The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-17
DO WE NEED MORE MONEY.

For six months and more Secretary
Gage and the balance of the Republican
leaders have been telling us that the
country did not need more money-that
in fact the trouble with the country was
that it was suffering, ito quote Mr..
Eccles, with "a plethora of currency"
About the time some people were about
to be converted to that theory. here
comes the President in his message to
Congress and says the country needs
more money. We quote:
Increased activity in industry, with
its welcome attendant--a larger employ
ment for labor at higher wages-gives
TO the body of the people a larger power
to absorb the circulating medium. 1T is
further true that year by year. with
larger areas of land under cultivation,
the increasing volume Of agricultural
products, cotton, corn and wheat. calls
fer a larger volume of money supply.
This is especially noticeable at the crop
harvesting and crop-moving period"
And this, too, after $3.50, 100000 in
gold has been added to the money in
circulation 1t is not difficult to see
that the President in the above para
graph Yves paving the way to recommend
the bill to confer the right on national
banks to issue more money, making a
national bank trust. No Inconsistency
is too great for him to stand by any
trust, particularly the money trust which
wishes to pocket the "S60,000,000 I'M
earned bonus and then have the
monopoly of Issuing currency
The Springfield Republican. a gold
standard paper, sees the inconsistency
of the advocacy of more money by
those who have denounced the policy of
The advocates of the Chicago platform
and says:
If the minis had been opened TO the
free and unlimited coinage of silver dur
ing that period and had been run at their
fullest capacity on silver alone, no such
amount of money could have been added
to the circulation as has been added
There has actually taken place, and
largely from imports Of gold from abroad,
a greater expansion of the money volume
than could have come about from the
restoration of unlimited silver coinage.
.'Such an expansion Of the currency
within so short period has no parallel
since the Civil War imitation.
If a need Of more money impress ses
the President right after 20 per cent
addition to the circulation has been effect
ed, how is the matter likely to present
itself to the Populist mind? Would MOI
the restoration of silver appear to that
party to be still quite urgent. particularly
when the financial bill now before the
House makes little provision for an in
creased bank note circulation? There
seems to be at the moment some danger
that the sound money party's more
money ideas will exceed those OF the
silver party"
The more money ideas of Mckinley
ties is confined to giving the national
banks Il privilege and a bonus. The
free silver advocates believe in bi-me
talism, holding that the coinage Of botl
gold and silver would add to the pros
perity of the country They feel thai
the revival of business, due largely t.
the great increase in the production Of
their advocacy of more primary money
They rejoice in the enlarged production
Of gold, knowing that continued pros
perity needs an increasing volume Of
primary money. They believe the free
coinage of silver on equal terms Will
gold would be better than to turn oyel
tract or expand the volume of money
ut will The Republicans say we have
"a plethora of currency" until the baIl
trust wants a monopoly of issuing thu
currency, and then their 'more money
ideas exceed those of the silver party"
THE Religious Conditions Of SlayeFs
In North Carolina" was the subject OF !
very valuable and interesting paper read
by Or. J. s. Bassett. of Trinity Col
lege. at the recent session of the His
torical Society of the Methodist Con
ference. It is published today by re
quest of the conference. DIR. Bassett
has done the State good service IN thi'
aad like contributions on the early his
tory OF the State.
---
The doctors celebrated the anniyersar,
OF Washingtons death by discussing
whether the doctors Of that day migh
not have cured him. II it is given TIM
father of his country in the better lanf
10 know what transpires here, he will, h,
doubt. regret that the doctors who nov
are discussing his case did not live j
time fer their theories to DO him sons