The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-09-12
Too Much and Too Little Money.

Congressman Bourke Cochran re-ech-
oes the cry of the eastern capitalists that
there is too much money i'll the coun-
try"
This assumption will not stand.
France, with little more than half our
population, has Il per capita circulation
of $40 and is prosperous. We have Il
per capita circulatiO of S24. Moreover,
our currency is congestcd in the east,
and it is estimated that we have not
more than So per capita in the south and
west.
The remedy is pointed out by the plank
in the democratic platform which rec
Ommends the repeal of the 10 per cent
tax on state bank issues. Repeal this
tax. which is clearly unconstitutional,
and the states will charter local banks OF
issue whose currency, secured by efficient
safeguards. will hover around the place
of issue and give us an ample supply of
home currency that will not longest at
the money centers.
Give us a sound local currency, and
the revival of commerce and industry
will follow. The federal government
has no more right to impose n prohibit
tory tax on state bank notes than it has
TO put it on state bonds, or on the notes
and checks of corporations and mcr-
chants.
The cry of wild cat currency is alb
surd. The whole people want a good
local currency, and as they would at
once detect the wild cat variety and
drive it out of circulation it would not
profit any corporation to attempt to float
such notes. even if il succeeded in get
ting Il state charter We want banking
system that will accommodate our far
merS and real estate owners. and not
discriminate against them as the ma
tional banks do.
There is not too much money in the
country. There is too much of it in the
east and too little in the south and west
If France needs $40 per capita this
growing country needs $50 Even jay
Gould admitted. Il year or two before
his death. that the country needed more
money. With 4 small per capita circu-
lation. prices fall, industry lags and only
the favored few are able to make any
progress. Here is what Hume said of
the currency supply:
We find that in every kingdom into which
money begins to flow in greater abund
ance than formerly everything takes a
face; labor and Industry gain life; the mer
chant becomes more enterprisng the man
Hfacturer more diligent ana skillful and even
tie farmer follows his plough with greater
alacrity and attention. nation whose
money decreases is actually Mt that time
weaker and more miserable than another
nation which poSS asses no more money, but
Is on the increasing hand Falling prices
and misery and destruction are inseparablc
companiunS. The disasters Of the dark ages
caused by decreasing money and falling
prices. With the increase of money, labor
and industry gain new life.
And Sir Archibald Allison in his His
tory of Europe" thus describes the Of
feet of England'S issue during the Ma
poleonic wars of S25O,00O,00G in uncon-
vcrtblc legal tender notes:
Prosperity unheard If and unparalleled per-
vaded every department of the empire: the
landed proprietors were in atiucnce; wealth
to an unhcard OF extent had been created
among the farmers: revenues were quad
rupled: our colonial possessions encirced
the earth. This period terminated in Il Hood
of glory and hlaz" Of prosperity. such as
had never descended upon any nation since
the beginning of time
The people whose votes put the dem
ocratic administration in power do not
think that we have too much money.
They demand more money and in their
platform adopted at Chicago they call
for free gold and silver coinage and
state banks. The will of the party as
expressed in its platform is the law
which the present administration is in
duty bound to carry out.
With honest men there is no difference
between democratic rascalS and republican
rascals.