The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-10-20

/ depYeciAte how would those Who are IN
| mos. need Of money get any Of il into their
| pockets, for 1: IL to be issued only to those
| who have products or land to offer a.
security. The pre:enss Of the cheap
| money advocates is tina: the volume Of the
| currency is not adequate 70 the demands OF
| the business OF the country, because they
don't happen to have any in their pockets,
| and claim that everybody would have
| more money in his pocket if some form OF
| cheap money-either irredeenable paper
| OF deprecated silver, or sub-treasury notes
were added 10 the currency. There IS
no lack Of money today. We have sl,l34, !.
| $4,000 Of paper money outstanding. We
| nave si52. 90. 90 Of gold certidcatea We
| have 1884 90. 900 Of silver certificates
| We have sl05 Oo, 600 OF treasury notes
| under the act Of 1890. We have $34e, Co.,
| 600 Of greenbacks. We have 81, oO0, 90 of
currency certificates and of national bank
notes SIP. 000,oO0. We have in the treas
ury of the United States in gold and silver
coin at IT'S market value, 500 coo, go. Not
| only that, We hold in the treasury Of the
United States more bonds OF the United
States than ali the outstanding bank bills.
But this money, paper and gold and
silver, is not enough TO satisfy the advo-
Gates Of cheap money; there is none of this
money IN their pockets; 50 they want 3
new issue direct to the people," which
they seem TO think would go direct to
their own empty pockets. Let rs suppose
that this enormous addition of cheap
money was made to the currency, how
would anybody who has bu. little money
| now have any more then? How would
they go to work TO get some of the increase
into their pocke,s? Nobody could get
any Of it unless he had labor or
! goods 70 sell, and if he had labor
or goods TO sell what difference would
it make to him whether the volume
OF currency was increased by the sub
treasury scheme, ''free silver" or what
not? II he had anything to sell,
would he not prefer to take his pay in
dear, or good money rather than in cheap
Or deprecated currency? Said John Shsr-
man IN his recent great speech:
Il is one OF the laws Of finance that the cheaper
or poorer paper money always follows the chan
neis OF circulation. / would not trust any of
yon now. ii you had two bills, one ragged enc
and the other clean You would push OF tie
ragged oRs
This is only saying that every man
wants to be paid in the soundest and best
money that he can get, and if there is a
shade of difference, present or prospect.
i've, near or remote. between two kinds of
currency the man will hoard one and pay
his bills with the other. These advocates
of cheap money, who expect to get money
into their lean or empty pockets through
great issue OF cheap money by the gov
eminent, are men as a rule who couldn't
get dollar Of the new issue because they
have nothing to sell or exchange for it.
The per capita argument is easily trav-
ersed and torn to tat.ers by an intelligent
man. Suppose today the wealth Of the
country was doubled; the people who have
the least today would not have any more:
the increase would naturally go to those
who have the most today, and SO if the
circulation today, which is $23 per capita.
were doubled, the ratio OF division would
be maintained: the people who had the
most before would get most of the in
crease, while those who had none before,
because they had nothing to sell. would
get none now. II We had free coinage of
silver tomorrow the increase would go
into the pockets of those who sold CT cents
worth OF silver to the government for a
legal tender dollar, or for SO cents more
than the market price of bullion. Free
silver would only benefit those who
wanted to pay their debts in cheaper
money than thew received. provided they
could get some OF the increase in return
for labor or goods. The Argentine Reput-
lie, with per capita of over one hundred
dollars. is in state of financial, CONNER
cial and industrial collapse. Repeated adj
ditions 70 the volume of its currency did
not check its downward march to ruin.
The official statistics of our United States
treasury demonstrate, conclusively demon
strate, the faIlacy OF the per capita argu-
meni. These give the per capita circula.
ton for each year from 1860 down TO the
present time, and show that there has
been steady rise from $3.50 in 1870 TO
s23.45 in lS9L Ii prosperity is determined
by per capita, this country ought TO be
vastly better off in 1S9o-9l than it was in
1870, but. as matter of fact. 1s70was one
OF the most prosperous years the country
has ever known, while 1890 and 1891 will
be known in history as years OF almost I'M
equaled financial and industrial. denres.
sion.
These advocates OF cheap money would
work the most mischief, If their desires
were enacted, 70 the interests of labor.
The moneyed classes could protect them
selves largely against the evils of an m.
sound, dsordered and deprecated cur.
rency, but labor would inevitably suffer.
II was the great Daniel Webster that said.
o! all the contrvances fo- cheating the laho-
ing classes Q! mankind none ass been mora
Ell ctuai than that which deiudes them with
paper money. That is the n 1st eFectusI fnvsn
ton - iertilze the rich man S fell by tie swear
% 'ae poor MAJ ura"' Oppressive
taxation bear. lite upon a community com.
pared with the robtcf!es committed bv dearA
clatea paper.
minor who Will become of are ON o-
before election dag Is entitled - registar