The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-08-07
THE VOLUME OF CURRENCY.
How 1t Varies In Dlnersn, Countries.

Congressman Warner, Of Ohio, the
author of the Warner silver bill, has
prepared an elaborate comparative state
ment of the volume of currency in the
United States in 1865, 1873 and 1878,
showing also the amount per capita in
actual circulation Mt these periods, and
the volume and amount per capita in
circulation i'll the principal countries in
Europe. 1t was prepared at the request
of Congressman Muldrow, of Mississippi.
and is as follows:
HOUSE or REPRESENTATIVES,
WAsHINGTON, ID. g., juno 80, 1879.
Hon. III. i. dlahlrow, SarkviNc, Mss:
DEAR SIR-ln reply to your request Of
June 10, have complied from the most
reliable sources the enclosed tables. The
figures giving our own currency volume
ut different periods are taken entirely
from official treasury statements made ut
different times. have included nothing
that was not strictly currency, although
immediately after the war, and lasting
for some time, treasury certificates, quar-
termastor certificates and other evidences
of public debt, passed from hand to hand,
and to sOmo extent at least, performed
the functions of currency, and helped to
swell the eflecting volume greatly beyond
the volume given, but as they were not
money in any proper sense, have left
them all out, and included only what is
embraced in official reports rs constitu-
ting the currency. As you will observe,
have given the circulation Of each Pc
riod per capita, which is necessary com
parlson when co"sidering the question of
volume of money.
an very respectfully yours,
A. J. WARNER.
COMPARATIVE STATEMENT
or tho volume of currency in the United
States in 1865. when the volume was ut q
maximum, and in 1873, just before the
panic, and again June 80, 1873; also, the
sum per cnpita ct Tie different pes:c;.s
Compiled (as to currency from official
treasury statements:
Polumescf Currency June 30, 1865.
State bnnk circulation. $142, ,9l0 G3S
Nr!ionnl bank circulation. ........ las, ,l37, $50
Demand notes, acts July II and
August 8, l6ol..................... 472,Go3
Legal cndernotes, acts February
20, 1852, July IL, 1862, and
March, 3, 1868 "..":..... 432 2,Os7, ,0Go
One and two year notes OF 1868,
&c. 9: :7:7a!; 8, .as, .a sss nc &c
Compound interest, acts March
g, 1863, and Juno 30, 1s64...... l03 375G,0sO
Fractlonnl currency, act of June
IL, 1862. ACKNOWLEDGEMENTS. 25,Oo5, 1928
Total. .s0s3, ,3lS, ,6s5
Total population in 1865 (esti-
nlutCd) ............... .............. 81 7iS 600
Oeduct from this population of
-he States III rebellion, which
was about. ........"":.. ........ 100000
And We hnvc, in round duumbers,
1888 900, 900, toaropulation OF 25 ,O0O, 900
or over SD per capita.
Volume Of Currency, June 80, 1873.
State bnnk circulation On..S 204. 40
National bank circulation....... 3i7 ,207, ,OGl
demand notcs...................... 79,O67
Legal tender notes. s................:3 :3jf) 600 600
One and two year notes Of ISG3.. 142IO5
Compound interest notcs........ 4794OO
FRACTIONAL currency A, 3G5
Total population in 1873 ',sfitsi'H1 estimated i%
round numbers 100000, giving little
less thar $l8 per capita.
Foitmc of Currency, Jane 80, 1878.
State bank circulation. ion........$ 426,5o4
ntional bank circulation ....... 32i, ,5l4, ,2S4
1>emnnd notes. 83,207
Legal tender notes................. $40, ,0sl .Ol0
One and two year notes OF 1863 OO.4S5
Compound interest notes .... OH 900
fractional cuTcncy.....,........ 1851, 7GS
fractional silver coins. s.,.......... iOOOO,OOO
Total. ..."..".............$72S,50 ,507, ,o75
Deduct fractional currency lost
at least.....:" ...:"...........-........s 5 1O,0Oo,oOO
Deduct legal tenders held in
treasury, under net of 1874
for redemption of national
bank currency, average. .:...,. 2o,OOooOo
Deduct legal tenders held in
treasury TO redeem fractional
currency ...."....... .............. 10000 600
- Actual circulation. .$6ss, ,5O7, ,275
Total population in 1878 estimated in
round numbers $4,000, ,000-glving about
Sl4.00 per capita.
CIRCULATION IN THE UNITED STATES, 1876.
Polume Of Currency, jane 30, 1870.
Legal tender notes, June 80. 1870, $3i0, ,0sI, ,Ol6
National bank notes, June 80,
1919 .........,..... 32S, ,33S 107
Deihanu notes........."............. 81, $50
fractional currency. 16,S74777
Silver dollars in circulation.... 69i7O52
Fractional silver III circulation 35552.57I
Total s733, ,42l ,6I3
From which should be deducted:
fractional currency destroyed, 10000. 600
Legal tender notes held IN the
treasury under Act of 1874 for
redemption Of national bank
notes and failed banks..:.....- $4,000, 900
Legal tenders still held for re-
demption of fractional cur
""........................ 100000
Actual circulation ....... $3.50 424 y6t3
III addition 10 the above there was coin In
the treasury April 80. 1870, according to sec
reiary's report TO Senate, $13S, 100000. But
plainly neither this coin nor other currency
that has been purchased by the sale of bonds
and held under the resumption act as q hoard
or gathered in the treasury as the result of an
excess of revenue over expenditures, ought
TO be counted as part of the circulation,
for certainly it can have no effect whatever
upon prices. Taking the present population
OF the United States at 1000. .OOO' the above
volume (s6So, ,424 ,0i9) gives $14 per capita. |
NO account in the statement for either of |
tue above periods have been taken of tho |