The Camden chronicle. (Camden, Tenn.) 1890-current, 1896-10-30
MORE MONEY NEEDED.
TIE CAUSE AND REMEDY FOR
HARD TINES.


a contraction OF currency. II reduced
the amount of money in tho country.
This reduction caused a fall In prices
OF produce and commodities. Falling
prices mean hard times They herald
panios No man ever heard Of falling
prices being an index Of prosperity.
No man ever heard Of sound dollar,
healthy currency, causing hard
times.
AS a country's population increases
its money supply must increase in pro-
portion. In 1878 and soon after, the
United States, France and Germany
demonetized silver This contraction
OF the currency, burdening gold with
the money function Of the leading
commercial worlds, caused the panic
Of 1878.
In 1873 the Bland.Allison bin was
enacted, and the addition Of 1000, 900
ounces of silver month relieved the
strain on gold in the United States I'M
til 1884, and from that time until 1890
the superior resources and energies of
the American people compelled panics
TO stay just beyond the border line.
Sherman saw the necessity for more
money. He also saw that unless he
made concessions to the people BIZ
metallism would come to stay. The
Sherman Silver Purchase bill, re-
curing the purchase of 1900, 900
ounces of silver a month, was made q
law. That was in 1890. Harrison
was President. Foster was Secretary
of the Treasury. But for an incident
in Boston the panic of 1893 would not
have swept the country.
By preconcerted arrangement with
the gold controllers, one Phineas
Pierce presented q $1,000 Treasury
note at the Boston sub-Treasury and
demanded payment IN gold. The
Assistant Treasurer refused to sur
render the Governmentright or option
TO pay in gold or silver. Pierce com.
planned to Foster. Foster directed
I that the note be paid in gold. The
option was surrendered. Gold became
the basic money. This was in Oc-
tober, 1891. Soon after, Mr.. Preston
states, the foregoing ruling was ex-
tended to silver certificates and the
beginning in evil was made.
On June 80, 1890, there was out
standing legal tender notes, resting on
a gold basis S346, 681, 016. The gold
on hand was $3.50, 232, 4O4. Thus fifty
five cents in gold was behind each dol
lar.
On June l, 1896, there were out
standing in circulation:
Silver certificates. ............. 1886, 3l3,0 s0
Treasury notes. 9S,0S0, 5O6
| Greenbacks. ....... ............ 225, 562, $50
! Currency certificates issued
against deposits OF greenbacks 33, 490, 600
Bank notes In circulation. 2l5,285 900
sos, GIL ,S4l
The gold basis upon which theS90S,-
GIL, 841 was resting on June ], 1896,
was the reserve of $107, 658, 954 in the
Treasury, or little over eleven and
one.half cents of gold back of each
dollar outstanding. England has back
of her redeemable obligations half OF
their value in gold. To have much
less would be industrially suicidal. II
is SO in the United States to-day.
The Boston incident made the opera.
tions of the Sherman law injurious in
stead of beneficial. Every dollar oil
silver taken by the Government as q
basis for the issuance of silver certi6'
Gates, instead of increasing the money
supply, the intention, only added To
the burden that the gold reserve was
compelled to bear. And since Octo
Der, 1891, the strain has been growing
and growing. The repeal of the Sher
man law under the circumstances wa
necessary. Had silver been recognized
as part of the Government redemp
ton money, its natural function, til,
repeal would have been injurious and
the monthly addition TO the amount
of money would have relieved tn
strain occasioned by the steAdil,
growing demand for money owing t.
increase in population.
As it is, since the repeal, November
1898, O state of panic has prevailed
More money is wanted. The suppl,
is at a standstill. Population is in
creasing. Bond issues to secure gol,
cannot keep up with the demand, AM
If it could, complete ruin would b
fastened by the appalling debt Their
is but one mode OF relief. 1t is bi
metallism, the free coinage of gold an
silver at 10 to l, the natural ratio
Then the money supply would kee
pace with the demand. Then woul
prosperity come and be as welcome g
food to astarving people. The Demo
cratic party's candidate will furnis
this means of prosperity if he
: elected. In the West and South an
, throughout the North and East ligt
, is penetrating. Bryan'ssuccess meal
, life, regeneration. 1t means the sa'
ing of the country. 1t means a r
. united people, the casting ont Of tt
evil that advocacy of gold has ev'