Smyrna times., 1890-12-31

major portion of all the notes he han
dies certify that there have to be de-
| posted in the treasury of the TTnito6
SGates-so many silver or gold dollars.
That Is to say that for each coin GER
tlncate there are as many coin dollars
wing absolutely idle in Washington as
the denomination of the note. Those
coin dollars cannot circulate at the
same time that the note which renre-
sents them is in circulation. Therefore
they form no part of our circulation and
are just the same as though thev had no
existence.
Again, there is a large amount Of
gold money in this country How
much have you seen of it this month
good reader? Probably a little. more
likely none. 1t is safely out of circula-
tiOn now. 1t has been secured nv the
money mOngers.
IL patiently awaits for little favora-
bic legislation to send it up to a good
premium. 1t can well afford to lie idle
Till that time arrives, for in effect it is
continually drawing interest at the
rate of about per cent. Owing tn tbe
steady contraction of the cnrrancv
every dollar that is now boarded mn
will one year after date purchase on an
average per cent more of the products
OF labor than it will buy to-day.
Count the gold money out of it. It
forms no appreciable portion of our
circulating currency.
With these and all other necessary
deductions made, there remains of our
original 500, only small proportion.
variously estimated at from Sc to S15
per capita. There is every reason TO
say that $l2 is a large estimate for the
sum of money in actual circulation to-
day per capita, and that this sum il not
more than one fourth the amount oftbe
per capital circulation of years ago.
In ulrect consequence to this cOntrac-
ton OF the currency, prices have sunk
to rulnOus level and those who have
undertaken to fulfill time contracts
lind all efforts unavailing. Let the
farmer with a debt on his home calcu-
late in bushels of wheat or corn "A ex-
pressed in money value the amount he
originally contracted to pay for his
iarm, and then calculate the number of
bushels now required-nOt to mention
the interest to discharge that same
debt He will then discover how much
the yard stick that measures his Obli-
CATIONS has been heightened.
Some newspapers never tire of tel.
ing us about the evils aud dangers Of
imitation, hut why do they not let Ms
know all about the sin and foIIv nF
contraction ? Is it because contraction
works in the interest of the creditor
class and initiation in the interest of tho
debtor or poor class?
Common sense and business nrinci.
pies would lead to stated sum nor
capita, to be kept unchanging by in
crease IN exact proportion TO increase
III population. That plan would secure
fairness to the creditor and Justice ia
the debtor. 1t would restore conf
uence on all sides and secure fair prO1ts
to industry.
1t is the on y plan worthy of adop-
tlon IN civilized country. Morniav
NeUS shows that ''it is the rich who are
falling"
When it can be shown that half of
the wealth of this country is now con.
centrated into the hands of 40 600 fami.
lies when we have in New York one
cltlzeH who Ownes and controls one
fourth OF all the railroad and telegronb
property of the country and is even
now buying millions of dollars with
more for song; and when we see the
iahds OF the West passing away from
'he former INTO the possession of the
money loaner at such an alarming rate
Ihat the dark picture of the Irish
Peasantry involuntarily rises before
the lmagInatiOn-while these things
are true, 1t Is not worth my time to at
tempt to answer this ridiculous state.
menu. @. S. IL