The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-03-18

rar our<TANpINa PAPER.

During February. according 70 the treas
ury statements, the total amount OF
United States notes and treasury notes
presented for redemption was bat SsT7.i
with the exception Of two months. this il
the smallest amount presented In any
month in the last three years. This does
not mean net assumptions. but the fun
amount Of ali notes presented for redemp-
ton Gold was deposited and paper with
drawn 20 a larger amount than this. The
gold gain In the treasury for the month
was upwards OF 100000. although the
revenue deficst for the month vas $4,000.
A contrast Of this showing with the
months preceding the election Is instruct
syc. During the year 1855, and down to the
month OF November. the total amount Of
paper money presented for redemption at
the treasury was over si50.oOoo0o. and dur
lag the month OF May alone the amount
reached t2z.uooo0a
In view OF such showing as this there
II little wonder that the talk In favor or
retiring the outstanding greenbacks and
treasury notes Is dying out When there
was an organized political party. com
posed Of members OF three other parties.
and whose actual strength was an I'm
known quantity. bringing forward pro-
eramme the main feature OF which was
the dehaSement Of the coinage OF the coun-
try. there was little wonder that eonserv-
alive persons preferred the actual tangible
gold coin 20 the paper obligations OF the
government. When. added to this. there
was a tariff law under which there was
an appalling deficit being created. gen
erat business depression and consequently
a limited demand for money In business,
tie heavy demand for redemption Of paper
money Is readily accounted for.
The present condition of the treasury in
this respect clearly indicates that there
IL feeling OF absolute confidence that
there will be no further assaults upon the
present coinage system: that the govern
naent will be speedily afforded an adequate
revenue. and that business conditions are
improving.
over b. far the greater portion Of the
United States the people have become ac-
cuatomsd TO the use Of paper money al
most exclusively. except for small change.
Aside from The states OF the Pacific coast
sold Is not in current everyday use as
the medium OF exchange IN ordinary bust
ness transactions. The amount OF out
standing paper currency Of the govern
ment Is no larger than can be readily alb
sorbeG in the ordinary transaction OF ousi-
ness. SO long as there Is perfect conf
-
ernment viii remain upon permanently
sound basis there Is not the slightest rea-
son why any perceptibls portion of the
outstanding paper Of the government
should be presented for redemption. a
severe business depression. and a eonse-
oaent falling OF Ia the demand for money
on account OF the smaller amount OF bust.
ness daae. may at times result in som,
portion Of the paper money beiug tempo
rarily Withdrawn frem circulation ant
presented for redemption. but the ressrvs
fund = amply Sufficient 20 meet al de-
mands which may be made upon It in thi,
way.
with an income equal to It's running sS
peuses. and with a certainty that thers
Viii DC no tAuaRVEiaA VIVA tuo staEigaf1 q
values. the outstanding paper currency o.
the Uaited States under 30 circumstance
could De a menace 10 the treasury. From
the time o. the resumption 81 specie pay
monSs down 10 the commencement cs tn
year isaS there never vas a time when th'
presentation oG greenescks fer redemption
occurred In sufficiently large volume to at
trasi public attoatioa or to De the suhlee
of alarmed comment IN the financial col
umns % the daily Papers.
4ae conditions which existed prior 20 iSss
ara Row "a fair way % be restored. ans
Tie oats lndiag paper q the country IA
ceased 20 be = menace 70 the treasury
ae movement fer retiring Il will eonsV
.oatly make extremely slew progress an,
few rev fFlenAs.