The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-07-09

FAIRCHILD
A Trenchant View Of the Money Is
sue BY an Eminent
Authority,
THE DOLLAR Is AN ORDER
Aad Must .Briag It's Equivalent iuNNhsrs ia
the World Circulating Medium
Rsduced by Withdrawal
OF Credits.
THE DOLLAR Is AN ORDER

The Hon. Charles :, Falrchlld. who
was secretary Of the treasury during
Mr.. Cleveland's first administration,
was In the city yesterday with Major
E. Mcneil. receiver and general man
ager OF the o, Il, and y, and Mr.. a.
Marcus. OF New York Mir Fairchtd
and Mr.. Marcus are the committee rep
resentlng the bondholders and stock
holders OF the q. II. and y, Railway
Company. who will bid the property In
today at the sale at FairvIew, In the
interests OF the reorganization commit
tee. having the affairs ot that property
In charge.
When questioned by a reporter In
regard to the money situation. Mr..
Fairchild said:
Il have been years in studying the
questions Of finance In It's relation TO
the American people when first en-
tered public Office had different ideas
from those which / now hold There
are many intricate problems TO BE- soly-
ed. and yet. when one goes at II IN the
right way they are not so difficult. In
regard TO the free coinage of silver, as
being advocated by some ot the Demo
Gratis as well as some of the Republi-
cans and Populists OF the west, you
can put II down as one OF the first
propositions that the only ones who
will be really benefited by the adoption
Of free coinage will be those who are
in debt and whose obligations will ma
ture after the adoption Of a deprecated
silver currency, and who are able "a
pay their debts. Nlnety-seven per cent
OF the people at large cannot be bene-
flied by such a movement. There may
be more money, so called. in circula-
tion. but man will have to work just
as hard for days wages as he does
now. and will be paid in some Of the
new dollars, but those dollars will not
buy as many supplies as the present
dollar does.
II do not attach the same Importance
to the amount OF legal tender money
in existence as others do. Nnety-hye
per cent OF the things used for the ex.
change OF property Is other than mon.
ey. such as drafts, bills OF exchange
etc. Money does not regulate prices
ri. k,-tr, 49,. f,,tt - ,,,o,,,, b,,, -.
circulating medium has diminished be-
cause the people have been scared by
all this talk and threatening OF a
change in the system, and the credit
part Of the medium VI exchange has
been withdrawn, and business suffer,
consequently TO a great extent The
use OF legal tender money In relation
to prices Of commodities, is only like
the grease on the axle OF wagon
which simply aids in moving ton Of
freight, while the other portion OF the
circulating medium Is left out Of thc
figuring.
During the panic Of 1893 for a time
there was no money. Business was
done by other means. know OF one
community, personally where good
example OF this was given. In a little
village north Of New York where
live, when the hard times came on. the
merchants and property owners went
10 the little local bank and told the
president that they could not get mon.
ey, but that they had TO do business
They arranged with that official to Ger.
tify to their checks upon the bank from
one dollar upwards, and during that
period these certified checks passed in
that community as money. II had the
power TO purchase whatever the peo.
pie there needed. Hundreds Of other
communities did business In like man.
ner during those troublous times. Mon.