The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1891-04-04
MONEY In CIRCULATION.
rIR. AVER REPLIES TO CoIoNr1
steele As TO THE PER
CAPITA AMOUST.

Agree as 10 the Exact Amount IN ;,
Vtlsou,
Jsp.eial Cor. STATE CHRONICLE
WASHINGTON y o., April "a. 1901
Col Va t'r Steele takes issue with the
statement made by me few days aoo
Ha' the circulation of money in the
country is little less than So per capita
70 demonstrate the very near accu
yhey of my statement would invol, lonp |
aud tedious calculations and ;abulated |
sN.eAeuts; but | am prepared to sub |
m,t such calculations, aud will do so |
WJoaeyer there is assurance that the
matter i OF sufficient public interest in
sOr,h Carolina 10 insure their publica-
tion in the public journals. Fur the
present, s me condensed statements Will
perhaps, b. sGili>iert
"atle Col. S.3oIe gives ne credit for
being sine r. hs ventures TO doubt the
correctness az nv statement, and saws:
"L1e pc. .@e- .'metS, merchants, lah r.
"rs aud 81 o.u - are entitled to fair
JIt candid dealing, and should never
os u',lei by recklo3s assertions"
d35i, CJl. Steele surely takes pro-
p sttud there. he asks, "what is the
ag horlty upon which that statement is
made Then he quotes the New York
Journal OF Commerce as estimating the
pc. capita circulation at S24 pei head
wish to ask Col. Steele what good rea
son he has for leaning more favorably 10
the estimate of the New York Journal of
Commerce than to mine In dealing
win matter OF estimates, may say
that The dgures OF the Journal Of Com.
meece are larger than those of the Secre-
A.y at The Treasury. Senator Teller de-
Ci4res that the per capita circulato
does not amount to $22 per capita. San-
ateF Plumb says the amount IL circnla-
,ioa per head Goes not amount to $40 |
heard another Senator newly uiected)
say this week that the per capita circu-
latiou evidently did not exceed s. So
it appears that there are many men
with uSay estimates.
J5, o,eel9's method Of arriving at the
pCr capita circulation is the same one
adopted by everybody who does not care
TO question the accuracy of government
reports. That method ia to add to the
amount Of coin that has been miuted, all
the paper money that has been issued
aud from this sum subtract the amount
held IN the pub!Ic treasury. and assume
that tie q .tf3teuce Is IN circulation
amoug be people.
Ba- taiS method takes no account
whatever If the reduction OF the crcu
lJtlan arising from storm, flood, fire
loss, exposition Of coin that never CONES
back, tae melting OF coin for use IN III,
arts, &c, &c.
Tho issue OF fractional currency wa
begun in 1868 Ia 1875 an act was passet
providing for its redemption, and all tha
vas presented was edeemed. The amour
outstanding jane 3Oth, 1889, was, i
round numbers, fifteen aud a half mil
lions % dollars. Congress declared, i
1879, thai more than eight millions c
this money had been lost or destroyed
leaving seven millions of it in the hand
Of the people. Since that time less tha
three hundred thousand dollars of tbs
fractional currency has baen redee mec
Yet one now never sees these little shin
plastcrs in circulation. Here are tiftee
millions Of dollars unaccounted for
that IS To say, issued and put III circult
ton, bu. never yet redeemed and no
never seen. This is an illustration {
how money can be lost, destroyed an
lost sight Of Senator Stewart, ate
long aud patient Investigation, said thi
it WIS very reasonable to deduct fiji
millions of greeu5acks from the crcul
ton on account of destruction and los
More than ninety two millions OF OF
gold coin was taken abroad last year
passengers from the single Port o! Ne
York Tue great bulk Of that m0n'
was spent by the tourists in Europe al
6. 4 A,l L. or
was Il shipment Of one million dollars
gold coin to Europe by two New 70
firms Such gold shipments have be-
numerous for years past, and ltls know
Of course that more such shipments
to follow.
could easily multiply such stat
ment3 as these, oil of when would
fairly authentic, but that proeeedu
would make this letter two long. l
state however that | have seen an q
cial document written III ink, aud sign
by prominent official of the Unit
States Treasury, in which it is stated IL
clerical errors IN the govern ment repo
for q recent year N tde tue amount
currency and money appear TO De
hundred and four millions OF oolt
more than it really was. l simple
this instance TO SNOW tudO Iuolo 10 oo
danger in wholly accepting governm
reports az infalli bic documents.
IN desire to condense, have mao
present these matters rather dlsconns
edly and incoherently, but perhaps q
may lead 20 something like investlgati
and nothing is more desirable aud
essary now than the most rigid inVe
cation and questioning
will now submit, without PROOF
this time, table showing the moan
s'tue,;cn If an item should be a
tx 1s'wsen ..s.g Tim ready to offer very
Trea9uo 90 ne DFDuoiN 100000
ANTS ~ coin. .....''' $4,000 o.
-. 10 g)u coin 49,. $1,000 Q
Us l9s in sllVe. currency v ~ 6,9l6 u
Loss ~ ~ ihractio,dnsaiin banks as so3 3,Oos,7
Iifoid Iiogi2d n; rrs.rN, law, total =. S37, IA {
II I',uiled Dy dirtasrlry..'.' 6l,G95,5
Heeld Hell sent ~ abroad as cur 76. .4s9,'