The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-07-16
CURRENCY PER CAPITA.

Mr.. Warner, the author of the silver bill
that passed the House of Representatives,
and upon which the Senate was prevented
from taking action by the stubborn hostility
of Senator Bayard, has written letter, show
ing the volume of currency circulation in
the United States from 1865 to 1879, which
embodles valuable facts and figures with
which the people should be familiar. The
letter was written to Hon. II. L. Muldrow
OF Starkville, Mississippi, as late as June 30,
and the figures given, as Mr.. Warner says,
'were taken entirely from official treasury
statements made at different times" twill
be observed that Mr.. Warner has included
nothing in his statements that was
not strictly currency as conceded by
the ShyIocks, although a strict ad-
herence to we'll established facts
would nave permitted different summing
up of totals. But as Mr.. Warmers purpose
in writing the letter was not controversy,
but to tabulate figures drawn from official
sources. it was probably better that he
should have left out items about which there
has been deal of dispute, using only such
dates as all must concede to be as near the
IdCtS DIS IL IL pOcolDic W dIIlNC IL Will
be observed that Mr.. Warner, by his
statements, shows that the amount
of currency per capita has steadily decreased
from 1865 to 1879. And this demonstrates
the fact that contraction has steadily been
going forward. directly, by reducing the
volume of circulation, and indirectly by the
increase of population, the two factors show
ing a decrease per capita from 500 in 1865 to
Sl4 in 1879. The statements of Mr.. Warner
are so full and complete that we reproduce
them entire:
Volume of Currency. June 80, 1865.
State bank AZ 9l9 6SS
National bank circulation lac, 1877 $50
gust 5, issi.. . .......... 472sOs
1862 July IL, 1862, and March g. 1853 49,, 6S7 1865
One and two,year notes of 1853, act
Compound interest acts March 5, ''-'
1858. and June 30 1875, 1855 $50
1852 ...... ... 25OO5, s2S
Total .............. 1888 BIS, es5
Total population in 1865 (estimated)- 49, 600
Deduct from this population of the
states in rebellion, which was
and we have in round numbers, $685.
000,OO0 to population of............. $4,000, 00C
| or over $50 per capita.
State bank circulation 1,29s Az
National bank circulation 81, 267 o6l
demand ", 10.
One and two-year notes of 1868 .....-. I42, Joe
Compound interest notes..-..-.......- 47940
Fractional currency A, 799 36;
Total............... .......... ... $50 8ss
Total population in 1873, estimated,
in round numbers $4,000, OOo-giv-
ing little less than SIS per capita.
Volume of currency. June 80, 1873
State bank circulation 1850
National bank circulation 80, 5l4 %
Demand notes 63 29
Legal tender 346 6Sl oil
One and twO-year notes of 1868. .....- 90,4S
Compound interest notes........-.....- 274,92
Fractional currency 1854, 76
Fractional silver coins................. 4O0OO,UO
Total...., s72s5s 7,27
Deduct fractional currency lost, at
Deduct legal tenders held In treas. i''''''
ury, under act of 1874 for redemp-
ton of national bank currency,
Deduct legal tenders held in treas -9's'Y'''
ury to redeem fractional currency 10000, O0e
Actual circulation ........ .sssS 5e7 "a
| Total population in 1873. estimated,
In round mum bers AZ ,W0O 900, giving
about $l4 90 per capita.
Volume of Currency June 90 1879
Legal tender notes, June 3d. 1879 1916 6Sl 81
National bank notes, June 30, 1S79-.. 32S 33S, 10
Demand notes, June 80, lS79.-.-...... 81 SO
fractional currency loso14,11
Isi9 .,-.-... -. e.s47, O5
80, 1879 s5,522 on
Total ,424 "a
From which should be deducted
Fractional currency destroyed. $4,000 90
/ Legal tender notes held in the Treas
: ury under act of 1874 for redemp-
failed = -~ 1865 . 100000
las bank notes are counted the legal
tenders held for their redemption
D 4 plainly ought not to be counted
: also as part of the volume.l
Legal tenders still held for redemp-
{ ton of fractional currency-..-...... 100000
Actual circulation ....... ssss, 424 "a
, | In addition to the above there was coin il