Evening star., 1897-01-23

indigestion. hlotlSnrSs.
iicn and all arrangements OF the stomach. however,
slight
Stuart Go. OF Marshall. Mich. and snld 10y drug
siSts everywhere at nifty cents per pockagr
i1ttlc book "n stomach diseases mailed fr-e.
| Address Stuart 60. Marshall. Mich. JaaaS-i
last year our interest account amounted
! to more than Ss5.oa6n'
Was not that great deal | asked.
1t does seem large, but when you igur,
| II out you lind that the rate of interes. paid
| on the whole averages only T.. per cent.
| This is much lower than the interest rates
which prevail I'm the dealings OF private
individuals or corporations.
Cleveland aud the Bonds.
How about the bond issues. concerning
which Cleveland has been so much criti-
cised?"
THE issuing of bonds by the present adj
ministration was necessary from the fact
| that IL was essential to the maintenance
of the credit of the government that its de-
mand obligations known as greenl,acks
and sherman notes should I've redeemed i'm
gold. in accordance with the enacted legis-
lation OF Congress. which declared IL to l,e
| the policy of the government that th,. Va
rious forms of money I'm circulation should
| be kept a I parity. Some of the money ch-
| tained from the herds was no doubt used
for meeting the deficiency made by lack of
revenue. but in the first instance the bonds
were issued for the purpose stated. and
had Ii not been for the law made for that
all. L think the adninistra ton Is entitled
10 the very greatest credit for having
MANI talned the parity of gold and silver
and having prevented a loss of national
and individual credit. The amount of in
terHst charged is insignificant compared
with the loss that would have come Ia
every individual citizen If The government
hal permitted itself to go to a silver basis
What the people will pay in taxes TO meet
this interest charge is A trite az to what
they would have had to pay if any other
policy had been pursued. Had thes. bonds
not been issued the governments obliga-
tions would have had to be redeemed in
silver. The law to maintain the parity of
the metals would have been repudated,
and our credit, both national and individ-
ual. would have been lost Every foreign
investor would have withdrawn his money
from the United States and every lender OF
foreign capital would have refused to send
money here"
1t is said. Mr. Eckels that we have not
enough money in the country to 10 tho
business. Is that true?'
Il believ~." replied the controller 'ihat
the volume of currency in circulation at
the present time is of less importance than
the quality of the currency. You will see
this when you consider the enormou Gus
amount that credit has to do I'm the carry
ing on Of our business TO-DAY. The need cf
actual money has grown less and less 1t
has been found careful Investigation
that the average use of credit Instruments
in the business transactions of this coun-
try and others where banks Of diseodnt
and deposit prevail is over ~ per cen- Tho
use of checks, drafts and bills Of exchange
in making transfers of money makes every
dollar in use efficient dollar SO that in
stead of supporting a single transaction il
supports many.
More Banks and More Faith
what is needed continued Mr.. Eckels
is an enlarged opportunity of obtainin.
credit on the part of those who are en-
titled to it. This would come through IN.
establishment of banks of deposit and dis
count and the branches of such banks II
is demonstrable that the whole surplus
loanabe capital Of the world is always
available tc the people of every country
where credit is maintained and where in
Nestments are offered which promise "A fair
margin OF profit. Modern methods of
banking and modern methods of transpor-
tation make 1t immaterial whether The
volume of money in the world is greater
IN London or New York. in Chicago or New
orleans, IN Boston or I'm San Francisco Ii
Is equally available for one place or the
other If the capitalist has proper knowl-
edge OF the financial character and ability
of those who desire to borrow If You d.
prive community OF its banks and bank
ers. You take from II the channel through
which 1t can make known that IL has good
security to offer 10 investible capital"
Why We Have Hard Times.
Just one more question. Mr.. EckeIs.
What do you think is really the cause Of
the hard times we are having?"
Il believe" replied the controller of the
currency, that the present condition of
the United States is due to unwise financial
legislation and the agitation of monetary
Questions, with the continued ATTEMPT 10
substitute here n money standard which is
not recognized by any great commercial
people with which We have to deal The
threat of substituting the silver for the
gold standard has throue bou; the past few
years frightened both home and foreign M
vestors, so that capital is permitted TO re-
mair' idle, with the effect of closing up fac
tories and mills and putting an end to great
undertakings. The uncertainty az 30 wheth-
er the government would be able because
OF the Sherman law, to redeem its demand
obligations in gold was the one thing which
brought to climax great many other
things which in and OF themselves would
not necessarily have produced the depres-
sion We have had. Undoubtedly there have
been contributing causes in ;he overcapital-
ization of corporations, the unwise specu-
ldtion OF the past few years the extraVa-
gance in public and private expenditures
and the living by many people beyond their
means and outside their incomes These
things and the agitation of foreign and do
mestic questions gave rise TO a doubt in
the hllnos OF many as TO our financial sta
bility. Still, with all this VIC have had but
few failures, and ii seems to me that this
Is an evidence of the great resources Of our
country and the energy of our people. If
We IAN now be free from agitation, If our
people will settle down individually 10 their
irdividual business and Tot undertake to at
tend to the business affairs of every one
else, the financial future of the country
will at once improve and We will again be-
come a people commanding the confidence
of all with whom We have to deal. and one
which will be known such and pos
sessing the richest country of the world.
FRANK q. CARPENTER.
The Greatest Bore.
From the Boston Herald.