The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-03


WASHINGTON, d, O., July 2,-Ex-sen-
ator John B. Henderson, OF Missouri,
who has devoted long and careful study
to matters OF finance, has addressed to
Secretary Carlisle tho following CON-
munication:
10 Hon, John O. Carlisle SctrLtdrvo the Treasury
promised to give you in writing the
substance OF my statemonts mado to you
in conversation touching the monetary
condition OF tho country. then OK.
pressed tho belief that tho present strin.
gency is produced, not by any lack Of
iRsutlcioncy OF our currency, but ythe
loss OF confidence produced among bus
iness mon because OF the bad quality or
inferior character Of u large part Of that
currency.
There is no error Of more common
prevalence than that the abundance OF
money issue necessarily is to the com
mOrCial or buSinuas energy oil people.
OF course u certain amount OF money
tokens arc absolutely essential with
which to effect the smaller exchanges
OF commodities.
These money tokens do not create
exchanges, but the exchanges create u
necessity for the tokens. Money tokens
donot grow wheat and corn, nor manu-.
fNcture cloth, nor operate railroads, nor
sail ships. Labor and skill do these
things; and among q people entirely
civilized over 05 per cent OF tho OK
changes necessary in these operations
arc Consumnated through the medium
OF bank checks. Experience demon.
stratos that this mode Of exchange is
more convenient safer aud less expon.
sive, and experience also demonstrates
that these bank facilities become on.
larged or contracted as money tokens
become scarce or abundant. This is u
business law US inOxorablO US tho laws
OF nature. Hence there is less danger
in limiting the bulk Of circulating
money than people generally imagine
The bank check ia better for another
reason, to wit: That having performed
it's office 1t ceases to circulate; 1t is re-
moved from the volume Of circulating
money and is forever cancelled.
II the exigencies Of business demand
another check it 10 issued anew aud that
in like manner is destroyed whom its
object has boon accomplished. We shall
never have perfect currency until
every note used for circulation shall be
destroyed on its return to the authority
issuing 1t, and no now note issued ex.
except foS value and only at tho call Of
business demands. England has come
to this and America with England's ex.
perienCe will do likewise
The amount Of money in circulation
per capita among the people, Of the
United States on the first day OF July
from 1873 to 1893 inclusive is then given.
Continuing, Mr.. Henderson says |
think am safe in asserting that from
July /, 1878, to July ], 1893, we enjoyed
very great prosperity, individual and
nationally. There was no lack Of money.
The average per capita circulation dur
ing that period was $50 81, From July,
1860, to tho present, period Of great
monetary strlngoncy, We find m aver.
age circulation per capita OF S23 IS. 1t
is therefore apparent that in tho COM
mon parlanco "times" may be "hard"
and money scarce with tho most abun.
dant circulation. II, on q given day,
the active business men OF community,
for reasons, good or bad, but satisfactory
to themselves, resolve to make nofurthCr
contracts, to quit all business transac.
tions, seeming scarcity OF money s
tho result. Whatever tho volume OF
tho circulating medium, 1t docs not i'm.
pose itsolf upon anybody, HO who gets
il must giVo an equivalent for it. Ii
nobody wants his labor or his property
no can got no money. Ii ho who hos 1t
refuses to loan it, in fear that tho cur.
rency to be paid back at maturity OF
loan will bo loss valuable, the condition
is ono OF stagnation and scarcity OF
money" is tho consequence.
Tho panic OF 1873, was, without
doubt, the direct result Of speculation
and over.trading, induced by the green.
buck era, beginning in 1923. between
1853 and 1873, both inclusive, tho bal
anCe Of foreign trade against us was
$l.0S0, 440,6S7, that Is wO imported into
this country during those eleven years,
aud over and above our exports Of NOR.
chaudise, this enormous SUN, over ono
thousand million dollars.
Two ycars after adopting tho
single standard, to wit, in 1875, u mons.
uro was inauguratod and passed for the
resumption Of specie payments to bo.
como operative January |, 1879. II those
two measures had remained on tho
statute books invlolato and unamendod
there Is no reason why tho United
States and It's people should not today
enjoy tho most unbounded prosperity,
We should hNvo mad tho best and most
abundant CurrOnCy-0 gold currency OF
universal valuo and Of such volume rs
10 force its circulation W In England,
France, aud Germany into tho hands
OF tho people. To bo assured OF tho
fact 1t is only necessary to examine the
conditions Of commerce for tho last
seventeen yoNts.
OF tho five or six hundred millions OF
gold with which We began III 1878 mono
can now bo found in circulation, What
has not sono to foreign countries, on
joying iliO blessing OF u single stan.
dnrd, las bpOn boarded, not 10
rcOppcar Until its holders havO
some guarantee that II loaned II will
bu returned iu money equally good,
Tho gold certificates not already forced
upon tho government for redemption
Of which tho ono hundred million gold
rosurvB II supposed to DO held by tho
government constitute tho best security
Of tho national banks, and honco tho
grecnhark IL rapidly disappearing Tho
nntional banRnotes nrO necessarily
held, II possible, by tho banks Issuing
,hom, In tOar that In tho extremity
d distress their redemption mny soon
10 askod In gold. Nothing Is LOFT but
silver certificate and treasury notes
NJ, hontu nrn unnhln IN maintain