New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-04
I" NORE MONEY! AGAIN,


II is stated that call is about to be issued
for convention of those who favor further ex-
pansion of currency and particularly larger
coinage Of silver. Desires of many voters in
that direction have already found expression
in party conventions in several of the States,
or in some action Of the faint Renaissance
known as the Greenback organization. Thus
the public is reminded that earnest effort will
he made at the next session of Congress to
bling about further expansion of the currency.
But under existing laws the expansion of the
circulation is rapid and large. In January
1879, after gold coin became part of the actual
circulation, the aggregate was eight hundred
and nineteen millions composed of one hundred
and seventy-twO millions coin and six hundred
and forty seven millions paper. 1t is now four
hundred and eighty six millions coin and nine
hundred and twenty two millions paper, max
ing in all, October /, S1,408,743560. An
increase of nearly IS per cent in ten years is
certainly larger than any sensible people would
have considered safe ten years ago, and it is
a matter of surprise to many intelligent and
conservative men that serious evils have not
vet come upon us, from what they consider
an excessive expansion of the circulation.
Opinions vary widely as to that, and those
who al que that the calculation is not now too
large are accustomed to point, for their vim
dication, to the facts which strike many others
with surprise Eyes; you would not believe
that silver coinage could be harmless" its adj
vocates exclaim, and you resisted it so that
we had to cram it down your throatS and now
you cannot find trace of the evils you expect
ed So it will be with further expansion. Let
the country have more money, as much more
as it pleases, and no harm will result"
In reply it must first be frankly admitted
that evils have not yet appeared, either in ex-
tent or in kind such as were by many appre
herded. Gold has not been going out of the
country, but outside the Treasury three hun
dred and seventy-siX millions of it are now in
circulation, against one hundred and seventy
two millions ten years ago, and the Treasury
holds two hundred and forty-one millions be-
sides in coin and siXty-four millions in bullion.
Paper has not deprecated or ceased to be ex-
changeable for gold although the accumulation
of silver dollars in the Treasury has reached
two hundred and eighty-two millions. 1t may
even be said that the decade has passed without
recurrence of the panic of 1873 or any similar
decennlal disaster. But Wnen all tnlS mas Deen
acknowledged, it does not follow that no harm
has been done to the industries of the coun-
try, nor does it follow that the volume of the
circulation is not already too large.
The same people who complained in 1879
and earlier are complaining now. They want
ed more money then, and yet if experience can
teach anything it teaches that the country had
enough in use at that time to permit growth
never surpassed and a wonderful prosperity.
Now these same people declare that industries
are suffering, and they submit many facts
tending to show that development has been
measurably checked. Would it not be more
logical to look for the cause to an increase in
the currency of IS per cent in ten years, than
to attribute retarded growth to lack of cir
culation after so great an expansion?