The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-31
If BRYAN IS ELECTED No. o.

| one which appeals more than any other
| TO the people, Is that MORE MONEY Is
NEEDED IN CIRCULATION TO CONDUCT
THE BUSINESS OF the country and to raile
the prices OF property.
During the "silvor panic" OF 1898,
when money was so scarce 1t lent for 20
per cent, 20 per cent and evan as high
as 90 per cent. interest; when business
houses were falling and banks closing
their doors, the same argument was urged
by the silver men against the repeal OF
| the Sherman Silver Purchase Act, viz. !:
"More money Is needed III circulation to
conduct tho business exchanges OF the
country"
At meeting OF the Chamber OF Com
merce, held on July 9Th OF that year.
Mr.. A. FOSTER BIaoIss. WHO, opposing
a resolution favoring repeal OF tnat act,
conceded that according to the general
| opinion Of the authorities on that SUBJ
| ject, "about 8 per cent. OF the worlds
business was conducted in MONEY, and
the other 90 per cent. ON cRErIT."
In reply to MIR. HIoaINs and In sup
port of the resolution for the repeal OF
the act, Mr.. JOHN CLAFLIN said:
"Su, pose we could increase the currency
| OF the country 10 per cent. year, and
suppose, by doing that. we should dimin-
.sh the confidence and consequently the
credit only 10 per cent. Most likely we
should diminish 1t 20 per teit. or morel.
"Ten per cent. of slOc0 worth Of bust
ness done on cash basis is 300. That
is the amount you. have increased. Ten
per sent. Of the 80, 900 which is done.in
credit Is $1,000. You have gained 500 in
substantial mcney, II Tou please, and
you have lost $1,000 iS credit and practi-
csIly we are just that much worsa off,
s'we could better sGord to lose 10 per
cent. of our money, il by that means we
could regain confidence, than we could
afford to gain 10 per cent. OF our money,
and lose DER cent. OF confidence.
"After 1879, when We csmo TO specie
basis, wo wee not in depths OF depression
or distress. About the best years in my
renem brsnce we're 1879 and $780," (See
report Of proceedings by the Chamber Of
Commerce in all New York papers of
july Z, 1882
Can MIR. CLAFLIN's argut>ent be success
fully gainsaid? IL motifs 1t not clear that
CONFIDENCE i'm the business community
is rot only MORE NECESSARY TO CONDUCT
THE EXCHANGES OF THE COUNTRY than
an increase of currency, hut that 1t is
NINE TIMES more necessary.
II our currency is to ne increased at the
expense OF our credit Cor of public con-
iidence). would not the exchanges Of the
country be promoted by forego ing the in
crease OF currency, and keeping our
credit (or public confldence) unimpaired?
The entire currency In circulation, ao-
cording to the statement of the United
States mint issued on Oct. 1, including
tank notes, is 1861, 600, 900 which con-
duets as Is conceded, only per cent. OF
the exchanges OF the country. IL all
credit were gone, and the other e2 per
cent. OF the exchanges wbiph at present
are conduced on credit, had TO be con-
Quoted for cash, nine times more currency
would be required or about sll. 23s, 900, ,00O.
present coming capacity OF the United
States mipts of $500, 900 per month or
$50, 900, coo per year, would require over
400 years Or at the present rate OF
printing treasury and national bahk
notss of 81, 200, COO per day, II would re-
quire over 80 years, aud we should then
have snost over 40 times as much gov
ernment paper ss we had during the
war; and meantime, during all these
years, we should be suffering the psngs
OF bankruptcy.
Is 1T NOT EVIDENT THAT 1T rs BETTER. As
WELL As isFrSiTELy CHEAPER TO KEEP
OUR CREDIT COR coSFIDESoE) GOOD AND
DISPENSE WITH THE INCREASE OF Cur
RENcY?
VIII ANY ONE pESy THAT TO FoR-
EIGS AND HOME oaEproRs ALIKE. as
WE'LL - TO THe BusiSrss coMMuSiry,
THE ooLp STANDARD MEANS ooSrI-
pBScE ASp caEDrr, or THAT FREE SIT
vEr COINAGE MEANS DIsrRusr AND
PASic9
Again tina question arises, WITH ALI