The Winslow mail., 1900-02-01
The Currency Question.
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 a veXatious war tax, when
creeps into every home in the Iand,
the secretary Of the treasury sends
$25,0oO,OOO 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 a policy which makes
the national government a mere
annex to 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
ume 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 [ refer stated that the
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-
tanned the justification of the con-
tinuous policy of the masses ever
since the crime of 1878. 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 cramped 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 a 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
q certain quantity of silver F4om 1878
to 1892, and then the total collapse
came. That squeezing which began
in the outermost parts of the country
has been narrowing its circle, until
now New York admits that there is
not volume enough! 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
flood 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 age 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 trIe policy of
the future. This new and u1developed
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. 1t is
now the business interests themselves
which call out for this, and no tempo
rary makeshift of bond REDEMPTION
can cure the evil.
Take the shackles off the money cir
culation and leave it free, under bust
ness conditions, to adjust itself. The
governments seal supplied, the people
can do the rest.-Atlanta Constitu
ton.
Sore Disappointment.
The increase in the worlds produc-
tiOD Of oOld mllSt he q sore dico,,po;,4