The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-01-27

| la ion. The population that year WIS
| Al ST. 900; the amount of money In the
country per capita, was $18.5S, while
the amount III circulation per capita
was S1804. Between 1860 and 1873,
there was an increase OF population of
| 9.152, 500, and an increase of money per
caplta in circulation of $40.
The total coinage of silver pervious to
! 1873, during period of eighty years,
under unlimited coinage, was only $40,
112 800. Since 1873, period Of twenty
years. under compulsory coinage law,
there has Teen $500 622, 725 of silver coin
ard silver certificates issued. Tie ex-
| cess Of silver coinage during the twenty
| years since 1878 over that Of eighty
wears previous to 1878 has been $3.50, 80,
| $50 This includes both the silver dollar
and the fyA-tional coin. Tie total num-
| Der of standard silve- dollars coined or
certificates issued between 1877, when
| the com pUlSorv coinage began, and 1891
( was 405 659 PCS. These facts show that
we have coined. or issued in coin and
silver certificates, 397 CPS, 030 more stand
ard silver dollars since 1873 under the
| compulsory law than was coined during
the whole history of the country under
unlimited coinage. In 1878. as we have
before stated, there was SlS.04 Of money
per capita in circulation, while in The
year 1892, with population of 90, $780,
600, there is g, 304, 90f, 1874 Of money IN
the United States with 81, 603,-
ora, 339 in circulation, and the
money per capita is $33, %. and in cir
culatIon $24,47. These facts show clear
II that the amount of money in the
United States has increased from 1878 to
1892, 81 ,566, 459. 1l5; that the amount of
money III circulation increased 1851, l9l,-
529; that the population during that
period increased %, S43.0 900, and the
money per capita of the country lncreas-
ed SIT, and the money per capita IN
circulation las increased Ss.43 The
amount of money in circulation Sept. 1st,
1892 as stated by the United States
treasurer was 81, 596, 049, 9S3. Now eN-
anime the facts appertalnlng to the pro
duction of gold and silver since 1873. As
we before stated. in 1860, there was
only S150,000 of silver produced, while
in 1873, the production was $50, 750, 600.
While the production of silver increased
from 150, 900 in 1860, to $35, 80. 900 in
1878, the production of gold decreased
from $65, 00O, 900 in 1853, to $50, 600, 900 in
1CdO u liiio Cctlibig Ri CNNSNN
in 1878 S3S, 750. 900 Of silver only 81, 044,
TAT was coined and this included trade
dollars and fractional coin, while
of gold there was coined S07,-
022, TAI, so. The production of
1873, to $40, 400, 900 in 1890. During this
period the production of gold decreased
from $50, 900, 900 10 $50, 645, 900. The an
nual coinage of silver increased to $780,
202 90S, while the coinage of gold was
only $50, 467, 1872 so.
The total production of gold in this
country from 1872 to 1890 was 81, $685.
706, 769 The total production OF silver
was 1897, 755. 600, an excess of gold over
silver of 1910, 951, 100. From 1892 to 1873
the production of gold was very much
larger than that of silver, and on that
accour silver bullion was at premium
over gold bullion in the market, and
those owning silver bullion would not
take 1t to the minis TO be coined, for the
reason that they could get more for it to
sell it as bullion than they could get for
it as coin. From 1878 to 1890 the pro-
duclion of silver has been larger than
that of gold, and during the years 1890,
81 and '92 we have produced
about 50 of silver to each
one OF gold. While silver
was at premium, previous to 1878, this
enormous increase of production has re-
duced its value until it is now at dis
count of 80 per cent. During the period
from 1896 to 1894 gold was at premium
over silver and but little gold was coined
and nearly all that was coined was taken
out of circulation by manufacturers aud
melted. From 1884 to 1878 the standard
silver dollar was not coined to any ex-
tent, for the reason that silver was at a
premium over gold. Since 1873 gold
bullion has been at premium over sill
yer bullion; that Is, the amount OF gold
in the gold dollar was worth, in the
market, a premium over the amount OF
silver in the silver dollar. The basis on
which the coinage of these two metals
was first established was 1 of gold to 10
of silver; in other words, in the year
1878, one ounce of gold was worth, in
the markets of this country, precisely
the same as fifteen ounces of silver; and
so long rs their values remained
at that ratio there was no difficulty
in keeping the two metals in cir
culation as coin; but as soon as
either one went to premium, it would
go out of circulation as money. Had
the coinage of silver since 1878 been free
and unlimited, no gold of any amount
would have been coined. Compulsory
coinage by the purchase of the cheaper
metal by the government is the only
way to keep both metals 10 circulation
as money.
At he present time gold coin is at a
premium over silver coin of about 80
cents on a dollar. Now, is it not evil
dent TO every intelligent man in this
country that if congress passes a bill to
make the coinage of silver free and I'M
limited, it will be the means of driving
gold out of circulation? And what the
effect upon the business of this country
Will be, TO drive out of circulation $500,
600, 900 of gold, the present standard of
all values, and basis of all commercial
transactions, let those who favor such a
measure carefully consider before they
attempt to enforce its adoption.
DR.. f. p. MILLER.
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