The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1895-05-09
SOUND CURRENCY.

Whatever may be the condition of his
pockets, the eastern gold man always
has his mouth full Of sound money. The
sound CD currency committee of the
Reform club of New York is flooding the
country with pamphlets, and the same
with intent to deceive. Mr.. John Dewitt
Warner, in a recent monograph, tell us
that the stringency of 1913 showed the
utter worthlessness OF the national bank
note currency. He proves his case, and
we heartily agree with him. But he also
tells us that the same stringency develop
ed another feature instructive to those
who have not already learned how im-
material is any ordinary supply Of legal
currency when compared with credit in
its various forms, the real currency of the
country" He goes on to say that prior
to 1913 business credit in the United States
had been shrinking, and this was largely
owing to the initiation OF our currency by
silver legislation at time when normal
business demands for currency were
growing less and less, and now this credit
was largely destroyed, so that every one
preferred currency in hand to any credit
account, however gilt edged" And that
"the preposterous bulk of our circulating
medium was swallowed up"
That is the striking result OF the situa-
ton. An enterprising people, inhabiting
wealthy country, brought face to face
with an absolute necessity for the use OF
an extraordinary amount of currency. &C.,
&c. Mr.. Warner cheerfully concludes
his labors by saying that the repeal OF
the purchasing clause of the Sherman
act both stopped initiation and quieted
the worst spprehensions. The forty
millions of gold that had been purchased
in Europe was added to the thirty mill
lions of additional national bank cur
rency and Vaguely eighty millions OF
emergency currency, Clearing house GER
tiicates, credit scrip. &C., and the panic
collapsed, and with the ensuing dull bus
mess the currency proved excessive. and
SO forth. Well, it would seem that what
we wanted was more money after ALL II
would seem that "the currency proved
excessive" is an euphemism for 9Th,
money holders refused to let money out ,
Besides, are the terribly depressed, idle
times OF '93 and '94 to give us the meas
ure Of our currency needs?
Mr.. Warner is nuts on sound money,
and yet he tells us that "any ordinar,
supply of legal currency is immateria
when compared with credit, in its vari
Gus forms, the real currency of the coun
try" He then proceeds to inform D
that this "credit Cor real currency" wa
largely destroyed, and everyone preferre,
the 'immateriaP') currency to any credi
account however gilt edged"-and tina
''the preposterous bulk of our circulatin
medium was swallowed up"
Mr.. Warner is a prophet, and we az
of the west, woolly, but it seems to u
hardly possible to get worse mixed u
proposition than the prophet here lay
down. Indeed, it's IA very good proposi
ton to lay down-and leave there. Thes
Rothschild-ridden eastern, financial me
set to work in their sophisticated way t
stuff all manner of rubbish down th
throat of the plain westerner. But tn
westerner has had enough. The reason
ing OF the gold monometallist appears t
him farrago of nonsense-utter rot, an
he says so. "Ah, my friend" says tn
deeply interested doctrinaire from Wa
street, "the science of money is pre-
found one-out Of your depth, in fac