The herald., 1893-07-27
MORE MONEY 9HR DEMAND OF THE
HOUR.

unduclui upn6dVRl In the history OF thl
United States than that which has jus
swept over this country, and the end il
apparently not yet. We call it artificia
because. It is directly owing to two
causes. The first is the attempt OF Eng
land to force this country into the bi
metallic league, and the second is the
great lack ofmoney. The per capita o
circulation ought to be doubled, and ever
that would leave US with q considerably
less circulating medium than that o
France, although ours is a young and un.
developed country, with thousand lat
ent resources that uld,furnish rem un-
erative employment for capital for years
to come. The great paucity of our cir
culating medium is also enforced by the
fact established by the several compila-
tions OF the census that the popula-
tion Of the United States is increasing
at the rate of two and one.half per cent
a year. Notwithstanding this circum.
stance, our people are obliged to do bus
mess with less money than was in cir.
culation when the war closed, although
at that time our population was in all
likelihood only twenty-five millions of
souls as against sixty-five millions now.
Political economists of the gold-bug
class are in the habit of referring to
periods when the currency of the coun-
try is abundant as those of wild expan-
sion. After such periods of xpansion"
a great reckoning is to come, when the
masses OF the people, who have been
allowed an interval in which they could
play their lungs to their fYll capacity,
must be severely punished for the deeds
done in the lusty wealth OF nature they
have enjoyed. Great disasters are
ahead, we are told, for these wild and
distempered flights Of the giddy multi.
tude.
As matter OF fact, these periods of
expansion are really the only things
that prevent the country from falling
into state of downright coma. 1t 10 in
these cycles that the great Developments
are made that stamp an era with the
indelible marks Of progress. It is no
longer possible, as in the age OF the
Ptolemies, to employ millions OF seris in
the building of monuments like the
Pyramide. The power that the edict OF
the Pharaohs carried with it is, in the
modern world. replaced by the intelli-
gent and energetic use of abundant capi-
tai. The disasters that are to follow
periods of expansion are entirely artifi-
cial, and are created bv the very persons
who hypocritically affect to deprecate
them. The energies and intellect OF
these Cassandras are steadily applied to
restricting the volume of the circulating
medium. As in nearly every instance,
the income of these persons is in the
shape of some fixed charge on
public debts of some sort, whose
amount does not diminish with
the diminishing circulating me-
dunn, the purchasing power of their in
comes increases in direct ratio with the
shrinking of the volume of the currency.
The latest and most Machiavellian de-
velorment of their subtle policy is to
destroy silver altogether as constituent
of the currency of the world, and to
throw it into the mass OF commodities
to be measured by the single gold stand
ard. The successful carrying out Of this
plan would really put the whole world
up at auction to be bought in by the
persons of fixed incomes. The mainten-
apce OF this system would mean the en-
slavement of the world. How long it
would last it would be hard to say, but
it may be safely predicted that such
system, standing the financial world on
its apex. instead of on broad and
stable base, would topple over very
shortly, and in its overthrow would fol-
low, in extensive sections of the globe,
reputation of obligations of all kinds.
In crude kind OF way the masses
would come to the conclusion that one
form of robbery justified another. and it
would be case OF spoliation versus re-
pudiation.
By the last census the wsalth OF the
United States amounted to sixty-five
millions of dollars. In the last four years
that sum has probably increased TO sew
enty millions of dollars. Our resources
are simply illimitsble and comprise the
most precious kinds OF national riches.
We could close our ports against the
whole globe and supply ourselves with
everything needed for our well-being.
Our credit is the best in the world.
What we need is more money. There
ought to be at least twenty dollars per
capita more to make the United States
responsive to its mission. What the
country expects congress to do in the
coming special session Is to pass joint
resolution pledging the credit and honor
of the United States to maintaining at
standard value every kind of money that
bears the stamp of this country. That
of itself would 60 great ways towards
restoring confidence amongst the people.
It would act like bugle call. Then it
ought to pass bill for the free coinage
of American silver at least, leaving to
later period the question OF admitting
foreign silver to the privilege of free
coinage. That would be playing thu
American right bower on the British left
bower, viz, the closing of the mints Of
India to free coinage.
What else ought to be done towards