The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-11-28
For the GREAT WEST:
Will The Government Stimulate
Bread Riots?
BY JOHN NJ. BACHELOR.

Will The Government Stimulate
Bread Riots?
BY JOHN NJ. BACHELOR.
Word comes from the Treasury De-
partment highly calculated to embar-
rass commerce; it declines to inter-
fere in the present financial emergen-
cy partly on the ground of having
only $9,4OO,OO0, available surplus
for such a purpose. 1t is now gener-
ally conceded that the money supply,
owing to the activity of trade in the
interior which has impoverished New
York's resources, permits a cost of
from so to 22O per cent to obtain
upon first class security in order that
our commerce may be carried on.
This money scarcity has now ex-
listed since the summer months and
shows no Or few signs OF discontinue
ance. This great fact should be
widely and fully recognized as upon
that recognition permanent relief
alone is possible. The Government
coins or prints all the money we
have, or, in case of need, can get
therefore to that Government may
we alone turn for what it has in
sufficiently provided. If Secretary
Window under the law can pay into
the street no more than ten millions,
and $9O,OOO,OOO hardly afforded
sufficient relief month ago, in the
interests of commerce, some action
should at once be taken by the Ad-
ministration to meet the emergency.
Commerce cannot starve, contract
it's purchases and dischargeits Ia.
borers merely because no law ex-
lists permitting the Treasury Depart
ment to come to it's aid. With u
Treasury gorged with money to
have trade brought to a standstill
for want OF it, when ample and the
best security is freely offered to get
it, is in the direction of encourage
ment toward, even if not, crime.
The idea altogether too generally
prevails that our money stringency
is due to spectators and matters
appertaining thereto, merely be-
cause money crisis manifests itself
mainly upon the Stock Exchange.
This is a prodigious error which does
serious harm because it tends to pre-
vent the Obtainment of relief from
the quarter where it should be looked
for. No better proof of this fact is
required than to remind the people
of the history of former panics,
which also manifested themselves
first in Wall St., but from there radi-
ated their disastrous consequences,
poverty and all-but-starvation all
over the land. Painful it is that
money oppressors must first fatten
upon any relief afforded trade by the
Government, yet trade must not be
stopped for that reason. Stop the
trade of this country one month and
there would occur bread riots in the
streets.
The above letter from Mr.. Batch
elor, who we believe, is one of the
editors of New York Financial
journal, in the main strikes us very
favorably. We will raise a question
of method, however. We do not
think tho relief OF Wall Street, in the
matter of speculative stocks, is the
desideratum wished for. The issue
which alone can relieve the commerce
of the nation is an issue of non-inter-
est bearing treasury notes, or green
backs, on purchase of public i'm
provements, payment of salaries,
etc.
To pour money into Wall Street is
to elevate the value of stocks and
absorb the money into the banksl