The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-03-31

incidental and minor part Of our own
present currency question sotely be-
canse Of that thorough unsoundness of
our currency system which has bcen
making such forcible demonstrations Of
itself for q long time past, Under q
right currency system, a temporary de-
ticiency in revenue would be met SIM
ply by the necessary borrowing, and
would not touch, no matter how great
it We're, q sound currency; for such a
one would be entirely Independent of
the financial operations of the govern
ment and of the condition of the treas
ury. The net deficiency of revenue in
the first eight months of the current
fiscal year--to March lis only ST., O00,-
600. And the government has on hand,
aside from its $120, 000 900 or more of
gold cash balance Of $4,000, 900 with
which to meet the situation,
The only significance of this deficit
as tot he currency situation lies in it's
effect upon the general credit of a gov
eminent which has undertaken the
enormous task of keeping $3.50 100000
worth OF silver, at an effective value
of $500, 900, 900, represented in the circu-
lation largely by certificates, while
the government stores the silver, which
has injected into the volume of paper
currency, beside these silver certificates
$141, 900, 900 of treasury notes issued to
buy silver, and which has to redeem,
reissue and redeem again, as fast as re-
quired, the eternally returning 1864, 000,-
900 of old greenbacks. When the general
conditions compel q government so bur-
dened to so largely and often into the
loan market to get real money to meet
these obligations, a surplus or deficit
affects its credit as a borrower, and all
the more because none of its borrowing
is applied to cure the trouble, but sim
ply to tide over until the next wave
comes; and if its credit is hurt, its de-
mand obligations viii be converted in
to gold all the more rapidly by those
both at home and abroad who fear that
the day will come when they win not
bring the gold; the more especially will
this be the case when we are so glutted
with a paper currency which cannot
be contracted, no matter how little
our commerce needs it, that it lies I'M
used In the banks, or is employed at
| only a nominal rate of interest A de-
| felt intensifies and accents all the in
| herent morbid conditions and ten
denotes and the difficulties of our pres
| ent false system.
Where the Gold Has Gone.
| But the 262O00,G00 OF gold borrowed
| by us to pay on the greenbacks has not
gone to make up a deficit 1t has gone
| to our people who used to pay the ball
ance against us on foreign account
caused by the return Of our securities,
discredited abroad because Of the fear
that our government will not and can
not always borrow gold to carry cheap
silver at double it's value and to keep
| furnishing to our people, through the
never redeemed greenback, to pay for
eign debts with or to hoard. and that
we shall consequently come upon q
silver basis, a fear that has been
strongly accented by the unfriendly
manifestations of our congress and of
portion of our press, and by the per-
sistent disregard by congress for the
great business interests of the country,
not only in its refusal of sound legis-
| lation of universal necessity but in its
| needless exposure Of our commercial
| interests to absolute destruction and
our business men to paralyzing fear,
to no other apparent end than that its
individual members may make personal
political capital out of an hysterical
show of spurious Americanism.