Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-08-22
a CURRENCY FAMINE.

Tho Remedy VIII BE Fo1nd In nm Increase
of the Volume Of Money by the Restor.-
tion Of Silver.
In the Washington Post we find these
remarks:
The Philadelphia Times calls at
tention to the complaint that very
many parts of the country are without
the banking facilities that they need
1t shows that the whole number of
banks is less than it was three years
ago, and less than it was last year, and
says their circulation has ceased to per-
form the functions expected of it The
Times concludes there is, therefore. an
absolute necessity to modify the bank
ing laws, unless we are to surrender
all the many advantages of banks of
issue and depend entirely upon our
present irrational and dangerous issues
of government paper This is a live
issue and one in which there are great
possibilities 1t will prove hundred
times more exciting than tariff scbed-
ules."
Now, this is interesting. The Phila-
delphia Times, owing to its connec-
tions, is one of the most rampant oppo-
nents of the restoration of silver to
be found in the country, and yet it per-
ceives that the money question pos
sesses a vitality that will not permit
the matter to be disposed of until some
adequate remedy for the present condi-
tion of affairs can be found and APP
piled.
The Times admits that something is
wrong. The national banks are retir-
ing from business and those that retain
their names and carry on banking have
largely withdrawn their notes from
circulation. Except as to the specific
purpose for which it was intended at
the time of its stablishment-thes sup
plying of a market for government
bonds-the national banking syst EN-
has proven itself to be a stupendous
farce. It has outlived Its usefulness
except for the one single and simple
function of lending money and shaving
or discounting notes; for not only is
the circulation of the banks decreas-
ing, but they no longer furnish mar
ket for United States bonds This is
shown by the fact that when Mr..
Cleveland wanted to make his last is
sue of bonds he was compelled to pay
British syndicate a bonus of nine or
ten million dollars for sixty-five mil
lion in gold.
More than this, and leaving the ma
tional banks out of view, the decrease
in the total volume of circulation last
year, according to the treasury reports,
is about sec, 900, 900 and this does not
include the large amount of gold ex-
ported which has not returned and
shows no sign of returning. The facts
are that in every part of this country
where wealth is produced there has
been and is now currency famine.
Only in the money centers, where the
products of labor are made the play
things of speculation, is there a suffi-
cient supply of money on which to do
business, and in these centers the
money is held and boarded.
There is but one remedy and that is
to increase the volume of money of
final payment by restoring to it our
stock of silver. When that is done our
banking system may be revised and
corrected at leisure; but until that is
done, it is idle to talk about making
further additions of paper money to
the volume we already have on hand.
The Philadelphia Times is rank
gold bug organ, but Editor Mcclure
seems to have discovered that there is
something dead up the creek--Atlanta
Cop SfifutiOn