Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-04
in circulation and in the issues Of gold and
silver certificates.
INoREAsE OF CIRcULAr1oN.

INCREASE OF CALCULATIONS.
The totalamount of money Of all kinds in
circulation March /, 1873, was $805. .793, ,sOI,
while on October /, 1889, the total was
y, ,405, ,01S,000. There was an increase OF
sos, AIT ,553 in gold coin, of S57, ,564, 100 in
standard silver dollars, OF 2,311, 239 In
gold certificates, of S276, ,619.715 in silver
certificates, and of S14. 4.O73, ,7s7 in United
States notes, making total of S713, ,976, ,4Q3.
There was during the same period de-
crease of STA, los, ,729 in bank circulation,
and Of S642, 4S1 in subsidiary silver. The
net increase was $685., ,224, 1888 The circula-
ton per capita has increased about s. dur
ing the time covered BY the table re-
ferred to.
The total coinage OF silver dollars was
on November 1, 1889, S343, ,63S, ,001, of which
S283, ,539, ,521 were in the Treasury vaults and
500, ,098, ,490 were in circulation. OF the
amount in the vaults, S277, SIS, ,944 were rep
resented by outstanding silver certificates,
S6, 219, ,577 not in circulation and not repre-
sented by certificates.
THE SILVER PROBLEM.
The law requiring the purch'iie by the
Treasury OF s., 600, 900 worth OF silver bullion
each month to be coined into silver dollars
OF 4121S grains, has been observed by the de-
partment, but neither the present Secretary
nor any Of his predecessors has deemed it
safe to exercise the discretion given by law
to increase the monthly purchases to "a
600, 600. When the law was enacted (Febru-
ary 2S, 1889 the price of silver in the
market was 81 20 4-10 per ounce, making
the bullion value of the dollars SO cents.
Since that time the price has fallen as low
as 91.2 cents per ounce. reducing the bullion
value of the dollar to 70.6 cents. Within the
last few months the market price has some
what advanced, and on the first day of No
vember last the bullion value of the silver
dollar was ~ cents.
The evil authorizations which have accom-
panied the coinage and use OF the silver dol
lar have not been realized. As q coin it has
not had general use, and the public Treas
ury has been compelled to store it. But this
is manifestlY owing to the fact that its pa
per representative is more convenient The
general acceptance and use of the silver GER
tifcate shows that silver has not been other
wise discredited. Some favorable conditions
have contributed to maintain this practical
equality in their commercial use between
the gold and silver dollars, but some of
these are trade conditions that statutory en-
actments do not control, and of the continu-
ance OF which we cannot be certain.
FEARS FOR THE FUTURE.
1 think it is clear that if we should make
the coinage of silver at the present ratio
free, we must expect that the difference in
the bullion values of the gold and silver
dollars will be taken account of in CONNER
cial transactions, and fear the same result
would follow any considerable increase of
the present rate of coinage. Such result
would be discreditable to our financial man
agement and disastrous to all business inter-
ests. We should not tread the dangerous
edge of such peril. And, indeed, nothing
more harmful could happen to the silver in
terests. Any safe legislation upon this sub
ject must secure the equality OF the two
coins in their commercial uses.
have always been an advocate of the use
of silver in our currency. We are large
producers of that metal, and should not dis
credit it. To the plan which will be pre-
sented by the Secretary Of the Treasury for
the issuance of notes or certificates upon the
deposit of silver bullion at its market value.
1 have been able to give only hasty ex-
animation, owing to the press OF other mat
ters and to the fact that it has been so re-
Gently formulated. The details of such
law require careful consideration, but the
general, plan suggested by him seems to
satisfy the purpose-to continue the use of
silver In connection with our currency, and
at the same time avoid the danger
of which have spoken. At later day L
may communicate further with Congress
upon this subject.