The advocate., 1891-08-19

ana ble cn6ckb- -Anu-urATGS proportion OF 81
feCtive currency has extraordinarily in
creased until to day, though we have $3.50
actual money, we do 95 per cent. of our
business in checks and drafts, and secure in
that way an enormous additional expansion,
potentially, of our circulating medium.
If, as we say, and as the secretaries of the
treasury of both political parties have said,
and as every we'll informed man says, our
currency has largely expanded, then it
ought TO be true that in the last twenty Eve
years interest rates have fallen and speCula-
tiOn has been great. And are not these
things so2 Interest rates have continually
decreased. Great speculative enterprises
have been continually organized. The
great west has been opened, lands broken
to the plOw, money loaned in enormous
quantities and all this in addition to the
wonderful growth of our manufacturing in
dustries, requiring prodigiOus investment
of money. 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 government off,
cials, if they needed any further proof, and
lays upon Senator PETER the burden of
proof TO show that the currency has not ex-
panded. The use he makes of the official
figures in undertaking to prove a contrac-
tion we showed at the beginning of this ar
tiCle to be deceptive and altogether con-
trary to the historical facts.
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 get that much of first-clasS money, the
only kind of money that a nation of our
standing should have.
Compare the foregoing with the
closing paragraph of an editorial in
the issue of April 4, 1890, in answer
to Pleasanton correspondent, who
made inquiry concerning the amount
of money in circulation during the
previous ten years. The paragraph
is as follows:
There is still another very interesting
feature about our circulation, beginning in
1866, when the actual currency" circula-
tion was upwards of $50 per capita. But as
our correspondent does not inquire any
thing beyond the "last ten years." we begin
at 1873, just when the secretary of the treas
ury begins in his message concerning the
circulation. There has been an actual de-
crease per capita since 1882, and large rel
ative decrease in comparison with the busl-
ness development of the country.
subsequently another correspond
ent made further inquiry Of the Cop
ital upon this subject, and in the
issue Of April II, 1890, a detailed
statement is given from which we
extract literally. The various kinds
and amounts of currency are here
tsbulsted; and it will be observed
that the 7-3Os which, in the editorial
of July rs, 1891, are declared never
to have circulated as currency, are in
oluded in this table. Compare this
statement with the former ones. The
following is the Capitals table and
editorial comment on April II, 1890:
Bonds due In 1853 6S................. SS,9O8,34
1907 SO7.............. 9,4l6,25O
Compound interest notes ..... l59,Ol2,l4O
7-3O Treasury notes es............, S06,28l $50
Temporary loan, ten days notice. l20,l76,l96
Certificates OF Indebtedness. s....... 1851, 900
United States notes es............. 4OO,S9l, 1868
Fractional currency. 1,07O,S76
Gold certificates of deDOSiL - lO7i3lS0