The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-06-13
Preston Republican:
The Pioneer Press Looks in Vain.

Preston Republican:
The Pioneer Press Looks in Vain.
| The great st. Paul organ of con-
centrated capital has always been
blind upon all questions of practical
benefit to the masses. Because free
coinage of silver is demanded by the
people, as a partial protection
against the contractionist, the Pho
neer Press OF the 18th instant made
a vigorous editorial onslaught
against the statesmanlike efforts of
Senator Teller and other noble Re-
publieans in favor of full bimetal-
ism. To prove that there is no need
of more money in general circulation
it says:
On the first day OF March, 1878,
there was in circulation in the United
States q total OF $SO5, 793, 8O7 of all
kinds of money. On the first day of
October, 1889, the amount was ST.
4O5 ,O1S, 900. The increase during
these eleven years was, therefore, the
immense total of $599,254,1 1913.
This in itself is imitation on a gener-
Gus SCALE"
We are surprised that the Pioneer
Press should have made statements.
SO glaringly erroneous. The finan-
cial statement of the Secretary of the
Treasury for 1878 informs us that
the money in circulation for. that year
was 81 ,O2S, 116, 708, or 222, 1922, 9O1
greater than the Pioneer Press states
it. That there may be no misun-
derstanding OF the error made by the
organ OF the contractionistsw we quote
the exact figures OF the Secretary of
the Treasury for 1878 as follows:
Coin. observation-disclosures 1858 ,443 ,947
Legal tender notes.. 346, 6S1 ,O16
National bank notes.. 322,991, 745
Total circulation..$1 ,O2S, 116,7OS
The balance in the treasury was
1886, 591 ,453 of which one hundred
million was in gold raised for re-
demption purposes by selling 4 per
cent. bonds.
In April, 1890, the report OF the
Comptroller OF the currency shows
only about ten hundred million dol
lars in circulation and in the vaults
OF the treasury department, and that
the national bank note circulation
had been contracted from 1882 ,991,-
745 in 1878 to about $4,000, 900,
or about equal in amount to the
monthly coinage of silver. In view
of these facts the audaeious misrep-
resentation OF the Pioneer Press is
astounding. Can it be that it's read
ers are so ignorant upon financial
matters that they accept it's state
ments upon currency imitation as
true? Instead of there being $22.56
per capita in actual circulation there
would be less than SIG per capita #
all the millions locked up in the trea-
sury and bank vaults were scattered
among the people. At least one-half
the money OF the country is boarded
which leaves not more than seven
dollars per capita in actual circula-
ton instead Of $22.56 as the Pioneer
Press asserts at theexpense of truth.
What the people need is a fixed
circulation not less than $50 per
capita with no legal power to con-
tract. Such a money volume would
establish general prosperity and give
employment to every man in the
land at living wages. 1t would en-
able every farmer to pay his debts
and dignity the toll Of the husband
man. Give us free coinage of silver
and full legal tender treasury notes
in place of bank notes and the cur
rency question will be settled.