Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-12-07

Gates. On September 80 the gross amount
Of gold coin and bullion in the treasury
was 1858. 0o2. $50. and the net 54,3s2,S 2f.
This estimated population of the United
States November /. 1895. was 75.es.09 and
the per capita supply of One outside the
treasury was $2iS7. The estimated popula-
ton and per capita supply of money No
vembsr 1. 1895, were 76.e99,oN and $25,6a, re-
spectively
The commerce of he year has been
marked by three especially notable char
acteristies: First, a continuation Of the
phenomenal exports Of last year, second, a
moderate increase in inaportations; and,
third, the combined imports and exports
form the largest total ever shown by a
single year in the history of our foreign
commerce. While the population from 1870
OF 1899 has doubled the imports have in
creased but 60 per cent and the exports a2
per e
The state of the treasury exhibits a de-
gree of financial strength never before
equaled. 1t places the government in a po-
sition more favorable than has before ex-
listed to take any steps Congress may con-
slider wise toward inapgurating needful
improvements in the currency or judicious
notifications in the banking laws. While
stability in the currency should be safely
guarded, fiexibility-the power of needfui
expansion-must also be provided. h e1-
ercise OF this power, witt proper lmita-
tons and restrictions, must be entrusted to
the banks There is no other agency that
can wisely and efficiently execute it.
With periodical regularity clearly marked,
occurring year after year with the au-
tUmnal season bank credits, checks and
drafts - instruments of exchange are
proved to be inefficient for the service
then required.
There are crops to be harvested, the la
Dor cost paid. The grain and the cattle
are to be marketed. The western bankers
or merchants who nave funds or credits
at rest with the bankers in the financial
centers find that checks ard drafts are not
suited TO the purposes now in question. The
bank credit is all right per Sc, but the
form in which that credit is evidenced is
not convenient. What they need for these
use. is a form of credit instrument easily
recognized by the people, one convenient as
to denomination, and n which will pass
from hand to hand without being question
ed. In short, their need IS for paper mon
ey or for hard cash. Now, subject TO one
li-mitation-that OF safety to the note hold
er, a qualification never to be disregarded-
it is impossible for anyone to name a good
reason why the Indebtedness of the banker
in this field of the exchanges should not
be expressed as freely in his notes of hand,
of convenient size. as in n consolidated
entry to the credit Of his dealer upon his
books Of account. 1t is precisely at this
point that difficulties. embarrassment ard
| loss are occasioned. What would be a nat
ural. economical aud effective operation is
by the inhsbitions and restrictions of law
now made impossible. In a state Of free
| dom the extraordinary wants Of the coun-
try at harvest time would be largely. If not
| wholly, met by the conversion of bank bal
ances, not available for these general pur-
poses, into bank notes or paper money.
These. performing their function, would
| again return when their service was ended,
TO be again transformed into balances in
bank" where, through the medium OF
checks and drafts. the larger commercial
uses would be the better served.
Without making specific recommendations,
the secretary commended the subject 70
the thoughtful attention Of Congress.