly there is not Senator
of either party who can maintain that the coun-
try is now as prosperous, its labor as well en-
ployed its prices for products satisfactory, its
progress in industry as rapid, as in 1879. What
reason, then. is IL possible to give for either Of
The many plans to initiate the circulation still
more? Is it not time for sober men, who mean
to stick to sound currency, to consider care
fully in what direction they are drifting?