The advocate., 1891-10-14


then the country is going upon the breakers Of
financial disturbance. AS Senator says in my
hearing, ut is there now" / think 1t is now.
We are dealing with question which has more
to do with the welfare of the people, which is Of
more concern to them than any other thing that
ls pending In either house OF Congress, or which
can be pending volume Of the circulating
medium of the country, the value Of It's property,
the difference between debt and bankruptcy, on
the one hand, and freedom from debt and pros
perity on the other.
CIt is estimated that there are in circulation,
including that which ls locked up In the treasury
and held In the banks as reserve fund, about
sixteen hundred million dollars Of all kinds Of
currency Of the United States, gold and silver
certificates, greenback notes and national bank
notes all told; and there are more than sixty
billions Of property which must finally be meas
ured by this volume Of currency. 1t has been
contracted during the last year more than 5 per
cent. in addition to all that has occurred by
reason Of abrasion and loss. No man Ecan tell
the volume Of. greenbacks outstanding. Nomi-
nally 1t is S346, 100000 and fraction, but that
volume has been subject to all the accidents
which have occurred during the past twenty
five years, whereby money has been consumed,
worn out, lost, and 1t Is doubtful If the amount is
really over $500, 100000 to-day.
But saying nothing about that, the retirement
of the national banking circulation during the
past twelve months has been per cent. Of the
total amount Of the currency outstanding. There
has been during that period phenomenal de-
probation Of the prices Of property. There has
been the greatest depreciation Of the price of
agricultural products the country has ever
known.
Of It's volume means the depreciation of the
property of the country three billions of dollars.
Debts haze not only Increased, but the means to
pay them haze diminished IN proportion as
the currency has been contracted. Events based
upon non-leglSlatiOn have proved Of advantage
to lenders, but disastrous to borrowers.
80
That speech was made in April,
1887, and if we were to admit all that
Mr.. Plumb claims for it, and more
than the speech itself justifes, that
he referred only to the contraction
that had taken place during the
Democratic administration, still this
is not the end Of Mr.. Plumb's record
on this question. He made another
speech in June, 1890, after the present
Republican administration had been
more than year in power, and he
must face the uttersnces of this
speech also in his present condition
Of party serVitude.
Let us see, therefore, how much money Is
available for actual use among the people. From
the total Of Sl,56OOOO,OOO, arrived at as above,
must be deducted an average Of $26O,OOO,OOO
which the treasury always keeps on hand, and
about which something has heretofore been
said in the debate on this bill, and that leaves
as the maximum which can by any possibility be
used, 81, 300 100000.
There ought, In fairness, to be deducted from
this $780, 100000 error In estimate Of gold In the
country, which would reduce the money outside
the treasury to 81, ,15OOOOCOO. From this Is to be
subtracted the S6OOOOO,OOO kept as reserve, as
before computed, leaving balance Of $780,.
co., 900 which is available for delivery or use In
the transaction Of the business of the people, or
trife oper SS per capita. But the force Of my
argument is not materially weakened by con-
cedlng the gold coin to be as estimated by the
treasury department, which would leave In actual
circulation S7O0OOOOOO. In order TO make up
this amount all doubt must be resolved in fauOr
Of the treasury and against the people, both the
doubt as 10 the amount Of lost and destroyed
notes and That "a 30 the gold stiDDIu If Ttpere