Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-05-03
THE PROSPECT ron MORE MONEY.

to Quay and Reed.
THE PROSPECT FOR MORE MONEY.
The weekly financial circular of Henry
Clews s. Co., New York, issued April
rs says: 1.-THE prospect of silver Nlegis-
lation is acting as powerful stimulant
upon the stock market. Although the
bill which seems most likely to pass,
that adopted in Republican caucus We'd
nesday night. satisfies comparatively
few, yet everyone has but one opinion
as to its stimulating effect upon values
which not only counteraots opposition,
but gives it a support which otherwise
would not be accorded. 1t is essentially
compromise measure, and therefore
may be as strongly opposed by the rad
zeal silver faction as by the strongest
however, it is the more likely to become
law; because the majority, who under
stand little about distant con sequences
will regard it as the happy medium.
The plan agreed upon includes the same
forms for redemption of the certificates
as contained in the Window bill, and
also that of the senate finance commit
tee. The notes to be issued will be re-
deemable in bullion or in lawful money
at the discretion of the secretary, which
discretion will, it is expected, enable
him to protect the government against
the schemes of speculative holders of
bullion. The compulsory coinage of the
silver dollar is to be suspended,
and the secretary will be required
to purchase 1850, 900 ounces of
silver per month, thus practically alb
sorbing all of this country's product and
shutting off exports to Europe. Mr..
Window does not entirely favor the bill,
naturally preferring that plan which, in
his own judgement, he considered safest;
but he has at least been successful in in
PRODUCING such safeguards as will reduce
all dangers to minimum. There is, of
course, some speculation as to what
President Harrison will do in the case;
whether he will give it official sanction,
or exercise the power of veto. Thus far
the president has been conspIouously
silent; still, 1t is known that he is large
ly Influenced by the advice of Secretary
Window in such matters. and now that
the most radical dangers OF silver infls-
ton have been avoided, the bill may re-
celYe his approval. Political exIgenoies
are such that it would be q grave mis-
fortune for the party in power to find it.
tive upon such an important question as
this. Conditions are such as compel the
Republicans to maintain harmony, and
no bill which would invite veto Is likely
to be passed. Without wishing to pre-
dict, we incline to the opinion that Presi-
dent Harrison's position is sufficiently
well understood to secure the drafting of
bill that will meet his approval.
''of course the effect of this contem-
plate d expansion of the currency will be
highly stimulative. In the more sparsely
settled parts of the country there have
been very severe complaints about the
scarcity of money, and even at the CEN
tiers of population business has been
hampered by the same cause. On the
LIST of April the total amount of money
of all kinds in circulation in the United
States was 81 ,437 ,494 900. 1t is true
this was an increase of about SSl 900 900
within the year, but what is that amount
divided between a population of about
60, 900, 900. The present supply of curS
rency has proved inadequate 10 meet
pressing demands arising from the WON
derful development of industry now in
progress. In this country it is now
about S22 per capita. In the United
Kingdom, whore compact population
greatly increases the eficiency of circu.
lation, it is about $50 per capita, and 10
France, where similar conditions pre-
vail, it is nearly $40 per capita. In
country so sparsely populated as the
United States, where currency in some
sections necessarily moves with less
facility than in others; in other words,
where a given sum is able to do imper- |
feet work, it is evident that we can
safely stand considerable expansion,
whether 1t ba considered advisable or
not. There is no doubt that the dangers
of silver imitation have been much exag-
gerated, and, real or fanoifnl. they are
so distant as to have no effect on the early
future"
--==
The Dallas Mixture.