The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1894-07-05
SOUND MONEY.

For months the business of the country
has been waiting with bated breath for
congress to relieve the finacial strain, but
80 far we have no assurance of Keller. The
total amount of available money for cir
culation, according to the latest statement
of the treasury department, only amounts
to 81, SOC, OOO, 600, yet the exchanges OF the
people during the year 1898 amounted to
800, OOO, OOO, OOO, 900. 1t can be readily seen
that with so small amount of money in
circulation this 500, 900 ,0O0, 600 exchange
can only be accomplished by means of
transfers of credit. in the form of checks,
drafts, bills of exchange, notes, etc.
Ninety-five per cent. of all our exchanges
are effected in this way while only five
per cent. by means of cash. When conf
dence reins supreme bankable paper
works very we'll as a substitute for legal
tender money but the experience of our
country Shows that our medium Of ex-
change is entirely two small for safety
Substantial relief can only be afforded
through legislation designed to increase
the money supply, and the surest, best
and quickest means of relief is to throw
open our minis to the coinage of silver at
a ratio of is to 1. Our government bonds
are desirable in every market ofthe world
and the basis of which is the products Of
the countrv If individuals can do bust
upon a fiat basis of ninety-five per cent,
why can not our government do the same
without the issue of bonds. Upon the
bonded debt of 2,7OO, OOO, 900, taxpayers of
the United States have paid 1900, OO0, 600
and that debt is only halfpaid. The panic
of 1921, 1929, lS47, 1857, 1873 and 1893 can
all directly or indirectly be laid at the door
of a bad banking system. While the two
great parties hold out the old bats Free
Trade and Protection" with the assur-
ance ofgreat benefits to the masses they do
not explain that the word masses" could
be interpreted as meaning masses OF
wealth instead of masses of people. 1t
would doub tless be imprudent to expose
their their true attitude towards the masses
in either case. Protection has given a
money power 10 few, and the fact of the
democratic party doing for the financial
relief of the people demonstrates the ex-
|
The people have been kept in suhmis-
sion by repeated promises which have
not been kept. Is it possible that any
legitimate business can pay dividend
of liz per cent in three months? The Bell
Telephone company have done this, and
could it have done it had the government
not gave them absolute control of the
| ho
is authority for the statement that of all
the failures during the year 1893, ninety
per cent were where the capital invested
was SIS, 900 or less. Does this not demon
strate that our government has upheld
big industries and crushed the small ones?
Is this the policy of the people?.
The distress caused by the present crisis
is growing at a shocking rate. Business
concerns which would be perfectly solid
for the difficulty in obtaining money on
good security at a reasonable rate OF
interest, but when the interest of the
money borrowed exceed the profit, failure
s certain, and the result is thousands OF
idle men stat wing while tie country is
amply able to produce Of the require
ments necessary for the comfofts>of life
The clamor for a gold basis alone dfdd
not come from the neil who created the
wealth of.the country, but from the money
centers and from them alone. The ques-
ton arises what is ''soud money? One
which will supply all the demands of our
increasing business. 1t has been demon
strated that the supply of gold is made
quate in other countries, and is it not true
that we are at present suffering from the
very same cause. w.