The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-29


peared in the REPRESENTATIVES for
Wednesday, Aug. 23d, is republished
by reQueSt.--THE EDITOR
We have received the following
letter which explains itself:
MADISON LAKE, July I, '93.
HON. IGNATIUs DONNELLY.
DEAR SIR:-In arguing the course
Of the peoples party, am often con-
frOnted with the statement of the
associated press that the amount Of
money per capita in the United
States is almost $26 AS / have only
been reading the REPRESENTATIVE
for month, / will transgresS upon
your kindness and valuable time by
asking you for an explanation. and
a statement of what the circulation
really is. Yours respectfully,
WILLIAM N. SMITH.
The question asked by our cores
pOndent is an important one, about
which there is great deal of mis-in-
formation and much absolute decep-
tiOn.
Here for instance is the last
monthly statement of the Treasury
Department issued by the democrat
ic secretary of the treasury; we say
democratic" to emphasize the fact
that it is, in form, but repetition
of all those made during President
Harrison's administration. In this
matter politics makes no difference.
Plutocracy has no partisanship.
Washington, D. c., Aug. 2.-The
circulation statement issued by the
Treasury Department today shows
that the amount of the gold and sill
yer coin and certificates, United
States notes and national bank notes
in circulation Aug. |, was $l,611 ,099,-
III, an increase during the month of
Jul v of $l7,237 SOC. The increase
during the last II months in round
figures is $9,OOO.O0O. The per capita
circulation, based on an estimated
population of 81 100000 August l,
was $24 o.
OF the 81, ,123, ,96S, $40 of the general
stock of money issued the amount
as stated is in circulation, leaving
$5l2.s69, ,632 in the Treasury of the
United States on August as follows:
Gold coin, $lO3,36 ,626; standard sill
YER dollars, 1868, ,30S, ,461; Subsidiary
silver, $l2,556, 749; gold certificates,
500. 10: silver certificates, $2,S43, ia; !;
treasury notes, act July II, 1890,
S4.5l2.2lO; United States notes, $22,-
286,6l2: currency certificates, act
June 8, 1872, $4S5,O00; national bank
notes $500, $50.
Now this looks very plausible on
it's face and is calculated to deceive
the ordinary citizen; who cannot be-
lieve that the officers of a great gov
ernment would lie ''by indirection.
The fraud consists in claiming that
all the money that ever was coined
or printed in this country is in exist
ence, circulating among the people,
except that which is held in the
vaults of the treasury department.
This is very far from being the case.
A very interesting article appeared
in the Arena, of November, 1892,
page 712, from the pen of Mr.. N. A..
Dunning. entitled "The Volume of
Currency" in which he takes up this
question in detail. He bases his
comments on the treasury report of
1889, in which it is claimed there
were $2,O99, 1868, ,71S.47 in existence in
the country, made up as follows:
Gold coin and bullion$ 5 CSC, ,O63. sos. 90
S;Ivar dollars and bullion 343. .947, ,093. 90
Fractional silver coin. |o.oOl,o ,ooo.UO
Total coin and bullion. 81, ,10O, ,612, 434 90
State bank notes. 2O1.17O.OO
Old demand notes. ........... SO ~ OO
One and two years notes.. 62955.OO
COmDOund interest notes.. 1856, 100
Fractional currency, eStl- .u
mated Northumberland. 5916,590.47
National bank notes ...... 211 BIS, ,963. co
limited States notes. .... 346, ,6S1 ,016.OO
Certificates of deposit, act
of June 8. 1872 ............... 7.195OOO.OO
Gold certificates. eS.............. 154.O4S,552.O0
Silver certificates. 262629, FAC. 90
Total paper currency. 1906, ,356, ,24S AZ
A.~oro+o 60 400 O60 719 AZ