The Hawaiian gazette., 1907-12-03

resent an equivalent OF gold In thsl
United states Treasury. or that he may
have some Of the s7.i71,4s2 OF OUT
standing silver certificates. which rep
resent an equivalent OF silver bullion
In the Treasury.
Now this total amount of Unitei
States money has been increasing con-
stantly for the last twelve years. II
has increased materially ever sincs
November l. for many millions OF ad-
ditional circulation has been taken out
by the National banks and large sums
OF gold have been purchased by the
government. The general stock OF
money Is today about si0,0c0,oo3 more
than II was october last. AT present
the circulation per capita In the Unite
States. estimating the population at
S6.547. 900 people. Is $Ss.2s. which Is
much more than that OF any European
nation. except France where It is about
sss for every man. woman and child
Twelve years ago the per capita Of cir
culation IN the United States was
about SEQ. from which 1t win be seen
that in various ways the amount OF
money has been largely increased.
money in circulation November I was
about sS00.oo0,00o less than the general
stock. or $2.S76,36S.6 96. That simply
means that considerable sums are i'm
pounded in the Treasury for various
reasons. chief of which Is the security
of the government and the retention
OF sufficient sums with which to trans
act Its own enormous business.
Such a showing as this will cause
the legislators to proceed slowly about
increasing the volume of money, for
too much money is quite as disastrous
in consequences In the long run as too
little money. A per capita showing as
to money in circulation is not always
complete comparison. because the
purchasing power of money varies
greatly in different countries, as does
the business activity in different coun-
tries.
The Congressman. when they come
into session here. will talk a lot about
methods of preventing New York from
drawing money from many parts of
the land and about the evils of specu-
lative enterprises, whose promoters.
centering in New York, monopolizs
millions upon millions that should be-
used in more conservative enterprises.
but is not utilized for the reason that
the SPECTATORS and promoters offer.
higher rates of interest. Some would
go as far as to restrict or to prohibit
the dealing in futures, which would
strike at Wall Street and its diverA
branches of buying and selling. While
the desirability of such action might
be generally conceded. the difficulty in
getting 1t is likelv to be insuperable.
Just now it looks as though finan-
rial discussion would be foremost at
he session of Congress. with the sole
exception of politics and the appro-
,riation bills. President Roosevelt has
abandoned, for the time being. his
hope of securing further railroad or
enactments. The business
interests of the states are clamoring
Vigorously to be let alone for a while.
est further Presidential fitting increase
he prospects of a panic along indus
rial rather than money lines. The
money panic is probably passing. but
wise men say it is only preliminary to
Industrial cessation and that 1t is dis
retion on the Presidents part to reef
all, rather than to spread more can
as.
1t will be a matter Of keen regret
o the President not to further his
lans for modification of the Sherman
nti-trust law and for regulating the
ssuance of railroad securities and for
licensing corporations that do an in
erstate business. The coming session
( Congress is the last one at which
e can hope to accomplish anything
Material in that line. The second ses-
ion, will be of but three months
uration, right at the close of his adj
and, as usual, Congress
ill be unable to do much of anything
ut pass the appropriation bills.
In the face of the panic talk and
18th the dread of having his admir- IS
,ation go out under the croud Of an
ldustrial depression, the President is
OF hesitating. He is now doing all
e can to recoup the business world
nd will devote his attention for the
resent to that, rather than to cor
Dration reform
And in that he will be in hearty
,cord with the leaders of his party in
III Out VI 1OlSEcSSs IOI dllucSl
rst time since he was President
hey want Congress to do nothing this
inter that would cause additional
,pular unrest and hamper the Repub-
ans in carrying the next Presiden-
al election by sweeping majorities.
nat has been the usual program OF
e Republican leaders in Congress
ST prior to a Presidential election
hey are willing that men should
,itate as much as they please about
opposed legislation. 1t serves to edu-
tie the country. But they do not
ant the pressure applied from the
hite House to enact reform laws. as
has been several times, since Mr..
,osevelt held the Office.
Therefore the most complete har-
my may reign between the President
d Congress this winter. There may
no fiourishing of the party lash and
threats from the Executive, all OF
Itch, in these strenuous days, would
I'M tame indeed.
ERNEST G. WALKER