The National tribune., 1899-11-02

SUBSIDIARY SllVer.... Z,4n,01
treasury notes. l,2lO,luo
Greenbacks. s........... 31,726, ,416
National bank noteS......... 3,64O,442
Gold bullon... l3l, ,1SO, ,S9z
Silver bullion. S3,7S3, 745
~Occ'-V'
During the preceding 80 days the gold
coin had increased S31, ,2S5, ,22S; the Treas
ury notes, S344 ,457; National bank notes.
S,O34; gold bullion, S4,27O,1 ,191; making
a gross increase of S35. .907 ,910. From
this must be deducted decrease of S2,99I,-
S62 in silver dollars; 81 ,652, ,621 in sub
sidiary silver; S4,S24,179 in greenbacks,
and S7SO,SS2 in silver bullion. or total
decrease of S1O,255,544, leaving net
increase of S25, ,652, 1866, or substantially
S1,000,O00 day for every working day in
the month. The official statement for the
month of October is now due, and will
probably show a like if not greater increase.
Therefore, there is now in the Treasury
over 5000, 100000
The official estimate of the amount OF
money "in circulation" in the hands of
the people, Oct 1, 1899, was 81 ,94S, 703, ,1S6.
Therefore, nearly one-third of the entire
money stock of the country is now lying
idle and unproductive in the Treasury,
at time when there is the most urgent
need of money with which to move the
abundant crops of the interior. At time
when the largest harvest that this country
has ever seen calls loudly for an unusual
amount of money to carry it to market,
nearly one dollar out of every three of our
whole stock of money is lying inert, I'M
available, and, for the purposes Of the hour,
practically worthless, in the strong boxes
of the Government.
If we add to this the great reserves which
the thousand other ways in which money
is kept in cold storage, so to speak, we
are astonished at the smallness of the
remainder upon which must be done the
enormous business of this Fall and Winter.
Among the measures attempted to re-
lieve this plethora, and afford relief to the
business situation, was anticipating the
payment of the January interest to the
bondholders, which would put some ST.
100000 into the hands of Wall street.
But the bondholders, with their customary
insistence upon the last penny, refused to
make any reduction for having their in
terest sooner, and the scheme fell through.
This grave situation sharply accentuates
what We have previously taught about the
immense usefulness Of pension payments
in promoting the prosperity of the country.
1t is, not merely that they diminish the
congestion in the Treasury by periodical
returns to the people of their money, but
that they make an evenness of distribution
over the whole country, and a wholesome
impetus to circulation, such as characterize
no other form of Government expenditures.
For example, if the bondholders had
been paid the s27, ,OOO, 900 it would not have
brought anything like the relief to the
business situation that the same amount
paid in pensions would have done.
The receivers would have generally
locked it up in their vaults, and waited for
opportunities to lend it to advantage. 1t
would have been weeks, possibly months
before a large portion OF it would have
gotten away from them. Much would
have been actually boarded, and not thrown
| into circulation until misfortune, sickness
or death called for it. When it came out it
would have done so in the neighbOrhood of
the congested money centers, where its effect
would be merely like that of adding wafer
! to the ocean.
Contrast this with the about $50, ,0O0,-
600 paid out every three months for pen
sions. This goes at once to 9S7, ,213 differ
ent men and women, scattered over the
whole country, in tens of thousands of
different places. There are very few of the
rs 900 towns, cities, villages, hamlets, and
other places named in the United States
Postal Guide, which do not receive a share
of this Each man or woman gets from
SIS to S216, the average being s33.
Not for week is this money boarded.
Not for a day is there doubt or debate what
10 10 with it. Probably its payment has
been anticipated by debts contracted to be
paid "after pension day" At all events it
is quickly in the hands Of the doctor, the
druggist, the grocer, the dry goods mer-
chant, the butcher, the baker, the house
owner The whole town at once gets
immediate and direct benefit from every
dollar which passes from hand TO hand
after it leaves the pensioners, and within
o short time every dollar may pay 500 of
Indebtedness. The doctor, the druggist
the butcher, the grocer, the baker, the
HORSEPOWER pay one another with it, and
finally the merchant gathers up all the
| dollars paid the pensioners in his neighbor,
hood, and sends them to New York TO pay
his bills, and from there they are started
: out again ito move the crops"
Can anyone conceive a more perfectly
; working plan for promoting a regular and
healthful circulation of money among the
t common people than this has proved itsel
to be? Can anyone suggest more poten
5 factor III the development and maintenance
Of prosperity than this periodic distribution