Smyrna times., 1890-04-30

THE next day after our issue last
week the committees of the Senate and
House came to an agreement on the
provisions of the silver bill and agreed
upon a report, and the bill which they
fixed up it is believed will become a
law, substantially as reported. The
Philadelphia Ledger speaks of it as
follows:
1t looks to be quite complex, but.
considering the amount of tinkering it
took to get it into shape and the fuss
there has been made over it, it is really
quite simple matter as to its two
main purposes. As it comes from the
caucus, it is a bill to furnish the silver
mine owners of the Western country a
large and sure market for their white
metal, to the amount of four million
five hundred thousand ounces a month.
or about ifty-fOur millions of ounces a
year, which is considerably more than
the whole product of the silver mines
of the United States. That is one
object of the bill; the other is to fur
nlsh the currency inhatiOnists of the
rency Of about five millions a month or
sixty millions a year-consisting of
bullion certificates based upon the
purchases of silver, which certificates
are to be redeemable in IaWfW money
are to be receivable for all public dues
and are practically to be legal
tender.
Substantially that is the bill-the
rest being details and machinery. If
at should become the law the mine
owners have a sure market for the
ayhOte product of their commodity. a
favor that is granted to producers Of no
other cOmmOdity-a perniciOus example
Of special legislation that has no par
allel IN the history of the United
states; and they are furnished besides
with an engine that may enable them
to corner" the silver market of the
world, and possibly to put the Treasury
OF the United States in a very tight
place.
As. to the concession to the ;nf]a-
tionists-and we do not use this term
IN any reproachful sense-that NAV
not nave the hurtful effect which con-
seervative people apprehend The
clamOr for more circulation has been
long cry, and seems never likely to be
appeased so far as that class of econo-
mlsts is concerned who act as if thew
believe that the grinding out of silver
certlhcates from the printing press is
creating that real property and solid
wealth Which these paper and silver
issues are only symbol uf
80 far as chat cry Ior more circula-
ton has been based upon a claim of
insufficient circulation because of con-
traction of the National Bank issues. il
has been false cry. The fact is verv
largely the other way; there has been
great expansion for twelve wears.
Beginning with February %, 1878, the
date OF the compulsory silver coinage
act, down to October 1st. 1889, there
was reduction of National Bank note
circulation amounting to STA, 100. .729
ana reduction in subsidiary silver of
S642, 2,48l-making a total reduction on
these accounts-and on all accounts in
those twelve years-Of SlI4.752. .2IO
But at the same time there was an in
crease of circulation in gold coin. sill
yer dollars, gold certificates, silver GER
uhcates and United States notes of
EtAo1Ca OfNoDs ub u6b tNCfeISe was
S599, ,224, 1913, an average net increase of
$4,342,2O4 per month, or $50, LOG, 1893
per annum.
This exhibit shows two things: FIRST,
that the cry for more circulation be-
cause of national bank note contrac-
ton is wholly without foundation;
and, second, that the country and its
business have grown to a degree that
mas been absorbing an average of
$4,000 additional circulation per
month-S52 ,000,O00 a year-and about
$500 700, 600 in less than twelve years.
1t is fairly inferable, therefore, that it
can go on absorbing an increase of
four to five millions additional circula-
ton a month; and it is sure that there
IS no need for this particular scheme
OF legislation to bring about that
result.
Intelligent business men, fully ac-
quainted with financial affairs-with
money movements, trade balances, the
volume of actual currency required for
all commercial and industrial pur-
poses-are firmly of the opinion that
no silver legislation is necessary for
these objects. But they and many
others, students Of the subject, are also
ofthe opinion that if any silver legis.
lation is required on public grounds
thatthe bill known as the "Windom
bill' is the measure that should be
adopted. The proposition on which
the bin Is founded is this: