The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-12
THE PAPER MONEY HABIT.

ID reason of the large supply of gold and the
~ comparatively scant amount OF paper currency
- in the East curious illustration of the force
OF habit has been furnished by that section of the
Union. 1t appears the people there have become so
addicted to the of paper money by long usage
that they unwilling to employ gold for general
circulation, notwithstanding their appreciation Of it
standard of value.
This preference for the accustomed form Of money
appears from all reports to serious evil
in the financial world The Boston Herald says:
THE short supply of paper money is causing good
deal of inconvenience to business and obstructing the
movement of the crops" After pointing out that
there is no real scarcity of currency, goes to
say "The only trouble is that paper money cannot
be readily obtained to satisfy the demands of the
harvesting section, and that gold coin does not
the popular demand"
II is not in Boston and New England only that
this demand for paper exists. The Philadelphia
Ledger says: "The United States treasury now
holds more than $zo6,oooooo in gold 1t holds this
vast amount largely because it cannot get rid of it,
The people do not care to be burdened with gold
.or pocket money, when paper is much more con-
venient to carry" The Philadelphia Record
cedes that this statement is in the main correct but
maintains that the preference for paper money is con-
fined the cities while it will have been noted that
the Boston Herald asserts the demand for paper
comes from the harvesting districts.
As matter of fact, it appears the whole Eastern
section of the country, cities and rural districts alike
demands the familiar paper; and so annoying to
fnancers has this demand become that the treasury
officials at Washington are quoted as having
pressed the opinion that the people should be
PEELED to use gold to correct what of them
has called their vicious preference for paper"
This statement has reused the wrath of Boston and
the Herald of that city, after referring to it as an
assumption characteristic of the official mind"
tcrts with indgnation "Uncie Sam does not
take kindly to the idea of using either gold silver
coin in circulation. He likes paper money. He
wants it kept as good as gold but he does not want
to carry the latter about in his pockets His choice
should be respected and in point of fact it will have
to be-"
The whole controversy is striking proof of the
domination of habit the human mind 1t will
be to Californians that Uncle Sam does not
take kindly the idea Of using either gold or silver
coin in circulation In this State our honored uncle
has never used anything else The Philadelphia
Record speaks OF bank notes being almost always
foul smelling and filthy from constant handling" and
this being so it would appear that the Washington
official was correct in describing the Eastern fond
ness for paper vicious preference"
Altogether the situation is amusing thirsty
Kentuckan, crying Water water everywhere and
not drop to drink" has no quandary equal to the
perpexity of fnanciers with gold, gold everywhere
and money to meet the popular demand
Up to this time more wealth has come from the
Klondke than has been carried in but matters are
rapidly taking an opposite turn and before long
statement Of the balance of trade will make an
! Eskimo smile
l. In the confusion camp some are Democrats, some
Populists and some are Silver Republicans, but
the sandotters lead them ALL
| Whenever the campaign becomes too hot for him
Mcguire can console himself with the reflection that
a cold day is coming
| II is not certain whether John J. Valentine prayed
loea .Io.l 1. Z -.