Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-04-14

and inconvsnient. The people didn't
want them when bills coald be had and
always let them 70 first Of all when
forced to take them.
After . very brief passage along the
channels Of business they generally re.
turned to the bank vaults. OF more than
e3O0, 900, 600 Of these dollars already
coined only about e5S, oOC. 600 are In cir.
culation. Te obviate the public dislike
Of this incouvenient form Of money In
Vulnerable schemes were brought for
ward, but the one finally settled upon
WAS the silver certificate, through
which the difficulties Of circulation
were overcome although the ex-
pense Of storing the coin In govern
ment vaults still remained.
1t Is probably net the design Of the
silver men, In the event Of Free Coinage,
to attempt to force the coin itself into
circulation. Silver certificates would
doubtless be employed for this work.
The friends Of silver claim that the vol.
ume Of money 10 too small vt present to
properly do the money work Of the coun-
try; that there 10 less money per capita In
the country to-day than there WAS seven
years ago; that this 10 the result Of an
increase Of population rather than . con-
tracing Of the circulating medium that
the prosperity Of the whole country de-
mands = greater volume Of money, and
that the needs Of the hour can be 20
safely met In no other way A. by estab-
fishing the Free Coinage Of silver.
This Is certainly rather pleasing line
Of argument, one, which In the absence
Of due thought, might quite reasonably
appeal to the public favor. 1t seems to
US, however. to BE- open to several very
grave objections. IL 10 by no means GER
tain that there Ia any real need Of an
increase in the volume Of the circulating
medium. To be sure the amount Of
money among the people has not fully
kept pace with the increase Of population.
At the same time, however, the increase
In the banking business has been enor-
nous. Checks and notes now do q
vastly greater amount Of money
work In the country than ever before.
Again money circulates more rapidly
than It formerly did. This is very i'm
portant factor in determining the volame
Of circulation. The nimble sixpence
does the work Of the slow shilling" Is an
ancient maxim, but one the correctness
Of which the progress Of modern times
has demonstrated over and over
again. A country we'll equipped with
telegraph, telephone, railroads, steam
boats and postal facilities can carry on
its business with far smaller per capita
circulation than one less favored.
It must also BE- borne II mind that,
notwithstanding the representations Of
the silver men, the country to-day enjoys
. greater degree Of prosperity than It
ever has before; aad that all Of our
money rests upon gold standard.
There are good groands for believing
that the result Of free coinage would
simply Be to drive gold out Of use
and leave Us silver dollars worth only
their bullion value. Thus instead Of bi.
mesallism We should have mono
metallism with silver for the stand
ard. This would Of course be very
pleasing to the debtor class Of the
great West, who would be able to
meet their obligations-csntracted upon
q gold basis with silver dollars worth
only the bullion contained In them. In
fact It seems to - that the united front
which that section Of the country ap-
pears to show for free coinage comes ~
. result Of this very consideration. 1t
10 the creditors Of the East W. the
debtors Of the West.
OF coarse the silver men would not
entertain any such idea - this
They assert that free coinage Of
silver IL essential to the main
tsnance Of bi-mstallism, and that the
fret result Of 1t will be to restore the
price Of silver and place it upon par
with gold.
When Gresham's Law 10 quoted to
them, that an inferior money will in
variably drive out the superior, they
declare 1t to be = fallacy, and assert that
the business needs Of the country will
furnish . demand for all the money
iss1ed. both gold and oliver This
b also the argument BY which they
put forever out Of sight the dangers
Of over-issue. One does NOS need to be
. very profound student In monetary
science to know that the greatest dan
ger to circulating medium does not lie
In the debasement Of the coin. Expe-
Renee has shown, that 20 long - the vol
sms Of money In circulation b kept within
The limit Of the money wsrk to Be done
10 the nation. Ricardo declared that
''shere can exist no depreciation Of
money, bat non excess; however
dehassd coinage may become,
= WIN seill preserve IL Mia valss; that |
= p ~. 3 viii pass 10 eirculakisa Tor |
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