The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1894-08-03
WHO Is ALIAR

he intimates mildly that these "Popu-
list figures" lie. He admits the strength
of the argument, provided the figures
are true, and goes into long column
and half article to show that the de-
Quoting of treasury and bank reserves
should not be allowed as they are
actually in circulation. We answer:
"That IS only in circulation that actu-
ally circulates" A river with full banks
circulates and filing the fume turns
the wheel of the mill. There is falling
off of one-half of the volume of the
water of the river, the fume is not
filed and the stream is stagnant. This
is fair illustration of the cause of the
stagnation of business.
The tables of The REPUBLIC article
was from the United States treasurers
report of 1898 compared with that of
1881, and showed conclusively the cause
of the falling prices of produce of the
farm was the contraction of the cur
rency some So $500 per cent.
Now then, did the editor of the Be-
lott Gazette ever hear of Senator
Preston B. Plumb, and his great speech
in the United States senate March 81,
and April 4, 1888, on the purchase of
bonds" house report 5,O34? If so he
will remember that Senator Plumb de-
cIared that for years the volume of
money in the United States had been
declining that the country was going
upon the breakers of financial disturb
ance that the treasury department
had loaned the banks over S61, 100000
of the public funds instead of buying
bonds and stopping interest this
shrinkage of the volume of money in
circulation had caused the greatest de-
probation of the price of agricultural
products the country had ever known,
and that debts had not only increased,
but that the means of paying them had
diminished. wheat at that time in
Kansas was 80 cents, but now 80 cents
per bushel.) What would the senator
say if living today?
Now who lies, The REPUBLIC or the
Beloit Gazette? Senator Plumb called
attention to table of the per capita
circulation, published in the Chicago
Inter Ocean, a leading Republican paper
of Illinois. According to this authority
the per capita (leaving off odd cents in
1866 was $50, and in 1877 it was S14.
Now figure a little Mr.. Gazette. You
see that S14 is % per cent of $50. In
other words the money in circulation
in 1877 was only % per cent of the
money in circulation in 1866 Take %
per cent from 100 per cent and you
have y per cent which was the actual
falling off in the volume of money
from 1866 to 1877, and this on RepubIi-
can authority. THE REPUBLICS state
ment of about Sc per cent was moderate
indeed was it not Mr. Gazette? Who
lies, your honor? Hear Plumb again
as his voice rang out in the senate
chamber: 1.-THE country is going upon
the breakers of financial disturbances -
81 think it is there now," he declared
most emphatically, that the measure
he was urging-the increase of the
money in circulation-''wasa question
which had more to do with the welfare
of the people of the United States and
was of more concern to them than any
other thing pending in either house
the volume of the circulating medium,
the value of its property, the difference
between debt and bankruptcy on the
one hand, and freedom from debt and
prosperity on the other"
Plumb declared that the money of
the country had been contracted in the
year prior more than per cent. He
said: "There has been during that
period phenomenal depreciation of
property. There has been the greatest
depreciation of the price of agricuI-
tural products the country has ever
known. The contraction of the cur
rency by 5 per cent of its volume means
the depreciation of the property of the
country three billion dollars. Debts
have not only increased, but the means
to pay them have diminished in pro-
portion as the currency has been CON
tracted. Events tmeanwhile) based up
on non-legislation have proved of adj
vantage to lenders, but disastrous to
borrowers"
Hear Plumb again: ssThe treasury
department is in active partnership
with the national banks. The secretary
of the treasury has loaned these banks
over SCI, 100000 of public funds instead
of buying bonds and saving interest.
He has chosen to do this, and up to
date, the banks have been willing to
receive the money. It costs them moth
ing and they could loan it to the peo-
pie at current rates of interest" Mr.
Plumb also said that these national
banks, with whom the secretary of the
treasury was in partnership, had
shrunk their volume Of circulation
$50, O00,0 eco per annum.
Senator Plumb referred to the speech
of Senator Salisbury of Delaware, who
spoke feelingly of the mortgaging of
farms in this country, and declared
that this was more due to the dimini-
shed volume Of currency than to any
othaT- one thing