Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1892-11-05
THE MONEY QUESTION
M TiONAL FINANCES, NATIONAL DEBT,
NATIONAL BANK NOTES.
What the Republicans Have Done and
What the Democrats Have Not Done.
Also What the Democrats Want to Do.
ISpecial Correspondence.I

Also What the Democrats Want to Do.
Something, About State Bank Currency.
Especial Correspondence i
WASHINGTON, Oct 24.-The public
,lebt statement which is to be issued q
FEW days hence will show a continua-
ton of the reduction of the public debt.
The complaints made against the Re
publican party by the Democrats regard
ing its expenditures of public funds
must he recognized as an unjust one by
every man who stops to consider what
the Republican party in its admlnlstra-
ton aof the government has done. Since
1865. when it set itself seriously about
the task Of paying Off the public debt,
which a war waged by the Democratic
party had piled up, it has reduced the
indebtedness from $1S per capita to $i3
per capita, and reduced the public debt
from So. 756 900, 900, to $S,GC0,000 in
round numbers. Such a record for any
party or any government IS unheard OF
in the history Of nations.
The record Of the present adminlstra-
ton in relation to the finances of the
country compares favorably with any
which has preceded it in the long line
Of Republican administrations, and con-
trasts in a marked degree with the
Democratic administration during the
four years prior to the Inauguration OF
President Harrison. The Democratic
charge that this administration has dis
sipated surplus which the Cleveland ad-
ninistration created in the treasury is
shown to be false by the fact that that
SO called surplus has been expended six
times over by President Harrison's adj
minjstration in the reduction Of the
bonded debt.
Another sub ject relating to the finances
of the government about which good
deal Of talk has been made is the amount
of money in circulation. In this con-
nection it may be interesting to COM
pare the conditions in this country with
those in others A careful study OF
the finances of the world shows that
among the nations who count their
population with eight figure;-cr, in
other words, among the nations whose
population is over ten millions Of peo-
ple-only one has rs large an amount OF
money per capita Of population as has
tie United States. The amount Of
money in circulation in the United
States is 223.62 per capita, OF which
slU.57 is gold, $8.55 silver and s;6.3l pa
per. Free trade Great Britain, after
which the Democrats are anxious to
pattern, has but $17.o0 per capita; Ger
many has even less-$16.4O per capita
Austria ungary has still less-S9. 50
per capita. The per capita amount ct
money in circulation il the United
States is double the average per capita
il, the great nations Of the world
One other subject may be Of interest
in discussing this question Of national
finance. That is the subject Of national
bank currency as compared with stata
bank currency, which tie Democratic
J party proposes by its platform to re-es-
tablish 4 comparison OF the losses by
depusitors, 1oteholders and all creditors
of national banks in that last thirty years
with depositors and noteholders Of pri'
vate banks i; startling. An examination
of the losses through rational banks since
they were established in 1853 shows
: that tie a1li,lal average loss to depcs
itors and other creditors during the en-
tire period has only been one-twentietl
Of | per cent Of the entire liability Of al
national banks.
The comptroller Of the currency show
ed ii his report Of 1891 that the losse:
by failures of private banks Throughout
the country amounted IN a single year
1S9O-to $17, ,419, which exceeds b,
over So, ,OOO.O00 the total losses by th'
national banks since their establishment
in 1863. This shows the contrast be
tween the condition Of tie nationa
banks and the private banks Of today
\ Looking back to the history of r'ivat
banks when they were permitted to lssu
currency the contrast is still more strik
ing. Thonpson's Bank Note Repolte
for October, 1859, shows the failure o
no less than 1,547 banks between Aug
"A and Nov. l Of 1857.
Another authority, The Elliott Fundin;
system, reports that in the year Q
ls4l, fifty-fve state banks, with an az
r gregate capital Of $67, ,o36 ,265, and a Gil
. culation of s23, ST., ,752, failed, and tha
in nearly every instance the entir
capital and circulation were los1
Thompsons Bank Note Reporter Of Nov
IA. 1858, reports the notes Of all bank
q in Arkansas, Florida, Iowa. and Mis
sissippi of doubtful and only nomina
value, and the notes Of all banks i
Wisconsin at discount Of pc
cent, those Of Virginia from to IS pc
cent, those Of North Carolina IL pc
cent, those of Ohio and Indiana from
n to 50 per cent, and those Of Illinois fros
9 to so per cent.
This is the sort of money to which th
Democratic party wants to return.
Democratic Attempts at Fraud in Ne
York City.
. The Republican campaign manager
= have discovered great preparations K
frauds by the Democrats OF New 4or
city. Colonization and repeating, fraud7
lent registrations and purchase of vote
were among the plans outlined and beln
put into operation. The Republican
under the leadership Of Committee1na
Martin, of Pennsylvania, have arrange
to defeat these plans. house to hou
canvass has been made in New 4ol
city, where the law authorizes suea
I canvass. Over 5000 men were sl1nU
! taneously put into the various war;
1 and voting precincts Of the city, al
| householders, keepers of lodging al
] boarding houses and others and vote
-.or11ira1 tn on va accnrat9 1