The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-06
WHERE THE MONEY IS.

We alluded some time since to the
circular Of inquiry prepared by Comp
troIIer Eckels to be sent to all the
banks in the country, state and private
as well as national, asking them to give
him detailed statements Of their busi-
ness on July l, showing the amount Of
cash on hand, the amount received and
its different kinds OF money, with
special statement of the kinds received
from wholesalers and from retail mer-
chants Data were also requested to
show the proportion Of money to
checks drafts and bills of exchange
received. From clearing houses infor-
nation was asked as to the tranSac-
tions of the day, the amount Of clear
ings and the money required to settle
the balances found due after offsetting
the mutual counter demands 1t was
hoped that the response to the circular
would be full and general, as the facts
thus elected, showing fully the work
and the kinds of work money and it's
representatives are doing, would be
valuable at time when such confused
ideas and downright ignorance of the
subject are being displayed in the dis
cussion of the issue Of this campaign.
1t is disappointing to learn from the
statement Mr. Eckels puts out that less
than half Of the parties appealed to
have responded, only 5,723 of the 1852
having reported, and, judging from the
synopsis Of his report in the press dis
patches, quite the most interesting part
of the subject has not been given any
attention. The various forms of money
in which deposits are made by the re-
tailers were looked for as showing to
what extent silver coin constituted the
means by which the daily living ex-
penses Of the people were paid for
Nothing of this appears. Still there
are some features of the statement that
have value as bearing on the issue.
The summary of clearing house re-
ports shows that only per cent of
the 1927, 1886, AGA passed through them on
July l was settled in cash, that is it
took but $19,152,SS4 in cash to pay evil
dences of debt amounting to over $227,-
100000, showing to what an enormous
extent credit paper has displaced and
made needless actual money in the
trade of the country. Commerce, as it
has always done, has evolved processes
of economy in the use Of money until
1t forms only the foundation of the
lofty structure trade enterprise has
reared. Credit on that day did the
work of go metallic dollars out of every
800 Of exchange.
Another interesting feature of the re-
port, as showing what may be called
the "sectionalism" of gold and silver.
ts found in the geographical distribu-
ton of gold in the banks. Judgment
formed on statements coming from the
silver side would be that the greater
proportionate gold holding is in the
banks of the Northeastern and Eastern
states. One would expect to And that
the Western. and especially the Pacific
slope banks. were almost bare of gold.
The money power is located in Wall
street, and, as 1t Is omnipotent. there
is no reason why it should not have
drawn into Its Golfers the gold of the
country. The statement shows that
New England banks hold IS per cent OF
their cash In gold; the Eastern states
hold 41.5 per cent; the Southern states
hold 1927 per cent; the Western states
SO per cent, and the Pacific states 7s
per cent. The states whence comes the
silver clamor hold nearly twice the
proportion Of gold that banks hold In
the seat of the money power" An
other analysis of the statement shows
that the reporting banks hold 4s per
cent OF their cash in gold: BIT per cent
La legal tenders and currency eertifi-
catesi PEI, cent in silver dollars and
snsalieFa coins: 3 per cent in silver GER
,.5sp'E alliyY n