The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-11-08
The Advantageous.

these parties in this struggle do you
belong! It you are gold dealer OF
bondholder, if your pocket is tllled
with notes. bonds, mortgages ana oo-
legations demanding money, OF course
you will favor contraction and labor
for redemption, it will increase your
wealth, it will put money IN your
purse. But if you are a laboier'
debtor or business man, it you take
any pride in the prosperity OF your
| country or have any sympathy ior
your kind, [ expect you to unite with
those who are endeavoring to arrest
this crushing policy of contraction.
| But we are told that there has Deen
no contraction of the currency, that
there is still sufficient amount III
circulation to do the business OF the
country and keep all our Industries
employed. Is this so! Let us reason
together. From the last report OF
the Secretary of the Treasury we
learn that the entire amount OF cur
rency in the country is only $1lS,0OO,-
600; divide this amount by 44,O0O,O 900,
the population of the country, and 1t
gives SIG to each inhabitant. l sup
pose 1T is difficult to determine pre-
cisely the amount of money necessary
to transact the business OF the
country. We can learn something.
however, from the experiences OF
other commercial nations. France,
the most prosperous nation in the
world. has circulation Of $40 to each
inhabitant: Russia and Austria. $50;
Germany, 1913; Great Britain, S25; the
United States SIG. Thus it is seen
that we have one-third less money
than the lowest on the list. and an
average Of only one-half the amount
, possessed by other commercial ma
tons.
J While no reason can be given why
we should have less currency than
: other nations, abundant reason can be
given why we should have more. Our
population is dispersed over a large
) extent of territory equal to the whole
) Of modern Europe. She has a popula-
ton Of 100000 600, and we have a
} population of only S44 200. 900, and all
/ know that money clrculates more rap
> idly in a thickly settled country than
2 where the inhabitants are miles apart:
+ that the same volume of money will
t do larger amount of business III
4 cities than iii the country. Again.
= those old countries are finished. theil
: improvements made, and their re-
d sources developed. Our country is
d new, unimploved, and undeveloped
We make more improvements in one
:. wear than the whole of Europe
h Again. the range Of prices is higher
G in this country than there-wha
f would support a family here one weel
G would support family there two
!. Our citizens here double the CONNER
e cial enterprise that their people have
Il Those and other reasons that nigh
Il be given, afford overwhelming proc
n that we should have more currenc,
t than they have, instead Of less. Blu
u we do not ask more. Give us al
,e amount equal to the lowest in til
d scale, give us twenty-five dollars pc
II CAPITA this. multiplied by the numbe
II Of our population. will amount t
J. 81, lO0, 900 900, or 800 10000 NOR
j. than we now possess. In other words
is it will take an addition of 800 900. OO
IS to our present valune Of money t
re make us equal. in amount OF currency
le with the lowest i'll the scale Of con
G. mercial nations. The want Of a sntl
to cient amount of currency will !
e. evident if we compare it with OF
Ill aggregate taxation. David A. Well
re in report made to the legislature
re New \ ork. estimates the amount {
n, taxes collected of the people annual
to by the general government. at $40
be 600 900, and the amount collected !
" states. cities, counties. and otht
it sources of taxation. at $3.50, 100000
TX making in all $4,000 900. maxim
re over SlOO. 900, 900 more than our e.
d. tire circulation.
he The want Of an adequate supply I
ct money will he further apparent |
nd comparing it with the sum of our i
id debtedness. The national COVER
ed ment owes $500. 900 900 the railroai
81 800. 900 900, the states and citi
of 81 600. 900 900. The people owe tt
in national banks $3.50. 900. 900, priva
nd banks $3.50. 600. 900. and on mortga.
1is securities. $4,000 200. coo; add to til
IDS private Indebtedness, promisso
On notes. book accounts and other form
f. of credit. and it increases the sum
IN. an almost incredible amount. Senat
Il. Jones estimates our total indebtedne
he at Sl3 .0oO. 900 900. Wendell Phillips
,cv So. 900 900 900. taking the lowest {
he innate. and with interest at Sl-3 p
nt cent it amounts annually to 81 .00'
n OuO. 900 or $500. 900. 900 more than o
nd entire volume of money. Again col
nd pare our currency with +
pd wealth of the country. By t
he census of 1870 the total value OF l.
he property Of the nation was $50. 00
tn 000. 900: to represent this vast amou
ire of property we have only 500. 10000
,tb Tor in other words we have 500. 90
in 900 Of property represented by mon
in and $50. 300. 900 900, unrepresente
s.. Let us further compare the volume
.ial our money with the amount of bu
mt ness transacted by the country.
of the city Of New York there is cles
IN. ing house association consisting
os- sixty banks where daily transaction
he in prosperous times. amount to 81
md 900 900 or an amount each week equ