Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-07-03

roricnce demonstrates that these bank
inciiitles have become enlarged or
contracted Us money tokens become
scarce or abundant. Hence there Ia
less danger In limiting the bulk OF
circulating mOucy than people goner-
ally imagine"
Commenting upon the amour. Of
money IN circulation per capita among
the people Of the United States from
1873 to 1898, Mr.. Henderson says that
neither individual prosperity nor com.
merolnl prosperity, nor commercial
activity are absolutely controlled by
TIE amount Of circulating medium.
Continuing, he states.
81 think / am safe In asserting that
from July !, 1879, to July Let, 1888, we
enjoyed very great prosperity, indi-
ViiunIly anu nationally. There was
no lack Of money. IL suiiicod not only
10 iiil the treasury, but abundantly
answered the demands OF cOmmeuv,
and extraordinary business activity
was followed 10y very high prices. Tue
average per capita circulation during
the period was SgO.Gl. From July,
1890 10 the present period there has
teen great monetary stfingency, yet
we find an average circulation per
capita Of $3.50. Il therefore Rpp1r-
cnt that, Ia common parlancc, times
may be hard AMI money scarce with
the most abundant circulation per
capita,
"fhe circulation in Great Britain 10
now slO.3i, slii9 IN gold, silver s2.03,
aud paper s2.2i per capita. The err
oulatiOu IN Germany Il $3.50, anu yet
In these counties with vast commerce
anu manufactures there Is no denrth "
money, auu Interest rules at scarcely
more than half the rates prevailing Ia
this country. England adopted the
single COLO standard IN 1915 and has
adhered u It ever since, and by so
doing became the money center OF the
world.
"rhe American Congress in 1873
adopted without dissent tue single gold
standard. Two years after measure
was inauguratrd anu passed fJr tue re-
sumption VI specie payments to become
operative ON January /, 1879. II these
Two measures hat remained on the
statute book, inviOlato and unamenuod
mere " NO economical reason why the
United States anu the people should
not today enjoy tbs most uublunded
| prosperity. We should have had the
| wv WV AAAhHN hNuNhAhN thAANANIf ~
good currency OF universal value aud
" such volume as u force its clrcula-
ton, as IN England, France anu Ger
many, Into tho huuds of the people.
"lt only remains now briefly ~
state the character Of the silver acts
OF 1857 audilSJJ aud furnish you rua.
sons for believing thu overthrow Of
| public confidence aud the present
depression Ia business are the lcglti-
mate consequences OF those acts. The
natural or normal results OF this lugis.
latlon would probably have followed
much sooner but for the many abun.
dant crops In this oruntry anu numer.
| 0ue failures abroad. Under tho act Of
| 1887 the government purchased COL
.82,Ol9 ounces VI iine silver at a cot
Of sos, 1893, 262 and coinei Il Into sil.
yer dollars 10 the amount OF $3.50, 1885,.
7O3, d profit of neHTly s7O,0OO,OOO made
by stamping falshuOd on the coins
converted Into the treasury as Nv mucn
/ profit Under the act OF ls0I,
the government up TO June Let, 1898,
| had purchased Slij ,3jl ,S57, ami under
| Injunction continued coinage for
year Under tho act OF 1890 there
were coined additional dollars ~ the
amount OF S36,0s7,0i0. Adding to
these amounts tho recoinago IL trade
dollaB into standard dollars, VIZ had
Ua June lst, 1898, coined silver dollars
amounting to sil0,232,8Oj. IL We
take the market price Of silver June
let (o3 cents per ounce, the loss on
this bullion 10 purchased by the gov.
eminent on that day was s58, 5lS, 6gS.
On June 26th, 1898, bar silver was
worth only 10 cents an ounce, entail.
ing upon the government an additional
loss Of sil 5s3, I32 In less than
tuuuth