Omaha daily bee., 1894-02-13
ruE crRRENcKs SUPPLY

In the course Of the debate Ira the house Of
representatives a few days ago on the sub
,ect Of coining The silver seigniorage Mr.
Bland declared that the trouble With the
country IL there IL not currency enough.
This IL q stock argnmen with the men who
champion the cause Of silver and they en-
ploy II regardless Of circumstances or con
dltions. EVERYBODY knows that there has
been for months a heavy accumulation OF
currency AZ al the money centerE Of the
country and that the banks 81 New York,
philadelphia. Boston and Chicago are sup
piled with currency largely Ia excess OF
the legitimate demand. While business has
been greatly depressed for q year past and
the call for money restricted the circulation
has gone on Increasing. having reached
al the beginning OF the current month the
largest amount per capita In our history.
According 20 the last monthly treasury
statement there was a net Increase In the
circulation during January Of Sl0,7G5,2f5, the
total circulation on February / being placed
at - ,73g.7s3,51f, a per capita OF 325.G6, or
3f3i SCI, 072 more than on February l a
year ago. This was a large increase for
a year Of great business depression. quite
enough. indeed, for a period Of active pros
Dcrity, and In view OF these figures 1t is
manifestly absurd TO assert that there is
not money enough In the country.
II IL not more currency that IL wanted.
but more confidence, and the financial plans
Of Mr.. Bland and his adherents are not
helping TO create the latter. The tendency
Of their schemes is rather TO delay the
restoration Of confidence. when congress
repealed the clause Of the act OF 1880 re-
quiring purchases Of silver by the treasury
IT was reasonably hoped that there would
not be another serious attempt for some
years 20 thrust more silver upon the conn-
try in any form. Such an attempt, how
ever, is already being made in the PROPOSE
ton TO coin the so-calIed silver seignIorage,
first issuing certificates upon 1t In such
amounts from lime to time as the secretary
Of the treasury shall consider advisable.
In other words. 1t is proposed to give
authority to the financial officer Of the gov
crnment, in his discretion. to add to the
currency what would be practically nat
money. no special provision being made for
maintaining the parity Of this money, which
would be lust az much an obligation against
the gold reserve Az any other form OF cur
rency which the government is pledged to
maintain at a parity, and which public
policy requires shall be maintained. 1t IL
not surprising to find that In view OF the
possibility Of tfis proposition becoming law
financial circles are again. disturbed, and
that there ls danger OF a relapse into the
feeling OF dlstrust from which they had
nearly recovered. There Is a belief that
the president would not approve a bill to
coin the seignioragc II passed by congress,
but there is uncertainty about this. 1t
seems that Secretary Carlisle is not unfayor-
able TO the proposition, and this fact war
rants the Inference that the president may
be willing to assent to II as a means OF re-
IIcying the treasury. II Is expected that a
vote will be taken on the Bland seignlorage
bill this week and It's passage by the house
would not be surprising. IL that should
bappen II would be almost certain to pass
tho senate. There can be no doubt that
such n result would be damaging. for 1t
would 20 far to defeat the good effects OF
preylous legislation in the interest OF a
| sound and stable currency.
The country has an ample supply OF cur
rency for the demanda OF business and all
that can he maintained on a sound OASIS
with the present gold resources OF the gov
| ernment. Initiating 1t by the addition oil
s65 600 900 of fiat money would be a most
| unwise and dangerous expedient.