The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-07-15

Ddlduoe.. .100l ,0l9,2
10000. 900 less than Director Leech's figures.
Note-One very rarely sees an old greenback,
while gold is q curiosity.
Population September 80, 1881, 63, $780,
900. Per capita in circulation outside
of banks, $S.65.
It is not contended that the figures
are absolutely correct, but they are APP
proximately so. Near enough for all
purposes of illustration. For in
stance, while the figures given for
the net exports of gold are cor
rect up to June 81, 1891, there had
been recovered Of gold, by October
81, 1891, the sum of s22 1928, 773, while
our domestic production for the three
months amounted to, say, $4,000, 900.
This makes $50, ,773 to be added to
the stock of gold in the country. Of
this amount the sum of s., 900, 900 was
coined, which amount should be added
to the item, ''Gold coin acquired since"
Then there was bought by the treasury
depal sment, between June 80 and Octo-
Der 81, say, s1S,OO0,oOO in silver bullion
commercial value), which should be
deAeASN w UAlO AOCIA, CuVCI COlA duu
bullion acquired since" This would
make a difference of less than 40 cents
per capita in the net amount of money
in circulation,
But to offset this I have estimated
only S2OO,O00,00O for gold coin lost,
boarded and carried abroad, whereas
Director of the Mint Leech esti-
mated the amount at S27O, 900, 600 four
years ago. And counted but $3.50, OOO,-
900 gold bullion as used in the arts for
the whole nineteen years, whereas $751;
200 was used in that way during the
last fiscal year, S., 1000, 900 of it being in
coin.
Conceding, however, that there has
been no gold or silver coin lost, used in
the arts or carried abroad, and no paper
money lost or destroyed, there is yet
only the sum of 1926, 919, 241, or s12.s9
per capita in the hands Of the people,
exclusive of the legal reserves held by
the various banking institutions. More
than half of this is silver produced since
1878. Will Mr.. Wheeler kindly tell us
what would have become of this nation
had it not been for the passage of the
Bland bill and the silver bill of 1890?
The precious metals (?) do not afford
broad enough base for the money Of
the nineteenth century. An arbitrary
per capita limit is unscientific and un-
satisfactory. The true limit to the
volume of the ideal money of civiliza-
ton is that amount that can be profit
ably used in productive industries and
commerce, at rate of interest which
will make an equitable division of the
nations products, between the two fac
tors, labor and capital. The productive
real estate of the nation affords an abb
solutely safe basis for such currency,
and the present assessed valuation, or
any per centage of it, might be
used as the arbitrary limit to
to the volume of such money. If
such money is loaned by the people as a
community, or nation, to themselves, as
individuals, at two per cent. interest,
and provision is made for its funding
into interconvertible saving bonds,
drawing one per cent interest, the peo-
pie will be provided with an absolutely
safe place of deposit for their surplus or
idle money, and enjoy a flexible volume
of currency that will automatically ad-
just itself to the demands of productive
enterprises and the volume of domestic
exchanges.
Thus would productive and distribu-
tive labor be freed from the CALLING do
minion of usury, and money become a
blessing instead of curse, being robbed
of its power to Cypress" So mote it
be.-George c, Ward, in Topeka Advo-
cate