The Washington bee., 1892-10-29
ABOUT OUR MONEY.
OUR CURRENCY, OUR NATIONAL
DEBT, OUR NATIONAL FINANCES.

What the Republican Administration
Have Done-Also What tho Democrat
cat Money.
Especial Correspondence
NEW YORK, Oct. A.-One subject thai
may be of interest to the voter in discus
sing the issues of the campaign is that ot
national bank currency as compared
with state bank currency, which the
Democratic party proposes by its plat
form to re-establish. A comparison OF
the losses by depositors, noteholders
and all creditors of national banks in
the last thirty years with depositors and
noteholders of private banks is startling
An examination of the losses through
national banks since they were estab-
hshed in 1863 shows that the annual
average loss to depositors and other
creditors during the entire period has
only been one-twentieth of l per cent.
Of the entire liabilities of the national
banks.
The comptroller of the currency
showed in his report of 1891 that the
losses by failures of private banks
throughout the country amounted in a
single year-1S90-to 81, ATT ,419, which
exceeds by far the total losses by the
national banks since their establishment
in 1858. This shows the contrast be-
tween the condition of the national
banks and the private banks of today.
Looking back to the history of private
banks when they were permitted to issue
currency, the contrast is still more strik-
ing. Thompson's Bank Note Reporter
for October, 1859, shows the failure of
no less than /, ,547 banks between Aug. "a
and Nov. of 1857. Another authority,
The Elliott Funding System, reports that
in the year of 1S41 ffty-fve state banks,
with an aggregate capital of $67, ,036, ,265,
and circulation of $23,577,752 failed,
and that in nearly every instance the ell
tire capital and circulation were lost.
Thompson's Bank Note Reporter of
Nov. IA, 1853, reports the notes of all
banks in Arkansas, Florida, Iowa and
Mississippi of doubtful and only nomi-
nal value, and the notes of all banks in
Wisconsin at discount of per cent,
those of Virginia from to % per cent,
those of North Carolina 12 per cent,
those of Ohio and Indiana from to so
per cent, and those of Illinois from 8 to
so per cent. This is the sort of money
to which the Democratic party wants to
return.
Word comes from Washington that
the public debt statement which is to
be issued few days hence will show
continuation of the reduction of the
public debt. The complaints made
against the Republican party by the
Democrats regarding its expenditures of
public funds may be recognized as an
unjust one by every man who stops to
consider what the Republican party in
its administration of 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 $78
per capita to $13 per capita, and re-
duced the public debt from So, 756, 900, 600
to 5000, 900, 900, in round numbers. Such
a record for any party or any govern
ment is unheard of in the history of
nations.
The record Of the present administra-
ton in relation to the finances of the
country compares favorably with any
which has preceded it in the long line of
administrations, and con-
trasts in a marked degree with the Dem
ocratic administration during the four
years prior to the inauguration of Presi-
dent Harrison. The Democratic charge
that this administration has dissipated
surplus which the Cleveland administra-
lion created in the treasury is shown to
be false by the fact that the so called
surplus has been expended six times over
BY President Harrison's administration
n the reduction of the bonded debt.
Another subject relating to the finances
If the government about which good |
leal of talk has been made is the amount |
# money in circulation. In this connec-
ion it may be interesting to compare the |
conditions in this country with those in
,thers. A careful study of the finances |
# the world shows that among the ma
ions who count their population with |
light figures, or, in other words, among |
he nations whose population is over TO-
'O0, 900 of people, only one has as large |
N amount of money per capita of the
population as has the United States.
The amount of money in circulation
n the United States is $25.62 per capita,
f which $10.57 is gold. $3.50 silver and
6.51 paper. Free trade Great Britain,
Ifter which the Democrats are anxious
O pattern, has but $3.50 per capita.
has even less, $16 40 per capita.
Anstro-Hungary has still less, $3.50 per
;spita. The per capita amount of money
d circulation in the United States is
lcuble the average per capita amount in
ke great nations of the world having q
,opulation of 10, ,0OO, 900 or more.