Pine Bluff daily graphic., 1896-06-12
A CIRCUS DOLLAR.
IT PERFORMS A WONDERFUL FEAT IN
 PAYING DEBTS.
Illustrates the Rapidity With Which Good Money Can Circulate-And That Quality Is Mere Important Thau Quantity.

Money Can Circulate-And That Quality Is Mere Important Thau Quantity. --- In his recent great speech in congress the Hen. James T. McCleary, of Mime sota, told the following story to illustrate : the fact that quality of money is more important than quantity and that the i power of even small amount of good money to circulate rapidly, pay debts, settle balances and to facilitate ex- changes is almost limitless:
 When I was a small boy, I saw some thing that shall never forget. It was 1 at circus. The clowns and some other employees arranged themselves in cir 1 cle. Let us say that there were 20 of them ill all No. 1 said to No. ?, "I owe you $2; I'll pay up as soon as I can" No ? made this statement to No. 3, No 3 to No. 4, and so on around the circle, No. 90 saying it to No. l. No. l showed his hands into his pockets, and with look of pleased surprise pulled out $l. Turning to No. 3, he said: T 1 didn't know that I had that dollar. Here's so much on account. /" No. ? took the dollar, and with similar language passed it on to No. 3, and so it went around the ring. No. 20 passed it to No. l, who received it with smile and started to put it into his pocket, but in- stead he turned to No. 3 and said, q didn't expect to be able to pay you the balance so soon, but here 1t is. " And so it went around the ring, finally coming back to No 1, who with satisfied smile put it into his pocket.
 To the little boy who looked as did thirty odd years ago this was simply the funny work of clowns, to be laughed at and forgotten It was not forgotten, however, and to the man older grown and charged with the serious considera- tion of the affairs of great nation it il lustrates the profoundest truth in finance. What is that truth? It is this: Under proper conditions the working power of dollar is beyond all human computation.
 was very much surprised to hear this afternoon q man so prominent as my friend from Tennessee MT MeMiIlin speak as If money paid for taxes was lost to circulation. I have often heard men speak as if they thought that there must be as many dollars i'll existence as there arc dollars worth of business to be transacted. What would farmer say to an agent for bushel baskets who 1 should attempt to convince him that he needed as many baskets as he expected to raise bushels of crop? The farmer would feel that his intelligence had been insulted, and justly so, He knows that he can use the same basket over and over again, and the quantity measured in a given time will depend on the speed with which the one handling it works. And then, if properly used, it is ready to do as much more.
 So with the yardstick, the pound weight and the dollar Each can do an almost infinite amount of work if prop erly used. What are the conditions of highest efficiency i'll money? Under what conditions can given amount of money do the most work? Let us examine our illustration.
 The dollar in the circus ring did the work of $40 ill five. minutes and was just as capable of accomplishing IS much moro in the succeeding five minutes. Why was this? Simply because it moved promptly
 Now, let us examine the matter lit tie more closely Why did 1t move so? Why was each one so prompt 10 pass the dollar oil? Because he felt good-that is, he felt honest He felt that when he owed money and had it i'll his pocket the only proper thing fer him to do was to pay up. Moreover, each had confidence in the other There was feeling of re- speet and good will among the men in that ring. This is one of the conditions under which money does its work most effectively.
 What is the other condition? Why was each man willing to accept the dol lar in payment of what was coming to him? Because he knew that it was a good dollar He knew that whenever he wanted to use it, whether 1t might be that day or not for ten years, it would be just as good as when he accepted it.
 Suppose on the other hand, that each of the men had dollar in his pocket. but that they distrusted each other, each fearing that if he let go of the dollar that he had he might not soon get an other, although money was due him, and suppose that each was afraid to ae- cept the money of the other, fearing that it might not be good when he wanted to use it; that it would depreci- ate on his hands-what would be the result? Why, of course. each would keep in his pocket what money he had, and each would continue to owe the other that is, the money would accomplish Aothing
 In other words, sir, with good money and mutual trust $l did the work of $40 while with questionable money and distrust $20 could accomplish noth- ing In other words. the quality of money is immensely more important than its quantity.
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