Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1872-04-25

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nj hank circulation. mailing IN aggregate
Of $65 8. .0O0. 900. The tntsi circulation
in 1850 Vas $500. 000, 0o0., The total
rcpYstion IN 1888 wa. $3.50. 600. .0Co..--
Now. ccnfpsre the vsauc ~ the REVENGE
from customs 10 ls3ssxith the value oi
the revenue from onssoms ,ia 1872, a. At
least % spproxinste standard of tie VOL
ume OF currency, requisite to perform the
needful operations of commerce and ex-
change at the too periods. and ne should
bare. .elva0e. .00o, 600 Of currency as this
time. n the revenues iLiicste that propor-
tion in the relative wealth and commerce
Of the two periods But, sssthe rates OF
dusies ere widely dilEeeeneia the two -.
siosass lelnus take AlnAse aats, .shas zone in
.Sieh tho eo1nssesqf - eosslrx yfoRr,
ished and unexampled pFdSpefny witk 3
sound and unquestionable specie currency
existed, and let us select 8 different ele-
ment fsr the comparison. AT the close
of the year 1860 the aggregate currency
was $500. .000. 900, distributed a. follows:
in. the States which adhered to the Union,
S2l0. 900, 600 in specie and sfs0. 900. :
600 in bank notes in the seceding States.
$50 .O00. 900 Of specie aud SO. 200. 900
Of bank notes. The aggregate wealth os
the Cuitad States at that time was Sl6.-
00a, ,OO0. 900. .'-vs -' awrr
Ia 1879 the circulation is 367s. .000,.
600 and the aggregate wealth is $50, ,0OO.-
o0o. 600; wealth nearly double. but
circulation increased less than ona third.
But. IL instead Of the aggregate wealth,
suppose we take the population Of the two
periods rs tho proper or proximate meas
ure OF the true proportions of curreucy for
the two periods. In 1860 there were thir-
ty-one million people in the United States.
OF whom four million were slaves, who had
little use for money because thev had no
commercial transactions. In 1872 there
are probably forty million people. TIE
population having increased one third, at
least one third more money would be re-
quircd for circulation. which would make
S6s3. .0O0. 900. the proper amount for this
period as compared with $500, ,000. 900 in
1860.
But If We further take into our compu-
tstion the fact that the four million blacks
who were slaves, and required bst little
money for their domestic commerce in
1860, now do require very large sums in
their industrial pursuits for the payment
OF wages and the purchase Of necessaries.
1t would be a moderate computation to say
that 500. 900. 900 more should be added
to the volume of circulation. which would
swell the total to S743 0o0.0a0. Anoth-
er most important consideration must be
recognized in estimating the proper vol
ume of currency. Since tho year 1850
more than three thousand millions have
been added to the precious metals circu-
latiug the commercial worll. derived from
the mines Of Australia, California. and
other gold producing regions. This in
crease Of the amount Of money has occas-
ioned n v,st addition to all nominal val
ucs, aud has created 3 need for larger
proportion Of money per capi'a for domcs-
tic and commercial exchanges than foru,-
erly. What this proportion may be il is
Difficult, to estimate With accuracy ), bat it
is quite apparcn. that large allowance
should be given 10 this operative clause.
Again. the improvements in the means
Of intercnmnu unica,ion between the didcr-
ent parts Of the country. the rapid growth
Ct .he great cities. require more frciuen.
dealings ard exchanges among all classe.
Of society, aud beget the necessity for \
larger quantity Of money for every individ-
uals use. Ii We assume that an average
Of twenty dollars of circulating medium
for each inhabitant be fair allowance.
(and il seems to me this would not be too
large } then the present population ofthc L.
States would not have more than enough
s:,b $500, 100000.
Whatever standard Of comparison be
adopted. Of wealth. taxation. population,
extended and increased rapidity Of inter
eommunica ion, multiplication Of indus
tries, and minute Subdivisions of labor,
they each and all point to the necessity
for largely increased circulating medium
From the best reflection have been able
TO bcstow upon the subject think the
country has grown beyond the present
volume Of its currency, aud that it requires
an increase Of circulation.
The Secretary ofthe Treasury in his
last report states thst the value Of the pa-
per currency during. the years 500 and
1870 was apparently appreciated by the
increased use Of paper moaey in the South,
but chieiiy by the establishment Of the
credit Of the United States on firm ba-
sis, aud that'being fully accomplished on
the LIST of January. 1871 since that time
the appreciation has bsen wholly due 70
the increased demand for it in the busi-
ness affairs OF the country; and he then
asserts that the differcneein value between
the fst Of Jsuuary. ls7l. and the present
moment. furnishes the bcs, test for determ-
inihs the quantity ofpaper currency which
can be used and its value KEEP, at par
with gold: and ttcn he concludes that
tried By this test the amount of psper
money in circulation is still too large. and
We must either reduce the amount Of pa
pesor wait until the coantry grows large
enough TO fit II rag garment Now, il it
we're true that the credit Of the country
was fully established in respect to this le-
gal-sesder paper, and tho Government had
dore slf IN its power TO gire value TO its
issues thereof as it has done 10 give credit
TO IN boasds. there Nigh, be ser,s force in
the suggestion but so long as the Gov
erninent refuses to receive this psper at