The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-04-03
STANFORD'S PANACEA.
The Relation Of Actual Wealth
to Coin.
WHAT sorHERs MOST PEOPLE
An Authority who says Nea Get All The
neaey They Are Easitied ts-WAy
tAs Plan II Inprseticshas.

Ban Frsncisco Bulletin.
Senator Ssanford's scheme for making
money easy. by allowing the government
70 loan it, credit. in the form Of circulating
notes. against land security At . nominal
rate OF interest. say | or per cent per
annum. 10 not likely 10 meet with much
favor, either in congress or among business
men This remedy for alleged financial
stress Is neither demanded nor IL il praeti-
cable A prime reason for such issue of
credit notes is said to be the reduction in
paper money circulation through the pur-
chase and cancellation of government
bonds 1t is not true that this operation
has diminished the volume OF money in
this country. though Of course il has made
national bank notes less plentiful As to
the aggregate volume of money OF all kinds.
1t was never 80 large as now. The gov
eminent has put out over $500, GO ooo of
metallic money. or its equivalent. in circu-
lation during the past twelve years Now
the issue of national banks has decreased
In no such ratio during this interval. and
everybody who knows anything about the
volume OF money in the country knows
this to be true The basic reason for the
proposed issue of land money therefore
falls TO the ground The decrease in na-
tionai bank notes has been more than
offset by the increase in silver coin certiti-
Gates. and We fancy no one win venture to
claim that silve coin certificate Is not as
good currency a. q national hank note.
The latter viii continue to decrease rs the
bonds are taken up. while the former will
continue TO increase in ratio equal TO the
Ie,~ Il. - b.
People have queer ideas about the value
and functions of money. No one who hes
felt the halter draw ever had good opin-
ion Of the Law that made possible such 4
slip moose. So whenever mans business
goes wrong or he fails TO get on in the
world Is rapidly Is others he naturally
casts about for reason. and the one most
obvious to him 10 want Of money. Most
people have been in just such kind OF
straits at some time during their lives and
they know how it is for themselves and can
sympathize witn al those now facing such
difficulties. But those conditions are not
always the result of the want OF IN ade-
quate supply OF money in the country for
the comfortable transaction of its business.
III the volume Of money were doubled or
trebled the strained circumstances OF in
dividuals and corporations would recur
quite as often and would be quite as hard
TO bear as now. IL matters not how much
money there Is around in banks, or in gov
eminent or private vaults. we are not sup
piled with funds unless We have some thing
10 give which the man having the money
considers m equivalent This something
may be farm produce or other tangible
property, or labor. But II we have moth
ing to give in exchange for money, or re-
fuse to surrender what We have. why OF
course. We shall feel the want of money.
and continuation OF such circumstances
would make money scarce 20 US even ii il
were knee deep throughout the land.
As . rule, men get all the money to
which they are entitled. OF course there
are exceptions. some getting more aud
others less. But that is an inevitable
result OF the existing condition OF
affairs. Doubling the amount OF
money in the world would not help the
matter in the least. Ii would not add .
grain TO the amount OF sand nor . drop 10
the amount OF water in existence. Money
Is moi wealth, but simply its measure. Its
sole function is the temporary adjustment
OF balances Where there are no such
balances TO adjust there is no need
for money. There are many things that
administer more comfort To the individual
than the simple possession oil money.
though. Of course. money Is one of the
agents for securing these comforts. A loaf
of bread is of more practical use to the
family in appeasing hunger than roll OF
bank bills. A bod Of coal will give out
more warmth than bod of coin. OF course
money is not TO be despised, nor is the
getting OF il in every lawful manner 10 b
belittled. As . rule. those who are willing
to work for il secure their portion IL Is
not so much the getting OF money that
boshers people. though the process is slow
and wearisome. IL is in making . proper
and iudicious investment Of what We get
is where so many fail Money viii never
become as plentiful as the leaves OF the
forest. and even II that were possible the
notes would he worth just about as much
as the leaves.
The proposition OF Senator Stanford is
thoroughly impracticAoie, and We are sur
prisesi that he could have created or en-
dorsed 1t. The constitution OF The United
States does not confer upon the govern
ment any power 10 issue money beyond
coming and affixing its stamp upon certain
pieces OF metal of the legally required size.
weight and fineness. The issue of green
backs Was justified by the exigencies OF
war on the ground that everything Is fair
In war. The perpetuatson of those notes
In time OF peace and now that the govern
ment il ahundantIy able to redeem them
dollar for dollar. cannot be justified on Any
other ground than that the people are will
ing il should De so. The government is
bound TO redeem these legal tender notes.
and stands ready to do it, and IL Is doabs-
ful If any one could be forced TO take them
back from The government after they had
been SO redeemed. The Iaw authorizing
their REDEEM ption plainly concentrated
their cancellation at the same time. bat the
politicians we're afraid TO carry out the las
literally, for fear there would be howl
raised against contracting the currency.
little realizing that the remedy againstsach
contraction was entirely in the hsnds al
the people. who. By refusing 20 send in the
notes for redemption. would keep them il
circulation.
The fact that the governments had once
resostes TO paper issue cannot be urged rs
q reason Why il should do SO again, unless
there be repetition OF the same needy con-
ditsons The country s. q whole is doing
we'll Evidences OF prosperity exist ia al
directions. despite the graspsng svsrice OF
The gigantic corporations OF concentrated
wealth and political power IL the govern
rnens we're 70 issue tomorrow s. sea.oeo
Ia circulating roses against frss mortgages
on real estate NJ per cent per arnuHs. no
good would come Of the set Every dollar
would soon coEae into the possessI0n OF