The great West. [volume] (St. Paul, Minn.) 1889-18??, 1893-08-04

It is an old saying that 'it is an i'll
wind that blows nobody good" The
recent Wall Street furry seems to have
been fruitful of some good results. In
fact, while it is rather bitter medicine,
we think it will act as an object lesson
that will tend to avert greater evil.
One of the good results is, it is open
ing the eyes of some of our great
dai;ies. Our readers have no doubt al
ready observed the hostile attitude Of
the St. Louis Republic against the
suicidal policy of any further contrac-
ton of the currency. Many other pa
pers are equally hostile to the financial
policy of the present administration.
1t is rather strange, however, to have to
record the fact that rampant East
ern paper, of Republican persuasion,
should declare hostility to a policy in
augurated by Republican admins
tration and so faithfully carried out
by Mr.. Cleveland. But such is the
case. We quote from the Item, pa
per having very extensive circulation
and wide influence. It is published at
Philadelphia, Pa. Under the caption OF
more money must oe had at once" it
says:
The big banks of the East are
actually complaining, in self-defense,
q Vy0 -
that they have loaned out every dol
lar they can spare above necessary re-
serve requirements
That is the truth at least in many
notable instances; and it is a vitality i'm
portapt admission, for it must convince
the owners Of the industries of this
country that there is totally made
quate volume Of currency in circula-
ton.
Of course banks cannot loan what
they have not got, but the Govern ment
can by an act of Congress come to
their relief. and again put trade upon
an active footing by issuing greenbacks
for that purpose.
The mentioned banks might object
to any such proceeding, but the ques-
ton resolves itself right down to this:
Is it better to do no business and let
the people comparatively starve for
want of money to carry on industry,
or to issue few hundred millions of
currency that will give employment to
the idle and put industry as whole
on its old-time footing.
The DIRECTORS to more currency are
those who want rates of interest high.
There are NO others who can found
such an attitude on reason. The
credit OF this country is 6rst-class,
and no harm could possibly be done
to that credit if it were properly ex-
erted in behalf of general pros
perity.
That's pretty plain language for an
Eastern Republican daily to use. But
that is tame in comparison to what
follows. Discussing the kind of money
which the government should issue the
Item continues:
And, what is 'more, it need cost
this government no more than the
cost of the printing.
As a means of distributing any ad-
ditional currency. it would best serve
the described purpose if it were ex-
pended in some public improvements,
such as road making in all parts of
the land, or any other means where
the working classes first get the bene.
at of it, for through them it would
reach all channels of trade and at
once stop this dry-rot that is now
going on in the steady and positively
dangerous depreciation of legitimate
values.
It is not in behalf of any kind OF
prosperity that values in merchandise
shall descend below the cost of pro-
duction. If that program much
longer continues, failures among man
ufacturers and all classes of trade will
become more abundant than they now
are, as great as they now are in ex-
cess of normal times
Any disbursement for the construc-
ton of first-class roads throughout
the country could take place Dy ap-
portioning ratable sum to each State
under the supervision of Federal Of
ficers. This would bring the matter
under existing laws, and the nation.
as a whole, would get the benefit 81
good roads.
The feeling that is in the air against,
the issue of more greenbacks is not
founded upon reason nor the welfare
Of the country, but is entirely preju-