The National tribune. [volume] (Washington, D.C.) 1877-1917, 1893-08-31
WHAT WILL HE DO WITH ITe

So called Sherman law being now assured,
and the timid capitalists being relieved of
their fears of a boundless initiation of the
currency under it, the next question is as to
what President Cleveland is going to do
with the several tons of surplus bullion ac-
quired through it and the Bland law, and
which has been lying idle and useless in the
Treasury for some years. If that accumu-
lation of precious metal is ever to be of any
service to the country, it is nOw-nOt next
year or even next Winter-but now-to-day.
Every man in the country-no matter
what his financial views-will unhesita-
tingly say that the greatest need of the day
is for more currency. There is every mani
iestation of such need. The Eastern bank
ers give the strongest demonstration of such
an urgent want, by the issuance of some
| S75 100000 of Clearinghouse Certificates to
take the place of money. There are several
strongly urged schemes before Congress to
enable the National banks to increase their
circulation all the way from S17,000,000 to
hundreds of millions. Other schemes are to
repeal the tax on State banks, 50 as to allow
an unlimited initiation of the currency by
private capitalists.
Fully S20O,000,000 are sorely needed
within the next two months to move the
crops which are now coming into market
Unless this can be provided from some
source the farmers who raised those crops
will be robbed of a large portion of the pro-
ceeds of their year of care and toll.
The President can supply this currency
to the country-and the most satisfactory
kind of currency-while doing an eminent
act of justice in another direction. He can
order the Secretary of the Treasury to order
this inert mass of metal have changed into
an active business factor by coming it into
dollars
Then, Commissioner Lochren is reported
to have said that he has discovered some
100000 pension claims under the old laws
which have been "side-tracked in the rush
for allowing those under the act of June 81,
1890. So far he has found about roper cent
of these are really ready for issuance, and
the remainder need comparatively little fur
Their preparation. The Commissioner is re-
ported to be eager to finish these up, allow
them, and clear them from the dockets. If
him the means by coming the silver. and
either furnishing the dollars themselves or
disbursement. If the claims are in the adj
vanced stage that Commissioner Lochren is
reported to think they are, then he ought to
be able to turn out at least 10000 month.
According to Commissioner Raum's re-
port for last year the first payments in the
cases arising under the old law averaged
SAL. IA each. At this rate the allowance of
10000 claims a month would throw into
immediate circulation in the country 49,
234, 200 every 80 days, and the whole 140, 900 |
claims which Commissioner Lochren thinks |
are substantially ready for allowance would |
put out s61, 759, 800
This money would be distributed in the
most effective way possible to the whoEe |
people 1t would not be buried out of sight |
in time-locked vaults and safety deposit |
boxes as other money is now, that disap- |
pears like river flowing into desert sands. |
1t would go to people who have actual daily |
and hourly need of money for their con-
slant necessities. They want it to buy bread |
and meat, clothing and medicines. They /
want it to pay their debts to their neigh |
bors, and they will put it into such active |
circulation that it will break the arid drouth |
in the money market like some mountain |
stream of living water directed by irrigating |
sluices upon a dry plain, and converting it at I
once into a fertile and fruitful garden.
There is every reason in the world why !
Mr.. Cleveland should do this-none that we
can imagine why he should not
He certainly cannot desire that the silver |
bullion shall lie in the Treasury as useless
and idle as before it was dug from the
mountains That would be violation of |
all economic ideas. He cannot think of re-
serving it for some emergency. because there
can be no greater emergency than the
present.
AS we have said before, Mr. Cleveland has /
one of the greatest opportunities that ever
came TO President.
Will he recognize it and improve it to the |
utmost?
We sincerely hope so.
GEN. BLACKS PENSION.
The pension attorneys and their orpans I'm tba |