Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-06-28

| the selling of those that are not so payable.
! The amount of gold-paying securities is
comparatively small, however, as compared
with the rest, which are payable in current
| funds.
In country ike this, with such vast re
/ sources, infinite greater than any other
nation, the mere fact of increasing the sill
yer circulation, in accordance with the
House bill, should not create alarm. This
| is at the rate of two and half millions per
month, or s30,000,0o0 per annum, more
| than heretofore-equal to $500 600 900 in
| ten years. This amount, added TO the
present outstanding silver and silver GER
| titicates, will make $500 100000. Add to
above the present issue ofsilver certificates,
81 eco, 900 each month, will make 5000 ,000,
O00 in all as outstanding ten years hence.
France has to-day $500 600 600 of silver in
circulation, including what is in the Bank
of France which is Kept on par level
with gold. In France the smount of
money IN circulation is S5S per capita,
while it is only so per capita in this conn
| try. France has population OF 81, 900 600,
America 65 100000 While the people of
France are spending franc (one-ffth the
amount of our dollar, the people of this
| country spend dollar-in other words,
the ratio of personal expenditures in this
country is at least one dollar or five francs,
as against one franc in France. This
greater levishness IN money spending in
this country tends TO make the circulation
OF money greater here than in France. In
France there is much boarding OF money,
while in this country there is out little.
Since the agitation in Congress OF the sill
yer bill, most spectators. by a process of
lntiamed imagination, pictured to them
selves that the same speculative craze was
TO- Ie@t =
| resumption of gold payments in 1879. Had
they, however, given themselves some
time for reflection and thought on the sub
Ject they would sooa have discovered that
the two periods were not fairly compare
bic. The resumption OF specie payments
ssve 10 the large paper money circulation
OF this country then outstanding not only
| a gold value, but also added to the circu-
latiDg medium about S272,000,000 of gold
then supposed 10 be in the country, which
prior to that time was held as SO much
! merchandise. The process in that in
stance was the building up of deprecated
money TO the gold standard as well as in
creasiug the same, to the extent of S27S,-
100000 AZ least; whereas free coinage of
silver, as proposed by the bill recently
passed by the Senate, is, if auything. pro-
cess, many think, Of possible drifting
| from the gold standard, and tends 10 de-
tract rather than TO add to the confidence
in the future of our standard value of cur
rency. In other words, il is not unlike IN
creasing the issue of the stock of a railroad
company, which in Wall street is termed
watering" it.
In January, 1879, when specie payments
were resumed by Act OF Congress, | have
already stated tina, there were about S27S,-
100000 OF gold in the country, which at
once commenced to perform the function
of so much additional money, besides be-
coming the substantial basis of the paper
money, and thereby elevating it to level
with gold. There was then outstanding
1916 6S1, coo of greeubactls and about 1924
100000 OF National bank notes. At the
present time it is estimated that there is
1929, GOO of gold in this country, S346-
6Sl,000 of greenbacks, less $57, 000 900 in
the Treasury held against called in ma
tional bank notes, and $751;, $4,000 Of ma
tional bank bills, sos, 100000 of silver
standard dollars S76,SlS,000 SUBSIDIARY sill.
yer, and $500 000,0o of silver certificates.
with over double the amount of gold now
in the country, as compared with the time
OF specie resumption, to back same, which
is not showing that should cause i'll for
b0dings even in the minds of natural-born
ressimists