Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1891-11-21

NEW ORIKANs. La, November 13.-The
National Bankers association, in session
here, heard read letter from the secretary
of the treasury.
The letter recites the features of the silver
bill of the last congress; gives statistics of
operations under it, and continues:
while it is true that the amount of money
in circulation in this country at the present
time is greater than at any previous period
in our history. and more per capita than in
any OF the leading commercial nations of tho
world. with the exception of France, am of
the opinion that, owing to our rapid growth
in population and wealth and the ex.raor-
binary development in all kinds of business
yearly, the increase in our circulating me-
dunn somewhat proportionate to our growth
in population u absolutely demanded.
1.-The issue of treasury notes under this act
affords such an increase of perfectly conven-
lent and sound currency. That this addition
to our circulation has proved beneficial was
forclbiy exhibited during the spring and
summer OF the present year, when through
tho necessity of Europe, gold was withdrawn
from this country in large quantities, aggre-
eating in the brief period Of five months over
100000.
out IOI Tue SUBSTITUTE pfOvlQoQ 1Of 90.
nestle trade in the form of treasury notes
issued by the government in the purchase of
silver bullion, 1t IS probable that this country
would not have been able to stand this enor-
nous drain of gold without producing strin-
gency In money markets and serious bust
ness disturbance.
Another object of the act of July IA, 1880,
product OF the Unitel States by requiring
the purchase of quantity of silver approx
mating the monthly product of our
mines. That this last absorption of silver by
the government for currency purposes would
cause rapid enhance in the value of sllver,
was very generally believed. Under the ope-
rations of this law silver advanced from sc
cents per fine ounce on the LIST of January,
1880, to $1.21 on August -, 1880. That it
has again refrigerated in price is owing in
part to the fact that because of the liberal
policy exercised by the treasury, as required
by law. in the purchase of silver, both rs to
the quantity purchased and price paid, large
amounts of foreign silver were attracted to
this market. Other causes have operated to
produce this result, prominent among which
is large falling off in shipments of silver to
India and China.
1T is claimed by those conversant with the
product and movement of silver that when
the visible stock upon our market is disposed
of, the monthly absorption, As, OC0, 900 ounces
tendency to steady the price of the metal.
eff reconciliation of silver as full legal
tender is ever to be accomplished, it can only
be done by the action of nations of sufficient
commercial importance to maintain some
fixed ratio in the coinage between the two
metals. The new silver dollar is an important
step in that direction. 1t seems to me that
the act I'm der consideration is decided i'm
provement upon tie provisions of the act of
1878, which it repeats, in that it furnishes a
sound currency to meet the growing wants
of our country ano has a tendency to reduce
the difference in value between the two met
ais, and thus help to restore the equilibrium
20 much desired