The advocate., 1891-08-12
ROBUST MEEDACITY.

S6, has an article on the monetary circu-
Iation Of the United States, In review Of
Senator Peffer's discussion Of the sub
ject. AS the small-fry papers Of the two
old parties will take the Capitals men
dacity for gospel, few remarks on the
subject In reply may not be amiSs.
In the first place, the CGpStGI states
that there has been no contraction of the
currency in this country since the war;
but, ON the other hand, q gradual expan-
sion, SO that the per capita Of money is
now equal to, or even greater, than In
1866. Mendacity does not seem to be so
fatal crime now as In the days Of Ana
MAS and Sapphira, otherwise the Capital
mans friends would certainly feel con-
cerned for his safety. The Capital says:
The judges main error was in relation to
the alleged contraction of the currency. He
agrees with N. A. Dunning, late associate
editor Of Folks Washington organ, that the
currency in actual circulation per capita, in
1866, was $52.Ol. To obtain these figures he
went to the report of the secretary of the
treasury, which distinctly states that the
actual circulation in that year was $3.50
per capita. To-day, by the way, the same
high authority puts the actual CirCulatian at
about $3.50. Judge PETER, how
ever, manipulated the seCretary's report for
1867 80 as to include in the currency those
portions of the public debt which were in
the form of notes. What he says
Is historically untrue. The notes (7-3Os)
were not used as currency because they
were in denominations too high for use in
ordinary money transactions, and further
more, they bore high rate Of interest and
we're held for that income, and not passed
from hand to hand any more than govern
ment bond is to-day. Summed
up, the truth is that the currency has
been greatly expanded and is to-day
larger than ever before, even per capita,
and is as good as that of any other nation
on the globe. All the circumstances
Of history since the war indicate that there
must have been an expansion in currency
This test proves the statement of the gov
eminent officials, if they need any further
proof, and lays upon Senator PETER the
burden of proof to show that the currency
has not expanded. The use he makes Of
the official figures in undertaking to prove
contraction we showed at the beginning of
this article to be deceptive and altogether
contrary to the historical facts. Y
The Capital wants to be understood as in
favor Of an increase in the currency. In
crease IL to $50 per capita, We say--if we
can got that much of first-class money, the
only kind ..of money that a nation of our
standing should have.
On this currency question shall not
place my own dictum In the scale against
the Capital, but will quote the most
orthodox and reliable testimony. The
points at issue are these:
The Capital states that there has been
no contraction Of the currency since the
war; and that the eight hundred and
thirty millions Of seven-thirty treasury
notes did not circulate as currency.
/ claim that there has been an i'm
mense contraction Of the currency In
the face OF rapidly increasing populA
tion; and that the eight hundred and
thirty millions of seven-thlrty treasury
notes we're intended, prepared, issued,
and used as currency. That makes an
issue. Now for the proof. l first call
attention to Secretary McCulloughs