Iron County register., 1899-12-28
THE MONEY SITUATION.
Even New York Admits the Country
Has OutgrOwn the Volume
OF Money.

In a time when the country is ha.
rassed by vexatious war tax, which
creeps into every home in the land
the secretary of the treasury sends
| S25, 100000 to New York for bond re-
demption. We might dwell upon the
policy which leads to the redemption
of bonds before they are due with
money so obtained, or we might
make much of policy which makes
the national government mere
annex to a local gathering of money
changers. but passing these points OF
contest by, it is sufficient to direct at
tention to the proof which this action
gives that there is not sufficient vol
urne of money with which to carry on
the trade of the country.
To be read in connection with the
foregoing, is the following business
explanation of the situation:
THE president of a New York trust
company said to me the other day that
the business of this country HAS OUT
GROWN THE VOLUME OF MONEY
remarked Vice President E. c. Spald-
ing, of the Atlanta, Knoxville and
Northern.
Everything is on a boom in New
York except the stock markets, and
they would be moving skyward IF
MONEY WAS PLENTIFUL. AT pres
ent New York has been drained of
money by the interior. The gentle
men to whom I refer stated that the
south is better off for money now
than the north is. The money is down
here for the movement of the cotton
crop. When that crop gets to market
the money will flow back to New
York.
In these two news items is con-
tained the justification of the con-
tinuous policy of the masses ever
since the crime of 1873. The demone-
tization of silver, accomplished under
the cover of a resumption of specie
payments, was soon discovered to be
a curtailment by one-half of the nat
ural money resources of the people.
Suddenly eramped from the plethora
of paper money into the limits of the
gold supply alone, business disaster
and ruin stared the country in the
face, and rigid enforcement of it
would have bankrupted every inter
est in it. This was only partially
averted by the successful attacks of
the democracy upon the party in pow
er, in forcing the regular coinage of
a certain quantity of silver from 1878
to 1892. and then the total collapse
came. That squeezing which began
in the outermost parts of the country
has been narrowing it's circle, until
now New York admits that there is
not volume enoughi Practically, that
means there must be more volume!
That is the pith and kernel of the
democratic platform of 1896 spoken
through the business interests.
During all the years which the east,
feeling safe in the enforced inward
Good of interests, laughed at various
moves made by the democrats for an
enlargement of the money volume, the
better sense of the country saw that
the men in the field were right and
the fears of the men at the desks were
wrong. Now it is the men at the desks
who cry out that there is too much
business for the amount of money
that there must be relief.
To-day New York acknowledges that
'the country has outgrown the vol
ume of money" '"The country has
known this for over 25 years, and it is
New York which has been slow to
find it out. The raw material of the
south, of the west and of the far
Pacific states was just as valuable
twenty, ten, five years ago as now, but
the money volume has been congested
by those of the east, who felt that
if they had enough there was no rea-
son for anyone else being in want.
Now the complaint is general, so that
even those who strayed away from the
fold are forced to acknowledge it.
This of the past is used, however.
not for claiming superior foresight at
the expense of others who were mis-
taken, but to point the true policy of
the future. This new and undeveloped
country needs all the money it can
get. Our people have not reached the
point where they can be divided into
two classes-usurers and debtors,
They are all in the pioneer stage,
where no man can afford to. write |
retired" across his brow, but where
everyone is animated by the prospects
IN view to keep up his activity. We
need the full volume of money which |
nature and Providence give us. It is |
now the business interests themselves |
which call out. for this, and no tempo
rary makeshift of bond redemption |
IAN cure the evil.
Take the shackles off the money cir
,ulation and leave it free, under busi-
ness conditions, to adjust itself. The |.
governments seal supplied, the people1
AN do the rest.-Atlanta Constitu-