The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-11-30
MAY
NOT HURRY MUCH
Continued From Page one.)

I banks. could absolutely allay the fears
! Of depositors. Then, it is claimed
panics could come and panics could 20
! but the National bank depositors would
go on as always and would not line
up in front of the teller's window.
The argument is made in opposition
that the government is undertaking a
big task when it guarantees National
bank deposits that will amount to
billions. II would make the banks
less cautious and would saddle upon
the government many debts whera
banks failed and were unable to set
tie with depositors at 100 cents on the
dollar. But it is proposed TO set apart
a fund by imposing a small tax upon
the National banks. from which the
government could recoup itself for
losses.
Another plan is to inaugurate postal
savings banks, to which timid de-
pOsitors could go in times of stress
They would be of little help to de-
positors who keep large bank accounts:
they would not help the man in New
York who had So ZOO, 900 in ready cash
which ne withdrew from bank and
put in a safety deposit box so that he
could have the money any moment he
wanted it. But, through the postal
savings banks, the National banks
could be provided with a steady
stream of currency which now is idle
or boarded and which would be pour
ing into the channels of trade to re-
lieve any money stringency.
These and other schemes will be-
threshed out at the coming session of
Congress. There are numerous plans
to be proposed. They will be consid-
cred in detail, but that does not mean
there will be hasty legislation. The
advocates of asset currency, or of some
form of cashiers checks are very nu-
merous in Congress, but it is still a
question whether they will be nu-
merous enough to make majority in
either branch of Congress this winter.
The amount of money in circulation in
the United States is very large and is
increasing constantly. Some of the
figures may be interesting, even to the
average reader who has an aversion
TO figures and who is never able TO
clearly the facts about our
currency.
The United States had on November
1, of this year, a general stock OF
money amounting to $3,148, 1881. 1t
S1,489, S45 in gold coin. in
GLIDING bullion in the Treasury, $685.
$50. 9S2 in standard silver dollars, S134,-
l22. SOP in subsidiary silver: S5,613,000 in
Treasury notes of 1890; $346, 681, 016 in
United States notes, better known as
greenbacks: and 5000, 9S0,466 in Ma
tional bank notes. Any one with |
money in his pocket can be sure 1t is |
Of one of the kinds included in this |
list, remembering, however, that he |
may have some of the 81, 341 800 of |
gold certificates, which in reality rep |
resent an equivalent of gold in the. |
United States Treasury, or that he may |
nave some of the $7,177,4 32 of OUT |
standing silver certificates, which rep=1
resent an equivalent of silver bullion
n the Treasury.
Now this total amount of United |
States money has been increasing con-
stantly for the last twelve years. 1t |
has increased materially ever since /
November /, for many millions of adj
litionaI circulation has been taken out
oy the National banks and large sums
If gold have been purchased by the
The general stock of
money is today about 100000 600 more.
han it was October l last. At present
he circulation per capita in the United
States, estimating the population at
e, 547, 900 people, is 1928, which is
much more than that of any European.l
ration, except France where it is about
39 for every man, woman and child.
Twelve years ago the per capita of cir
ulation in the United States was
bout $40. from which it will be seen
hat in various ways the amount of
money has been largely Increased.
The actual amount of all kinds of
money in circulation November / was
bout $500, 100000 less than the general
took. or 81, ,36S, 1896 That simply
means that considerable sums are inn
ounded in the Treasury for various
easons, chief of which is the security
f the government and the retention
f sufficient sums with which to trans
ct its own enormous business. i
Such a showing as this Will cause
he legislators to proceed slowly about
the volume of money, for
DO much money is quite as disastrous 1
/ consequences in the long run as too
tile money. A per capita showing as J
} money in circulation is not always
complete comparison, because the,
power of money varies
realty in different countries, as does
he business activity in different coun-.
les.
The Congressman, when they come
Ito session here, will talk O. lot about
lethods of preventing New York from
rawing money from many parts of
lie land and about the evils of specu-
tive enterprises, whose promoters.
in New York, monopolize
illions upon millions that should be
sed in more conservative enterprises.
ut is not utilized for the reason that
lie SPECTATORS and promoters offer
gher rates of interest. Some would
} as far as to restrict or to prohibit
lie dealing in futures, which would
rike at Wall Street and its divers
ranches of buying and selling. While
lie desira bility of such action might
: generally conceded, the difficulty in
citing it is likely to be insuperable
Just now it looks as though finan-
al discussion would be foremost at
lie session of Congress, with the sole
lception of politics and the appro-
'iation bills. President Roosevelt has