The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-09-11

HoAnpIss CURRENCY.

The Republican state convention OF
Pennsylvania passed resolution urging
the increase Of the currency 20 80 per
capita. OF course IL doesn't make any
differences how much money there is in the
country so long - people hoard their
money as at present instead Of banking il.
We never had 80 much money Of all sorts
rs We have today, and yet during the re-
cent panic currency was exceedingly
scarce, and did not become plenty until
public Conscience began TO return.
Doubling the currency OF our country
today would not help matters II panic
psevailed, for nobody would bank his
money. Furthermore IL docsn't make any
difference how much money there IL in the
country unless you have something 10
give in exchange for it--iabor, land or
goods. This per capita idea 10 very stupid.
There il absolutely nothing In IL A bright
Western merchant In Kansas CITY last
year biuntly told q crowd of percapita
howiers that money was not a question OF
per eapita at all; IL was question of per
poetifa: that anybody who had any col
fatersi could buy money, and he noticed
that she fellows who howied the ioudess
about the per capita supply Of money
nessr had any collateral; they we're never
willing TO work never had any land or
goods: never had character enough to
have any credit; they were destitute OF all
kinds Of collateral, material or spiritual.
This Pennsyivania proposition TO in
crease the volume OF our currency TO $40
per capita would nearly double its present
amount. II 10 an old financial chestnut"
and Is based on the fact that according to
mint statement of August l6. 1898,
France has at the present time stock OF
money of all kinds. gold, silver and paper,
OF the aggregate Of $i0.56 for each inhabi-
fant. Moro than half this volume of cur
rency, $500. 000. coo. Is I'm gold. The United
States has only three-quarters that amount
Of gold. These rennsyivania per capita
advocates Of course do not contemplate
swelling our stock of gold until our cur
rency stood for $40 per capita; these per
capita philosophers never mean that; they
always desire cheap money and plenty
OF it,
OF course the only way our government
could &c. more gold would be 10 bur II,
but the Pennsylvania financiers expect 10
sweli the currency TO the $40 per capita
with sons deprecated. inferior kind of
money that congress can provide. They
would expand the currency BY increased
issue OF deprecated silver dollars aud fiat
paper.
France uses largo stock Of money be-
cause her pecpis are less accustomed than
ours TO use hank eredits-notes, drafts and
cheeks-in settlements. Their methods of
doing business are less convenient than
ours. since II requires larger volume of
currency.
But the money Of France Is not the kind
of money that the Pennsylvania altman
eiersr desire. France has $500. ooo. 600 IN
gold. With this there circuiates <,lSo. ooo, 0D1
full legal tender silver. kept at par by the
fact that the amount cannot be increased.
as no more legal tender silver is coined.
There Is besides So. 0oo.uo subsidiary sill
vgr of limited legal tender and ssi, sas. 600
OF paper currency. We have within
$4,000 as mitch silver currency as the
French. while We have SAL. 0oo.n0 uncov-
cred paper currency against their ssi, 600 :
600. With silver purchases stopped aud free
silver coinage no longer danger. IL would
probably do no harm for this country to
increase its silver currency TO the extent OF
the silver bullion already owned by the
government. This would give us a. much
silver a. the French. but this is not whas
Pennsylvania wants; she wants cheap
money and plenty OF it. under the delu.
sion that in large volume Of currency lies
the cure for ali financial Ills