The state chronicle., 1891-04-28

editorial. In place of it We give to-day
the following article from the pen of Col.
WALTER L. STEELE upon the financial
question that is now uppermost in the
minds of the people. Col. STEELE
writes:
ROCKINGHAM, April 90, 169l.-s'ince /
wrote to you expressing purpose not
70 write again or a inancia! or other
su ol &C. connected VIII governmental
ad administration, l have received copy
Of the New York Journal of Commerce
containing an answer to an loquiry
which prol ounded. Thinking that this
answer would shed some light upon the
| volume Of currency outstanding and
| ready to come into use, if not already SO,
| | have concluded orc- more to trespass
upon your patience and that of your
| readers l cut the answer as we'll AS my
| Inquiry from the paper and thought L
| hau placed it where | cOulu find 1t when
ever l chose. Bat it has been mlslaid
and | now have to depend upon memory, |
ssthe warder of the brain " l shall not |
ENLARGE the figures which the journal
of Commerce gave as coming from OH
clal sources, but approximate them as
| we'll as | can.
No man can successfully Impeach the
garded now, as it has been for many
years, as excellent authority upon ali
| matters of business, and when &c makes
| a statement of fact, he is a bold or reck
less mau who assails it. The truth of an
official statement may be questioned, but
it devolveS upon any one who does 1t, to
establish its falsity.
The Journal of Commerce states upon
the authority of the Treasury officials,
that on the 1st of March, 1891, there
were outstanding, in gold and silver coin,
Treasury notes, gold and silver certid-
Gates and National Bank notes, some
thing over a billion and q half dollars,
or ab ut twenty four dollars for
each man, woman and child in the
country provided the census reports
b5 accepted as a true enumeration of the
inh bitants of the country.
IL is alleged, however, that all of this
is not in CIRCULATION. No one so pre-
tends There never was period in the
bisto-y of the United States, and there
> never will be, when all of the circulating
= medium was in ACTUAL use. Many
:. millions always will be in the hands of
the people awaiting an opportunity for
investment. Banks and bankers are not
= the only persons who will lend it for
that purpose. The plan is universal
= with all the classes of the people. The
), only money which is absolutely with
I drawn from the arteries Of trade is that
!. ! which is boarded generally in small sums,
;. - by those who know nothing of the value
y of the usc of money. In every county
- and town of any siza in the country,
,, can he found persons who, when they
get hold of q dollar, put it away in what
= they regard secure place, and there il
:. rem mains, unless ABSOLUTE NECESSITY
=, shall force them to use it. All solvent
- banks and bankers must have quantity
II II of money on hand to meet demands
- But it is going out and coming in every
;. day.
~ It is also said that much of the coiI
= has been sent abroad, or lost, or used il
- the arts There is no doubt that much
=. of it, now and then, is exported, and i
40 40 is equally true that foreign coin is i'm
~ !, ported The difference is not so grea
y as to affect the quantity of the circn
a a lating medium. The loss is inconceiv
- able. My opinion is that very littl
~ COIN is consumed in manufacturing. Silve
bullion is worth about dollar and com
puseu vi 4oo gra1us. The standard dol
lar has but 412a grains. No pruden
manufacturer would pay Que hundre
ok cents for 412a grains, when he could ge
- 4S0 grains, at the same price.
OF the fifteen hundred million
" outstanding, according to the officis
it report referred to, there were abou
,er S406. 900, 900 in gold coin, $147, 900, 90
:: in silver coin, 1910, 600, 900 in silver Gel
~ tificates, $40, 900, 900 in gold certificates
ne $34O, 900, 900 in treasury notes and $l63
} a 600, 900 in bank notes. The abov
he figures are WITHIN the official ones
Now, I confess myself at a loss to under
= stand how any one, unless he has th
rs: hardihood to deny the authority of state
he ments by the U. S. Treasury, or allow
list his imagination to indulge in the wildet
ces guessing, can say that the circulation {
,as the country is less than IS per capits
ce, No reasonable man can think-and sa
lor this with all proper respect-that ont
he half of the outstanding coin and pape
nd is kept out of circulation by hoardirl
mt or loss, or commission or export. In n
of one hour in each day are there man
eat millions in active circulation. Bl
1t? every day there is ready for Us
act whatever healthy business may r.
of quire. Money flows in and out almo
rs? continuously. Sometimes the influx
be greater than the outflow, and sometime
ay, it is otherwise. All depends upon tt
as existing requirements of trade.
i'm 1t is error to suppose that low pric'
has are the cause of an inadequate none
supply. How is it, according to th
CQoOry, LQaC hour duU DdCOu 6uU 1al
and beef and butter have made sus
rapid advances within the past tW
,et- weeksa Other causes are in operatic
,a which must not be overlooked. II
whole field must be examined and not
'no part only.
led IL is mere waste of time for any OF
has to attempt to convince m, that mOn,
oso has great power to oppress. l kno
r. that, and knew it long y ,ars ago. A
In property has the same r,wer-all go
his ernment has it-all labor has it. SUE
fol- power ought not to be a.
.rs should not be allowed by the 60
ernment, if it has the constituted rig
Sin to intervene. But care should alwa
ere be taken that the intervening pow
he does not indulge in oppression. ALI go
the ernments should act justly to all class
- of its citizens. This, of course, exclud
'iS the granting of special favors Now he
'eo- any man who believes in that doctrine
gs intelligently believes it-can advoca
md the loaning of money by the governmer
-. to the agricultural population only,
uio cannot comprehend! But the favor
! to not equal, even to them. There is
lost reason which justice can suggest VI
I'M the producer of any given Drop shou
=, have benefits which are denied to OF
on- ers. All should be treated exactly alit
lse- D )es this wild scheme of loaning mon
wn, to those who raise cotton, corn a
nd. wheat, at . loss to the government, Sci
~ the ends of justice? No man who valu
ion his reputation can say so. Why is n