The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1899-06-30
The Currency Question.
A Wall street organ says There IL
an Imperative Need for
More Currency.

Z Some very curious developments are
taking place in Wall street-deyelop-
ments that cannot be accounted for by
anything we have seen or heard from
that quarter during the past few years.
says the Atlanta Constitution. We give
enc instance out Cf several. The New
York Journal Of Commerce remarks
editorially that 1.-THE vast transactions
now going on and the volume Of bust
ness that must come in autumn. must
impress every observer with a sense Of
tie imperative need Of larger volume
Of paper currency, and Of some means
OF expanding the aggregate supply OF
circulation in response 10 the require
ments Of commerce, whether these be
temporary or permanent" There you
have it. And we venture to say that
no reader OF the Journal Of Commerce
has previously hit upon such a state
ment in his favorite newspaper for
many long years. Naturally, therefore,
to find it there now, duly spread out in
the editorial columns and standing for
the views Of the editor. is calculated 10
cause the thoughtful reader TO rub his
eyes. Why, % years ago 4 demand for
more paper money was roundly de-
nounccd in Wall street as financial
heresy." To propose il was to solicit
abuse. There was a mighty small diff
ference in the view of Wall street be-
tween betraying your country and adj
vocating imitation" Four years ago,
the coinage Of silver dollars was in
fation." Six years ago there was loud
complaint of the overabundance of
money. The banks in the money cen
tiers were gorged with it; the gold or
cans called attention TO the situation
IN order 10 show that there was an over
supply on hand: and the treasury re-
ports were quoted 10 show the tremend-
Gus increase in the money supply.
More than that, the able director Of the
mint. who can be depended upon al
pinch, mustered al the fugitive figures
in the multiplication table 10 show
that the prospective increase Of gold
production in this year would be sufli-
Gent TO cause the "silvcrites" TO open
their eyes.
We are told that the money outstand-
Ing the banks and among the people"
has been increased "some S3Oo.0O0.000
in the last three years" In the face of
al ,hese claims. and At a season when
the demand for money is not most ac-
tive. the Journal Of Commerce comes
forward with the declaration that there
Is an imperative need OF a larger vol
u,ne OF paper currency" and likewise.
an imperative need Of .some means of
expanding the aggregate supply Of cir
culafion in response 10 the require
ments of commerce" Well. this is pre-
cisely what we have been contending.
only we have insisted that the increase
in circulation should be in the shape
OF specie. silver money. or notes based
on money Of final payment. 1t is no
wonder. when the recent declara-
tons OF the gold organs are considered.
that a New England paper belonging
to that class should read with amaze
ment the proposition OF the Journal Of
commerce. should tor i off with the in
quiry: rs Wall street going over TO
Bryan?" and should declare that il
sounds like a sentence taken from the
stump deliyerances of some populist
orator" We gather from this New Eng
land paper that such propositions are
not effective even when they come from
50 conservative a source as the journal
of Commerce. for il prays that the cur
rency reform movement may "bo deliv- |
cred from the patronage of these popu- |
listic spectators" The Journal Of |
Commerce "populistic speculator."
Well. what next? We may well regard |
ii as very encouraging sign that such |
organs should perceive and |
recognize the necessity of charging \
the money supply. Wall street will |
insist, Of course, that the new supplies |
shall come from the banks. but the peo-
pie. we think. will be inclined to believe
that the credit of the government is
better than that of all the banks put to-
retheT. That question, however. is not
very pertinent at the moment. The
main thing is that the Journal Of Com
mcrce should be willing TO echo the
declaration that there is an imperative
need of an increase in the volume Of cur
rency.