Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1895-11-01

93r3ts,
Come IDEAS Regarding Money
People Of This Country
Should Have.
The: Government Should Not
Bank-An Illustration Of
His Plan. .... 4


Atlanta exposition Oct. 15 Il. . A,s' >
Any conside Of the currency
question would be incomplete without a
full realization Of the marvellous ma
terial and commercial development Of
the past 80 years, and mo. student of
political economy who would attempt to
solve the great problem of permanent
monetary system, would fail to take into
the fullest account the forces that have
resulted in the most remarkable achieve.
ments in the history of vast commercial
enterprises. The writer of history who
looks down through the vistas Of time
from the peak Of the Twenty first CEN
tury to chronicle all the marked events
Of the worlds story, when he reaches
the period of which we are fortunate
enough to be part, will tell Of this
wonderful age Of iron and electricity,
when the entire bent of the human mind
was towards the accomplishment Of
mighty projects and the upbuilding Of
great industries. He will point to the
fact that in all the wide range Of his
toric events, no counterpart has yet been
noted that in any sense compares with
the massing of material forces, and to
the wonderful inventive and mechan-
ical genius Of the latter half Of the
Nineteenth century. He will state that
it was an age of practical things. An
age devoid of sentiment. A period given
over to the utilization Of all the
opportunities requisite to the sub
jugation of nature and the accomplish
ment of these ends which have for their
aim unprecedented material progress
and development.
This Era Of Great Transactions.
He will also certainly point out
that the genius of this country found
its highest uses in the management Of
vast undertakings, and that the men
who made the most lasting impression
upon their time were those who
achieved the greatest success in the
broad field of national expansion. The
growth of commerce has been beyond
all computation, and, accelerated by the
adjunct Of steam and electricity, we
6ndnewer and better methods for the
interchange Of commodities growing
necessity. The age Of barter and traf-
fic has passed into history, and the sit
uation today demands improved meth
ods for effecting exchange and Of facil-
itating the great mercantile transactions
so common to our time. The states Of
our Union are joined together SO closely
by the railroads, space and time almost
annihilated BY the telegraph and tele-
phone, New York and Chicago within
talking distance, Europe and America
and the Eastern nations in hourly con-
nection-with such stupendous growth
i'm our commercial life, have we kept
pace in providing a sound monetary sys-
tenn as an adjunct to our wondrous adj
vancement on the highway of an ever
increasing commerce? Have we had
the sagacity to foresee that in the Or
ganization Of our vast plan for CONNER
cial supremacy, we have an adequate
currency in every way suitable for such
q complex and industrial life?
Enormous Bulk of Credit Currency.
It may be said with truth that we
have utilized credit currency, and to
an enormous extent. 1 mean, of course,
the check, the draft, etc. Much the
larger proportion Of the daily transac-
tions incident to the business Of the
country are easily provided for through
the medium Of the credit currency, and
by the logic Of events and the necessi-
ties Of trade has the result been OBJ
tanned. We have reached high state
of development in this direction, and
one entirely in accord with the demands
of the hour. It is possible VIC dc not
fully appreciate the important bearing
of an enormous credit system, not only
on the question of prices, but as well on
it's actual relation to the money requi-
site for the purposes Of commerce.
Credit money performs the functions, of
real money to q greater degree than
ever before in the history Of the world.
It's usefulness in this direction is likely
to increase in the future. The ratio Of
credit to actual currency varies in dif-
ferent communities; the proportion in
some countries being as high as % to l.
AS Mclean says: il, '.The most subtle an
alysis in the world is wholly. incompe-
tent to separate the effects Of gold from
the effects of credit 1t is infinitely
more easy to estimate the effects Of gold
and credit combined than those Of gold
alone" ,AyS@ <. ..s-., Is
Gold ~ . Basis of Large Credit.
He scouts the idea that the increased
use Of gold as standard money by va
rious nations may lead to q permanent
enhancement of its value and depression
in prices, and adds that our present
system Of credit is capable Of still higher
simphfcation and organization than at
presents exists, and by such improve
ment given amount Of gold might be
made to support . much larger amount
of credit than it actually does"
In Scotland on q gold reserve Of e.
600, 900 the banks support liabilities Of
over col, 900, 900. The statement is
made to show the constant tendency Of
commerce to demand less of real money,
year by year. The continued cry for
money, so common to the day, would
seem to indicate how little people un-
IL