The daily state chronicle., 1891-04-26
THE MONEY QUESTION.

The press of advertising upon our
columns is so great that we are COM
PEELED to leave out our usual amount OF
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, 1S91.-Since I
wrote to you expressing purpose not
to write again on a financial or other
subject connected with governmental
administration, l have received copy
OF the New York Journal Of Commerce
containing an answer to al inquiry
which propounded. Thinking that this
answer would shed some light upon the
volume Of currency outstanding and
ready to come into use, if not already so,
l have concluded once 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
had placed it where could find it when
ever chose. But it has been mislaid
and now have to depend upon memory,
1.-THE warder of the brain" shall not
ENLARGE the figures which the Journal
OF Commerce gave as coming from Off
clal sources, but approximate them as
we'll as | can.
NO man can successfully lmpeach the
character of that newspaper. 1t is re-
garded now, as it has been for many
years, as excellent authority upon all
matters OF business, and when it makes
statement Of fact, he is bold or reck-
Official statement may be questioned, but
1t devolves upon any one who does it, 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 billion and half dollars,
or about twenty four dollars for
each man, woman and child in the
country provided the census reports
be accepted as true enumeration Of the
inhabitants of the country.
1t is alleged, however, that all of this
is not in CIRCULATION. No one so pre-
tends. There never was period in the
history 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 fol
investment Banks and bankers are moi
the only persons who will lend it fol
that purpose. The plan is universal
with all the classes of the people. The
only money which is absolutely with
drawn from the arteries of trade is thai
which is boarded, generally in small sums
by those who know nothing of the value
OF the use OF money. In every county
and town of any size in the country
can be found persons who, when the,
get hold of dollar, put it away in wha
they regard secure place, and there i
remains, unless ABSOLUTE NECEssIT,
shall force them to use it. All solven
banks and bankers must have quantit,
of money on hand to meet demands
But it is going out and coming in ever,
day.
1t is also said that much of the coil
has been sent abroad, or lost, or used il
the arts. There is no doubt that mucl
of it, now and then, is exported, and i
is equally true that foreign coin is i'm
ported. The difference is not so grea
as to affect the quantity of the circu
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
posed of 4sO grains. The standard dol
lar has but 4121 grains. No pruden
manufacturer would pay one hundre,
cents for 412a grains, when he could ge
48O grains, at the same price.
OF the fifteen hundred million
outstanding, according to the officis
report referred to, there were abou
$4O6, 600, 900 in gold coin, $147, 900, 90
in silver coin, $310, 600, 900 in silver Gel
tifcates, $40, 900, 600 in gold certificates
$340. 900, 900 in treasury notes and $l6S
600. 900 in bank notes. The abov
figures are WITHIN the official ones
Now, confess myself at loss to under
stand how any one, unless he has th
hardihood to deny the authority of state
ments by the U. S. Treasury, or allow
his imagination to indulge in the wildes
guessing, can say that the circulation G
the country is less than S. per capita
No reasonable man can think-and so
this with all proper respect-that one
half of the outstanding coin and pape
is kept out of circulation by boarding
or loss, or commission or export, In q
one hour in each day are there man
millions in active circulation. Bu
every day there is ready for us
whatever q healthy business may re
quire. Money flows in and out aimos
continuously. Sometimes the influx j
greater than the outflow, and sometime
it is otherwise. All depends upon tn
existing requirements of trade.
1t is error to suppose that low price
are the cause Of an inadequate MONEY
supply. How is it, according to tha
theory, that flour and bacon and lart
and beef and butter have made sucl
rapid advances within the past two
weeks9 Other causes are in operation
which must not be overlooked. Tht
whole field must be examined and not
part only.
IL is mere waste of time for any one
to attempt to convince me that money
has great power to oppress, know
that, and knew it long years ago. Ali
property has the same power-all gov.
ernment has it all labor has it. Such
power ought not to be aud
should not be allowed by the gov
ernment, If it has the constituted right
10 intervene. But care should ALWAYS