The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-08-03
THE CAUSES OF HARD TIMES.
To the Editor Of the Eagle.
Ia your issue of July 14th 7 find th

To the Editor Of the Eagle.
Ia your issue Of July 14th I find the
following very sensible editorial:
The demand for the repeal of the silver
purchase clause of the Sherman law seems
co be well-nigh universal, but the motives
that prompt this demand are far from
unanimous. The gold advocates want
that done and nothing substituted so that
the currency expansion may be stopped
and the value OF money enhanced. The
silver advocates want the clause repealed
as the first necessary step towards free
coinage, and a great many Others demand
II without being able to give an Intelligent
reason why-sinply because it is popular
One thing Is certain and that Is, the
country must have SyStem-sOme system
that Will supply steady increase To the
volume of its currency commensurate with
the increase OF population and the eXpan-
sion of business. Whatever will 90 this
to The best advantage is what the country
wants
There never was a greater delusion in
the minds of the people of any country
than that the cause of the present hard
times, the stringency in the money
market and bank failures are due 10 an
insufficient volume of money.
There never was larger volume of
money III the country, a larger amount
per capita, both in the country and in
circulation, according to the most reli-
able official reports than there is at this
time.
The volume of money in the country
now Is more than five times that of 1860
and nearly three times that of 1878.
The amount per capita is more than
twice that of 1860 and nearly twice that
of 1873 The amount of money in the
country in 1860 was only $442, 102, 417.
The amount in 1873 was but STA, 445. 6l0.
and in 1892 there was 81, 3i2, 500. sol. The
amount per capita in 1860 was S14 06; in
1878, SIS. IS; in 1892, $2621. The popu-
uiation in 1860 was 81 Az. 321; in 1878.
Al ,677, 600; in 1892, 65,520. 900. These
figures can be verified by an examina-
ton OF the finance report of 1892, page
III. From the table found in that
report it will be observed that the most
rapid increase in the volume of money
has taken place since the adoption OF the
first compulsory coinage of silver
act in 1873, which compelled .he coinage
of silver from 1000. 900 to 81 600 600 a
month. Between 1878 and 1880 there
was an increase of S442, So. $50, which
was more than the entire volume OF the
country IN 1860. Since the Sherman act
passed in 1890 there has been added to
the volume of money $226, 313. 342
In 1873 the money per capita in this
country was $40 GO, in 1880 it was So. o.
and in 1892 S26.2l. Moreover at no
period IN the history of this or any other
country was there ever . time when
there was so large q volume OF good,
sound. reliable money, both paper ana
metallic, as there was the day Grover
Cleveland was last elected president
Neither was there ever q time when the
industries, the business and the general
prosperity of the country were on so
scld foundation and making such
RAPID growth as at that point Of time.
The financial troubles of tie country
were not caused ior want of good money
for every dollar Of the s., 3.2 599, 5oI OF
money IL the country was at par with
gold coin. No only that. bat since these
figures were published by the treasury
department every month. there has been
an increase in the volume Of money
amounting 10 81. 800. 600 OF the very best
form of paper money ever Issued. for It
Is paid out for silver bullion and las the
pledge of the Uniied States government
TO keep the notes issued 81 par with gold
coin. Vet there are men Just stupid
euouSii % think the business depression.
bankrupis and eank failures now iakirg
place are due 10 the SAsrnsn silver pur.
chase law. that gives people -hIs inv@lu-
able volume and quality of Haoner Il
la&t act * repealed il viii shut at tLa-