St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-05-03
MONEY.

The cry of the Popuhsts and silver
cranks for more money still ascends,
and the country has little prospect Of
rest from their opportunities. The
hard times. it is claimed, will not pass
away until the circulating medium shall
be increased. Plenty of money. no mat
ter what its value may be, is regarded
as a panacea for all the ills from which
our economic system is suffering.
The fact Is that we already have too
much money-more than the present
business OF The country requires. In
the banks of all the large cities there
are many millions of cash on deposit for
which the owners can fud no employ
ment, and which the custodians are
willing to loan on good security at a
merely nominal rate of interest. Not
only is there surplus of money here,
but on the continent Of Europe as well.
The avidity with which the recen t
French loan was taken is an illustration
Of this fact. Within twenty-four hours
after the hour announced for the re-
ceipt of subscriptions there were ten
ders for one hundred times the sum of
the loan.. In Germany. three times the
amount of the latest loan was offered
at terms lower than ever before noted
i'll the history of the nation. Our own
experience is no less remarkable, and
perhaps more significant. The offers
for the bonds recently issued by the
treasury department were far in excess
of the supply, while the rate of pre-
MUM offered reduced the interest to
the lowest figures yet reached for any
of our national securities.
The truth of the matter is that we al
ready have too much money. 1t is with
its unequal distribution that fault can
be found. But how can it be placed
where it can do the most good by con-
tributing to the general prosperity? 1t
is useless where it is, in the vaults of
the banks and the United States treas
ury. 1t is evident that means must be
devised by which 1t may be lureli from
those receptacIes and put into general
circulation. Until this is done the
present distress will CONTINUE, and grow
more onerous as time progresses. "a
Money cannot be forced into circula.
ton. The attempt has been frequently
made, but has always been attended
with i'll success. Those who own and
control the money must find some prof.
liable means of employing it before they
will release their hold. 1t must be safe
in the first place-as safe as in the
vaults in which it is now deposited-and
it must be productive. Y
The first of these requisites is impos!
sible of attainment under present con-
ditions. The ffuture policy of the govs
eminent as to the tariff and taxation is
yet in embryo. Whether or not our
tariff system is to be reformed cannot
be discerned. even by the most saga
cious. Congress is book of enigmas,
The interests of the individual members
are more potent in controlling their
action than the interests of the com
munity at large, aud the probability is
that selfish rather than public motives
will control the action of that body.
Capital is awaiting the outcome, and
labor is waiting on capital. so that the
entire responsibility of the present
stagnation finally rests upon the shoul-
ders of congress. Capital is not greatly
concerned as to whether congress re-
duces the. rates of taxation or leaves
Them alone, butt waits to know pre-
slsely what is to be done before making