The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-05-19
THE L v


Birmingham, Ala, by Hon. Joseph f.
Johnson, who is a native North Caro-
linian, and who is regarded as n of
the foremost men in the South, on
questions of finance:
Before going into the details of this
question which you have invited me to
discuss, it may be we'll to get at some
Of the basic facts in regard to gold and
silver.
For the year 1889 the total produc-
tionof gold and silver in the world was:
Gold, $118, 832, 900; silver, 1853, 915, 600.
The coinage for the same year, through
out the world was: Gold. 1857, 731, 2O6;
silver, 1892, $50, $50. The excess of
coinage over production was derived
mainly from the recoinage of pieces
that had become worn and abraded.
The stock of gold and silver in the
year 1889 held by France was: Gold,
5000, 900, 900, silver, 500, 600, 900; United
Kingdom; gold, $3.50, OO0, 900; silver
$500, 900, 900; Germany: $500, 600, 600,
United States: Gold $3.50, 600, 900; sill
yer $438, 900, 900.
The per capita stock of gold and sill
yer for that year was: Germany: gold
$1O.42; silver, $4.49; United Kingdom:
Gold, $14.41; silver, $2.62; France:
Gold, $23. So; silver, $3.50; United
States: Gold, so. II; silver, $685..
From this it appears that the United
States is near the foot of the list on
gold, and has but little mor than one
third as much silver as France.
France has $41. 80 per capita in gold
and silver combined, Germany $14.9O
and our country but $17. SO.
Does it mot seem strange when we see
that France has nearly three times as
much silver per capita as our country,
and that it is floating at par with gold,
that such a widespread apprehension
should exist that we are threatening to
overdo the business and flood our cOun-
try with a debased and dishonored
metal?
And yet it is not fair to measure our
necessities by theirs. England and
Scotland and Ireland and Wales could
have their IS, 600, 900 people located in
a territory less than half the single
State of Texas:
Germany could find room for her
4 5000, 900 people in Texas, after two
States each as large as South Carolina,
had been cut off.
And France could locate her 80, 600,
900 in the States of Georgia, Florida,
Alabama and Tennessee, and have
room to spare.
The whole population of Great Brit
ain, Germany and France could be
located in the eleven Southern States
nearest the waters of the Gulf. If the
population Of the United States was
compressed as in those countries, if the
people lived as close together, all our
IS, 900, 600 could be located in the South,
and wild beasts would a in every
section of this country north of the
Ohio and west of the Mississippi rivers.
Then again, these countries are
largely engaged in manufactures, have
cheap transportation, splendid facili-
ties for making exchanges, and rapid
means of communication.
There is scarcely a spot in England,
France or Germany that cannot be
reached in six hours from it's capital.
With us it requires days-yes, almost
a week-t0 reach some of our largest
cities from our commercial centre.
Naturally, it requires less money,
per capita, to supply the demands of
the people where the population is ag-
gregated in great masses, as in Europe
than in a country settled like ours.
It would seem that any fair man
would admit this, and agree that we
ought to have nearly or quite double
the circulation of these countries, based
merely on density of population; for
naturally it would require more money
for 1000 inhabitants living on twenty
square miles of land, than for the same
number, all living on n square mile.
The further fact exists that the greater
part Of our population is engaged in
agriculture, in which pursuit the de-
mand for actual money, rather than
its representative, is double what it is
in commerce or manufactures.
For instance, here in Birmingham, a
manufacturing and commercial. city
the bank clearings show hat nearly or
quite $3.50, 900 is drawn against them in
checks daily, and it requires less than
$4,000 in actual money to pay all
these checks; but if you were to go out
into the agricultural regions to buy
corn or meat, chickens and eggs, you
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