The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-12-11
WINDOW AND THE ALLIANCE.

There is a sharp contrast between the
views of Secretary Window and of the
late national convention of the Farmers
Alliance in respect to hnance and cur
rency. which contrasting views, as it hap
pened, we're almost simultaneously placed
before the country. In fact no two sets of
opinions could be more diverse than those
entertained by the Secretary of the Treas
ury and by the Farmers convocation,
respectively, on these subjects.
The farmers insist that some malign in
huences have been at work to crush the
producing classes, by which a heavy and
injurious reduction Of currency has been
effected. which they would remedy by un-
limited coinage of the precious metals,
notes, direct to the people, so that the
volume of currency in circulation may be
permanently kept at $50 per capita
The Secretary on the other hand submits
official statistics to show that the money
circulation of the country increased to the
net amount of 1921, $50, 100 during the
twenty years from 1870 to 1890, of which
S307, 1854, AIS was in gold coin; $62, l32. I54 in
standard silver dollars; sl7,322, s5l was
subsidiary currency; SIS. 593, 739 in gold
certificates; 5000, 32l, 207 in silver certih-
Gates; S7,i06,500 in new greenbacks, and
$1l, 4i6 sos in United States notes, making
a grand total of i4,s47 ,674, from which
deducting a decrease of Sll7,0s6,965 in
national bank notes leaves the net increase
as above.
OF this increase the larger proportion
was within the ten years from 1850 to 1890,
which averaged $3,966,992 per month,
against an average of $685.. 1886 per month
for the entire twenty years. The circula-
ton per capita the secretary states at
Sl9,97s for 1870; at $2o.37 for 1880, and at
S23,969 for 1890. But the greatest ratio of
increase has been experienced in the more
recent past; during the nineteen months
commencing March /, 1889, and ending
October /, ls90--the period during which
the present administration has been in
power-which shows net increase of
SOS, st6,Sl3, or an average of 81, 9i0, 35S per
month, or $l.5l per capita.
BY these showings and his experience in
efforts TO relieve occasional stringencies in
the money market the Secretary has not
been impressed with the necessity for q
great and sudden increase of the volume of
the currency, but rather that some means
should be devised for giving it elasticity.
His observation has been that with its pres
ent volume the currency of the country is
at all times fully or more than adequate TO
the transaction of all legitimate business;
in some cases so redundant as TO promote
reckless speculation. while for portions of
almost every year-notably during the
months Of heaviest crop movements-the
demand exceeds the supply These iuctu-
atoms are as frequent, as sharp and as
damaging now as they were when the cir
culatiOn per capita was much smaller,
and the Secretary evidently does not be-
heve that the situation in this respect
would be improved by a mere unregulated
increase OF its volume, whether TO $50 or $50
Per capita
His argument clearly points 10 some
such device AS the 2 per cent intercon-
vertlhe government bond. though in his
late report he stops short Of recommen-
dation to that effect Probably he has not
yet worked ont the details OF his plan. but
the tenor o. his report in this connection
jusiihes a hope that he will yet submit a
practicable scheme for impartinS the Quail
ity Of dexiblliy % the currency; Offering 4
safe investment for money when il IS over
abundant in the shape Of bond bearing
low rate of interest, which may aJ once
be re-conyerted into money in times of
SIN. crnr.l.,