The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-03-10
SOME EXPERT TESTIMONY BEFORE THE
COINAG COMMITTEE COMMENTED
ON BY A BUSINESS MAN.

At a hearing of the Coinage Com
mittee at the Riggs House on Wednes-
day evening, Mr.. Charles D. Smith,
President of the New York Chamber
of Commerce, gave some interesting
testimony, which l hope that gentle
man will pardon me for reproducing
with comments. He is reported in the
Washington Post to have said that in
his opinion there "a no want of
currency in the country to-day.
Money could be had on call by any
person with proper security at 2 per
cent. Indeed, he thought there was
more currency in the country than its
business needs required.
1t was but a very few days ago that
the business associates of Mr.. Smith in
in New York were protesting loudly
that there was a terrible want of cur
rency. Some strong houses went to
the wall for lack of it, a great panic
seemed imminent, and the Secretary
of the Treasury stretched his power to
the utmost to afford relief. There has
been no new money created since.
Were Mr.. Smiths companions telling
the truth then, or is Mr.. Smith telling
the truth now? So there is an album
dance of money, and the wisdom of it
is to be fOundin the fact that it can be
had on call in New York at 2 per
cent.
If Mr.. Smith ever lived as a boy in
the country he would have observed
that when the mill was not running
the mill-pond would be full of water
and perhaps wasting over the dam.
Suppose that the financial ponds in
New York were full and running over
the dam at 2~per cent, it would be
better evidence that heindustrial mills
| of the people were idle than that there
was a flood of currency. If there was
any adequate supply of money, and
any such conditions as WOuld'warrant
the people in using it, it would not be
loaned On call at 2 per cent, but on
time at from 6 to 10 per cent. The
fact is that the business enterprise of
the people has been absolutely stopped
for want of money. The man would
be a fool who should engage in any
productive enterprise, with a contract
ing currency and falling prices, know
ing full well that in a years time his
plant and his product would sell for
less than it would cost him now. Men
do business to make money not to lose
it. ALI the money in New York is
gamblers money. There is not a dol
lar there that can be had for the pur-
poses of productive industry.
What is money on call for an honest
enterprise It is the privilege of draw
ing water out of the pond for the
purpose of turning the wheels of in
dustry, upon condition that you return
the water to the pond on demand.
n industries of the people cannot
start because there is notmoney enough
In New York to keep them running a
SINGLE day.. MI. Smith knows this
just as well as 1 do. I will state
another fact that Nh. Smith cannot
deny, and which exactly contradicts
his statement that mony is abundant
In supply. If the Government should
undertake to discharge it's constitu-
tional obligation to furnish to its citi-
zens a full supply of money, and should
allow them to be the judges of the
quantity necessary, they would, within
one year, borrow fromthe Government
three times as much money as is now
contained In the country. They would