The herald., 1893-08-25
THE NEED OF MORE MONEY LEADS TO
A STRANGE INCIDENT.

| Wnllo 0lmObt &uy m68u6 Oh increasing
the amount OF money in circulation in
the United States would be welcomed,
there is something surprising, to say the
least, in the easy grace with which many
Democrats have surrendered their ira
ditional ideas on many subjects. If
there is anything thoroughly we'll sstab-
lished it has been the Democratic oppo-
sition to the national banks. They have
been held up a. the source Of unnum-
bered evils. All ct once, however,
Democrats in great numbers are not
only appearing as the champions Of the
national banks. but Secretary Carlisle
recommends that they be empowered to
increase their circulation to the full
amount Of the bonds on deposit in the
treasury department. The recommends
ton is made on the ground that thereby
the money in circulation will be in
creased to the amount Of $l9. 200, 900.
We wish 1t to be distinctly under
stood that the HERALD has no earthly
objection to this increase, or to any
other increase, always stipulating that
the banks shall not be allowed to con-
tract it at their pleasure, thus produc-
ing artificial psnics when they desire to
do 90. But 10 does seem little singular
that great nation should resort to .
pitiful little makeshift like this, while
great masses of Democrats will DO para
lyzed at seeing the leaders of their party
marching over to such impregnable Re-
publican ground. They can scarcely
well avoid exclaiming, "Can such things
be and overcome us like q summers
cloud, without our special wonder ?"
By what authority do these modern
leaders Of the Democratic party arrogate
to themselves the right to repudiate the
heretofore essential principles OF, the
Democracy That there will be an in
quiry in the nature of a court martial
under this head let no man doubt. Such
gIaring departures from Democratic us.
age and tradition may in time be for
given but they can certainly never be
forgotten.
After all, this petty nineteen mil.
lion dollar extension OF the circula-
ton il picay unish in the extreme. 1t is
but drop in the bucket. New York is
assuming great airs of superiority over
the west. The New York banker tacitly
announces, by his Important airs. that
he, and he alone, is master OF the situa-
ton. And yet what are the facts?
AS a mere matter Of verify the New
York banks have been in worse plight
than those OF the western cities. and they
have only protected them selves from
closing by the most extreme measures.
II it had not been for the issuance of
clearing house certificates to the amount
Of nearly forty thousand dollars every
bank in the city of New York would
have been in the hands of q receiver.
with the exception of the Chem ical aud
several other banks that take pride in
keeping as much coin or it's equivalent
on hand 40 their deposits amount to.
By their action in issuing this large
amount OF certificates the managers of
the New York banks admit that there ID
not sufficient circulating medium on
hand. With the convenience Of the
sub-treasury in their midst, and with
this free recourse to clearing house cor
tificates. the banks OF New York have
just barely kept themselves from clos
ing. And yet it is these personsges who
have the impudence to say that the
people OF the interior have all the money
they need.
1t is under such q policy that enter
prise languishes, that agriculture is pal
sled and enterprises paralyzed. With a
country absolutely reeking with abun-
dance in all lines of production, there is
not money enough to move the crops.
Judging by the listless air of the farmer
one would suppose that we had struck
the era of the lean kline that prevailed
in Egypt in the old days-those days of
pest, plague and famine rarely known in
the worlds history, as so graphically
described by Milton
As when the rod of Amram's potent son.
In Epypts evil day, waved round the coast
Up called ritchy cloud of locusts,
Warpfpg on the eastern wind.
Not only is the United States not suf-
fering from any famine, plague or pesti-
lencs. but her people are abnormally
healthy, crops are abundant, all the con-
ditions OF prosperity exist on all hands,
every prospect pleases and only Wall
street is vile.
We are confronted today with the
fact that there are worse things than
failure OF crops. With plethoric yield
in all lines of agriculture and horticul-
ture, thu farmer and the orchardist
never felt so poor as he does today
Without money to move his Crops he
sits benumbed and despairing over a
prodigal outpouring Of natures stores.
Will the American people submit to
seeing themselves strangled? We do
not believe it. With the twin moneys
of the constitution coined on equal
terms, and their parity assured, and
with an expansion of our paper cur
rency adjusted to our present needs, and
automatically arranged to respond to
the real business needs of the country,
the United States will then stand in the
forefront of all the nations of the earth
in all that goes to constitute an enduring
prosperity.
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DEATH OF A. w. POTTS.