The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-18
The CoUNrRY's FIN NoEs.
,r-7enator Norwood Gives His Views
or the subject.

OK l1C oAIJCCS-
rbave been asked BY many who are pro-
f,n,dly concerned by the distorted finances
Of our country to restate the views I deliv-
srsi before the legislature Of Georgia last
Ss7tember on our financial condition. Some
rave not read them and others who have
desire them in condensed form
The financial system proposed in the ad-
dress is comprehended in three general
Tropcsitions. each of which, OF course, has
its sapsrate details or nlOdHs OperGndi
10 increase our circulating medium.
To distribute equally such increase.
: To keep such equal distribution perma-
ns1t.
aosv 70 see the Justice OF and necessity for
me other two. The second being once
sccomplished, the necessity for the third
rasult is self-demonstrative. And il re-
,uires very little thought to understand
mat neither the second nor third result can
ever he accomplished without the first as an
srtecedent. / Will, as briefly as possible.
discuss each proposition.
Is our circulation suficientl 1t may be
assumed as fact that none except the very
yVaaitny and some of the creditor class and
LADDERS are bold enough to say we have
enough circulation. The Secretary of the
Treasury. by a most remarkabl and trans
rarent delusion expressed strange to say)
IN cold figures, says we have $24 per capita
His deluding figures are these: plus SO
many billion dollars coined and issued since
our government was founded, 1ninus the
coin held by the government now,
hands OF the people, or in circula-
ton. That is. if we deduct the coming,
ETC.. now held by the government from the
CON. ETC., that the government has issued
during a hundred years or more. the differ
ence must be in the hands of the people as
the amount OF our circulating medium. The
coin consumed Ia the arts and by luxurious
use. and the amount lost and destroyed by
fires. shipwrecks. buried. lost out of hand,
hidden by misers, etc, and in other ways
d assumed by the secretary ss still 10 cir
culation.
Statisticians who have studied the Ques-
ton contend that we have not $40 per capita
in circulation, including coin aud paper
money.
But the assertion of sufficient circulation
is denial of experience. it is "kck
against the pricBs." 1t is telling starving
man he is not hungry. 1t is asserting that
France, with S45 per capita, is in worse
condition than any other government
whereas we know she is the most prosper
Gus. II is asserting that our population of
63.0O0,000 in 1890 needs no more
money than 100000 needed. in 1870
1t is useless to discuss my first proposition,
because it is agreed TO by ninety-nine Of
every hundred people.
My second proposition is:
l. That congress shall direct the Score
tary Of the Treasury to prepare treasury
notes sufficient. when added to our present
circulation, to make S35 or $40 or $45 per
CAPITA The ratio is to be fixed by congress
2 That congress shall make these notes
legal tender for any class OF debt except
duties on imports.
s. That on demand by each state the SEC
rotary shall deliver to it a sufficient num-
Der of these notes to raise its circulation to
the ratio fixed by congress.
T. This distribution would edualize. ap-
proximately, our circulating medium
throughout the United States, because the
amount thus distributed to each state would
make its circulation about $40 for each in
haoitant of each state
My third proposition is to continue that
equalization, that is, 60 make 1t permanent.
| will now briefly discuss the second and
third propositions.
l. For redemption Of these notes the gov
eminent shall keep in the treasury not
less than 25 per cent, in gold and
duties on imports being one of
the resources of this supply of coin.
The second is the one that will provoke
most opposition. Some will say it is I'M
constitutional, others that propose to issue
fiat money. others that propose to make
gift OF hundreds of millions; none of
which is true.
That congress can issue paper money is
undeniable. That congress can give 1t a
legal tender value is settled by the United
State supreme court in deciding that green
backs were and are legal tender az Wal
lace's Rep, 400. That treasury notes can be
put on par value with gold coin Is also de-
termined by that decision. But can con-
gress order distribution among the states?
Those who say no must show that congress
has not the power-for congress exercised
it once. II was done it 1886 ordering the
money in the treasury to be distributed
smong the several states. | am told New
York is drawing interest now on her share
Of the money.
If it be legal for the people to put their
money into the treasury and to distribute it
equally among the states, why is 1t not
legal Tor the people to order their agent
congress) to issue so much currency and &c
distribute it equally among the states
We must not forget that 1--WE
the people," conferred on congress
our servant, the exclusive power to coin
money; that issuing treasury notes, OF
power according the decision Of our supreme
court; that money is solely for the conven-
lence OF trade, is not property. but Is only q
nedlum for the easy exchange of property
and that the people have the right to sc
much circulating medium as the necessity
Ior exchange of property demands.
Z. Would treasury notes thus issued be
hat money! Yes, il considered literally
as when God said: Fiat ltG2'-'let there
+ De light" but emphatically no. if by fiat
DC meant money without a sound basis OF
uredeemlble; for these treasury notes are
10 rest for redemption on the promise of the
government, with the whole wealth Of the
people Of the United States to make good
"A the promise.
~ Would notes thus distributed be gift
They would not. They are issued to the
respective states to be used by them, sever.
any, as currency, and to be lent for valu.
aoie consideration in the form of interest
Ile states will not own thsm. The statel
use Them as currency and must return
.uem when the majority of the people acting
through their representatives in congress
uecide to retire this currency. No indi
VIoual person will have any right to thes,
notes except as loan.
4hls distribution rests on reason anC
ueceSSlty. Congress, having the exclusive
po"er 70 make money, has SO legislated fol
Mrty years as to throw three-fourths o.
Our Total wealth to a small corner of the
Sou9try and into the hands OF a very
tn au number of persons in that corner.
ttaey hold the currency. They
ave plethora of money. TheJ
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