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Money Is Plenty

Money Is Plenty image
Parent Issue
Day
2
Month
September
Year
1896
Copyright
Public Domain
OCR Text

Talk about "scarcity of money" is constantly put forward as a reason for going into the free coinage of depreciated dollars. The talk is specious but misleading and cannot be too often met. ïhe fact is there never was so much idle money in the country as there is now. An excellent authority on this subject recently summed up some of the main facts in the mattei thus: "There is a cause for failures and depressions, but investigation wil show that none of them have been caused by an insufficient amount of cireulating medium in the country. Millions of dollars are today lying idle, not yielding one per cent of profit to the owner; millions more are being loaned at 1 and 2 per cent. The savings banks havo been and still are congested with money, and are seeking opportunities for safe and profitable investments, taking municipal bonds at 3 and 4 per cent interest. When the government asked for a loan of 100,000,000 in gold nearly 8600,000,000 were ofEered at rates ranging f rom 3} to 3X per cent." The statistical abstract of the United States shows that in 1873 we had 8751,881,809 in circulat.ion, or 818.04 per capita. In 1894 we had $1,606,808,703, 34.23 per capita. The total amount of money available for circulation, in 1873, was 8774,445,010; in 1894 it was $2,420,434,781. Per capita, 1873, $18.58; per capita, 1894, i:i5.44. What is needed now is not more money nor cheaper money, but more business to keep the money moving. Opening the mints to foreign silver will not accomplish this. Opening the milis to American labor by protection, and foreign markets to American goods by reeiprocity will accomplish it.

Article

Subjects
Old News
Ann Arbor Courier