The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-02
SCARCITY OF MONEY.
Joe w. Young Thinks That Is
the Chief Evil of Today.
HOW He WOULD REMEDY IT.
He Thinks IL Is the Duty OF tho Popu-
licans and XIII Geidbus wilson.


Lord Bacon. in his essay on -.Seiition and
Troubles recognized as the greatest dan
gers to q state what in our own land are
today riyeting the chain OF Industrial
slavery upon tls. Contraction and land
monopoly are named by him and are
pointed out by the Peoples party as the
twin evils Bacon wrote: Above all
things. good policy is to be used. that the
treasure and moneys in a state be not
gathered into few hansis: for. otherwise
a state may have a great stock and yet
s.arve; and monay is like muck. not good
except to be spread. This is done chiefly
by suppressing, or, at leas. keeping a
straight hand upon the Occurring trasses
OF usury. engrossing great pastures and
the like
Less than twenty years ago. q commits
sion of nine members was appointed by
congress to Investigate the alarming and
growing dangers to our country, and in q
report which is authority on finance the
world over. and with which so few CALI
ing themselves politicians are familiar.
they said. 1.-THE true and only cause OF
the stagnation of industry and commerce.
now everywhere felt. is the fact
everywhere existing OF falling prices.
caused by shrinking volume of money.
This is the great ceuse."-U. S. Monetary
Report of March, 1877.
The cause is scarcity of money, aggra-
waited by private control. The remedy
must logically be an enlargement OF the
volume of our circulating medium and
the resumption by the government of It's
absolute control.
The most optimistic nonometallist does
not place our per capita circulation above
s2s This is the estimate made by Sec
rotary Foster. and argued from by all
centractionists In their claim that there
is an abundant supply. But this estimate
was unfairly made. without any caleula-
ton upon the different funds permanently
tied up under tie law; as the national
bank reserves. the state and other banks
reserves. the amounts held by insurance
and other great corporations, and the con-
tinued and ever-increasing expectation of
gold during the ten years last past. Con-
sidering these notifications it is doubtful
IL the amount of ultimate legal tender
money of redemption divided by the popu-
lation would give ms so per capita. A mo-
ment's DEPRESSION for supporting evidence
amist Secretary Mccullough in 1866 said
that I'VE now have about 5000. 900. 900
nearly all In circulation among the peo-
pie" This gave over $50 per capita. In
1874 Senator John A. Logan says: '.Con-
traction has gone on until the whole
amount of currency of every kind now
outstanding Is only s7l2.o 600" Senator
Plumb in 1880 said: .'If / were deciding
this case upon what considered the best
evidence. / would be bound 10 say that
/ believed the money in actual clrculaticr
did not much. IL at all. exceed $500. coo, 900
or trifie over S per capita
So my statement is not unreasonable,
that from 1865. when over SEQ per capita
was the volume Of our circulation, a de-
ternaned and persistent attack by con-
tractionists upon our money fund has now
reduced 1T to less than so per capita Of
our present population.
While the evil arising from so small
volume of currency is enormous. the fact
that even this small amount is in the con-
troll of and manipulated by the banking
interests OF the country makes the evil
more aggravating. Space Is not permitted
In which to dIlate upon the preceding pro-
rectness is recognized by all who read
with an unbiased mind, / will suggest
the remedy which is prescribed by the
populist party. This remedy is simply TO
retrace our steps In legislation for quar-
ter or a century to the point whence oar
people and prosperity first began to part
company.
II must be remembered that We Pcpnlists
attribute all our evils TO man-naade law
and not to careisssness or malevoienee In
our Creators supply OF natural resources.
In the particular case of currency com
traction we can only trace its cause to a
series of legislative enactments, but be-
Neve that these acts are the result of a
scheme" as designated by Senator To-
gan Of the money power dictated to by
English bankers, with the pre-deterrnina-
sior, TO produce our present Industrial
slavery. In pursuit of this object We are
accustomed TO point back TO the Seven
Financial conspiracies. as they are called,
10 wit
FirSt-The exception clause on the
greenhaek.
Second-The national hank act of 1873.
Thirf-The contraction act OF April, 1866,
replacing greenhacks with the $50 bonds.
Foalrth-~The credit strengthening act Of
March, 1859. making the SO bonds payable
In coin.
Fffith-The refunding act OF July. 1870,
loading cur posterity with an interest
bearing debt.
slxth-The demonstration Of silver In
is72. which practically destroyed one OF
cur nloHey metals.
sexenth-The resumption act OF Jans-
airy. iss5. making necessary the sale OF
bonds 70 procure money with which 10
purchase the silver 10 replace the destroy
ed fractional currency with.
To which may be- atbfai The govern
snent's policy 81 :he vain attempt 10
maintain the ssnseisss. unconstitutional
ana unlawful sl"aeaeo gold reserve.
which all parties no& unite in denouncirg.
Ard finally the repeal of the purchase
clause of the Sherman act, which COM
pleted ths destruction OF silver az a
money metal.
The prsspsr=ed retroactive legislation
would consist ir a series 90 repeal laHs.
for the evil comes solely frafn legislation
Put into circulation THAI gold reserve "a
bankers scfsu~= TO contract the money
yssfsrsses texforee silver 10 It's place as
raorsy metal equal vita Eoasf, and issue
an ahaa.faat volume ~ paper money. sr-
retsesxgsable arf fun legal tender for ali
debts. palgie and private W 10 ara amount
ecual 20 80 or more Tser capita. an amount
the Pennsylvania Republican state plat
form demands ard naAke IL unlawful 10
discriminate hy contract for tbs payment
az a stess. in any particular character cf
money. Allowing sttsAs we have now In