People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1892-11-18
EXPERT TESTIMONY.
Eminent Financiers Testify to the sound
ness of POpuli>t Principles.

AhC oNAAohA III NiAN PIOHAO POI
| platform for an increase Of the currency,
and that the government, instead of
banking corporations, shall issue thI
currency to the people, have been met
by the two-fora-cent editors Of the re-
publican press with derison. We have
been assured that there is an abun-
dance of money in circulation, and that
the national bank currency is the best
the world has ever seen. The author
ity (?) of Secretary Foster has been cited
to show that we have more money than
ever before, and the calamity bowler"
has been informed that he is an igno-
ramus and knows nothing about the
question Of finance anyhow. He should
stick to his pillow, work harder and prac-
tice greater economy, leaving the great
questions of finance to John Sherman
and other great men who have made
such subjects study.
In connection with these issues, it
affords us great pleasure to quote from
a few distinguished fnanciers who can
not be said to be entirely ignorant upon
these subjects. The American Bankers
association has recently held its annual
session at San Francisco, Cal 1t is
certainly fair to presume that those
who are sent as delegates to the annual
meetings of this association are sue
cessful bankers, good fnanciers and
fair representatives Of their class.
Their evidence in this case should GER
tainly have weight with those who
base their opinions upon the testimony
of eminent bankers and financiers
rather than upon personal investiga-
ton and reflection Mr.. Frank L.
Miller, cashier of the national bank of
d. 0. Mills & Co, of Sacramento, said:
This nation and others need the issue OF gov.
! ernmental paper money to accomplish the
carrying OF silver National
bank circulation should be retired to make
room for silver notes, but the system OF nation
al banks should be retained The men who
made this state Of California came from all
parts Of the union. They had had much expert.
ence with the state issues prior to 1850 and
knew that no state could make its citizens
note legal tender They believed in squarely
coming up TO, and supporting, that clause Of
the United States constitution which says that
no state shall emit bills of credit As result
of their combined experience can speak with
/ a hnritv ard no f1o 81
will attack and diScredit all state bank issues
Let all the states Of the union listen and copy
! these loyal and honorable words OF the CalifOr-
MIA constitution: mo one shall issue or put
into circulation as money anything but the law
full money of the United States"
r. NJ Widney, L. L. D., president of
the University bank of Los Angeles.
Cal, in paper treating in an exhaus-
tive manner of the volume of money in
circulation, gives the following testi-
mOny of the imperative necessity of the
increase of the currency demanded by
our platform:
AT no time in the history Of the race has the
money question so imperatively forced itself
upon the people, and demanded a careful con-
sideratiOn and wise and Just solution. II mus;
be solved. II will force solution II will
never again rest until it is solved or principles
of justice and equity, and in the interest OF the
masses of the people The conflict is ire.
pressible, and the common intelligence will ac-
cept no solution that does not work out tie
prosperity of the masses. The first question is,
what is the volume in the world-in the civil
lied nations-in the United States and in each
state:
Then, after giving statistics showing
the volume as above. Mr.. Widuey con-
| tinueS:
Tine treasury report of i3LSl per capita OF
general stock or Of S23 Il per capita In circula.
tion, while true as a treasury balance sheet
which alone it is, cannot be used as basis for
estimating the working money capital Of the
nation With this vivid picture in our minds.
as to the actual volume Of money in the bust.
ness world its distribution. and the amount
available for active business and held as re-
serves, lost destroyed exported and tied up in
| pocket and till reserves, let lis next examine
! the business activity which calls this money
! into use.
| The volume Of business in the United States is
vastly above Sl700O0 OO), 900 annually. Our total
volume OF monev represents only six mills on
! the dollar for actual business But il YOU take
! the actual volume of money available for bust.
! ness II Will represent such 4 small fraction OF
! a cent that we cease 10 wonder At the impOSSi-
bility OF moving the volume of trade and only
wonder that business is not totally paralyzed.
As bankers you understand that the actual
volume Of money holds the same relation to the
volume Of business that the cash reserve OF a
! bank holds TO its deposits
! There can be no permanent prosperity until
our available money is increased Increasing
/ disasters are abuniantly stored in the future.
on the present relation between the volume Of
money and business
! You might as well try to run the railroad
! business Of the United States with few
! hundred cars
| When you look over the commercial growth
Of the world the danger is more apparent
! South America, India Asia and other minor
/ communities which have been in a commercial
sleep for ages are suddenly awakening to activ.
| ity and life
/ They have hitherto had about Oh per capita
| IN money for business. Now they will draw
immense volumes from the money stock of the
more advanced nations Nothing can stop 1t.
India In recent years has absorbed over II co.,
OJO,OO OF coin money, volume which has not
! even filled the pocket and til reserves of that
nation. China is absorbing hundreds Of mil
lions. and its presence among the vast popula-
ton is hardly detected The redisiribu ion OF
the worlds coin money is hardly commenced.
and the nations having more than their per
capita must surrender more and more until
somewhat of an equilibrium is reached While
this international disturbance is occurring.
there is similar one occurring in the United
States The south and west are developing With
phenomenal vigOr and rapidly. They are alb
sorhing vast amounts Of material and money.
They must draw on the volume Of inc other
| states
=
Various methods have been suggested 10 fur.
nish money supply. Erroneous ideas
at this critical point result not in producing
money but an erroneous substitute for it
which, when used in the commercial world.
sooner or later breaks down to society's injury.
know Of no definition OF money that includes
all that should be included and excludes all
that should be excluded Isubmit the follow