The times. [volume] (Richmond, Va.) 1890-1903, 1898-12-28
MORE PAPER MONEY NEEDED.

The forthcoming report Of the Director
Of The Mint Will indicate an increase Of
nearly 40 per cent. of the worlds stock
Of gold money during the past seven
years. The stock of gold in the world
at the beginning of the year 1893 was es-
tmated at $34l95OOO0. The production
since that time has been about $780,
COO 600
The United States has received its share
Of the gold production. The amount of
gold I'm this country i'm the year 1888, in
the Treasury and in circulation was in
the neiehborhood of $55O000Co and was
only one-third OF the circulation of all
kinds of money. The amount Of gold in
this country has now risen TO so 10000
and IS nearly one-haf OF the whole cir
culation 1T is believed that the increased
production Of gold will continue and
that the worlds supply will rise in
another year to 5000 700 0O0 Of which the
United States will have Sl,O00GDO0O
There IS no trouble about the supply
of gold. but the trouble with the United
states Treasury to-day is the lack of q
suihciency of paper money The Treasury
stock OF gold is about S2iG 100000 of
which only YO0.WOO0O is required as re-
serve. but on Thursday Of last week the
Treasury held but Sl4GO.O00 Of green
backs, ana less than 100000 Of Treasury
notes Of the issue of 1880 This drawing
down OF the stock Of legal tender" says
the New York Times. "is a source of UNI
easincss because OF the increased de-
mand fol small notes due TO the rapid
expansion of business throughout the
country. and also because Of the GER
tainty that the Treasury viii be unable
TO meet in the customary manner the
great demand from the South and West
for the moving Of the crops next fan
1t is only a few years ago that our
stock of gold was rdided and the great
concern of the government was then to
prevent the reserve from being exhaust
ed. Now we have food Of gold. and
the Secretary Of the Treasury is trying |
10 prevent gold from coming in and is |
boarding his paper currency This shows !
to adopt any currency system that will |
respond naturally to the demands OF |
trade and shows how necessary it IS |
to the welfare Of the government as well /
as to the business Of the country that |
the government shall get out OF the bank
Ing business. II the banks Of the coun-
try were permitted 10 issue currency |
there would always be plenty Of paper !
money and never too much. for the money
would be issued at times when there was
called in as soon as the extraordinary
demand should cease. Such a system
would work automatically, as surely as
the automatic valve in a reservoir But
somehow the people will not see it. The
Populists want the Government TO set the
printing presses TO work and food the
with paper money. whether or
not and any talk Of bank currency
throws them into Mysteries. The Repub
leans believe in a bank currency, but
they are content with a halfway meas
ure and so we have partial system. a
halfway national currency and half
way banking currency. neither Of which
meets the demands OF the situation
There is a solution. however. and but one
solution. and that is for the government
10 get out of the banking business alto
yether. remove the restrictions from
banking throughout the length and
breadth OF the United States. and then
et the laws OF trade take their natural
course.
--
"Bab' is dead Long live bah.