The Red Cloud chief., 1893-10-06

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silver will depreciate much below
what il now is il we discontinue its
coinage. For instance, in 1873, when
silver was dcmonctized, the silver dol.
lar was at a premium Of 4 mills. In
1873 its bullion value was 98S; 10
1877 il was 029; while in 1878 whom
the Bland act was passed, it was S9l,
and in 1879 it was 8G8, so that one
year after the passage Of the Bland
act, when We we're coming $4,000, 900
Of it per month, it was worth less than
IL was in 1877, one year before the
passage of that act. From the pass
age Of the Bland act in 1873, silver
steadily dropped from 80 cents down
to the year 1890, when the bullion
value Of the silver dollar was 500
During that time VIC coined nearly
400, 100000 silver dollars, yet the
price OF silver steadily fell. In 1890
we nearly doubled the amount Of sill
yer purchased per year, and still the
price Of bullion in silver dollars fell
from 80 0 to its present value Of
about SO cents. In other words the
increase Of production has more than
kept pace with the increase of the pur,
chase Of the silver and its coinage, so
that the price Of silver had been
steadily depressed until the bullion
value of the silver dollar is now only
about SO cents.
IL in 1878 when we continued the
recoinage Of silver when the bullion
value Of the silver dollar was only 80
cents and often buying and coming
s6OO,OOO,0 600 Of silver the price is now
80 cents, what reason have we to be-
lieve that by admitting the silver Of
the world to our minis that the price
will dcpreciato.
CIRCULATION FER CAPITA.
The circulation Of the money of this
country per capita, according to the
last statement Of the treasury Of date
July !, 1893, is $23 Sc. In 1883 the
per capita was slS.03; in 1878, 1882;
1890, S22.S2. These figures demon
strate to the business man Of a few
years experience that neither indiv;d.
u'l prosperity nor commercial activity
is absolutely controlled b. the amount
Of the circulating medium.
From July, 1890, to tho present
period Of great monetary stringcncy,
W. find an average circulation, per
capita, Of $23.6 5. 1t is therefore ap.
parent that, in the common parlance,
times may be hard, and money scarce
VITA the most abundant circulation.
We are now passing through a peritd
Of financial distress without a paral.
lei 10 the history of the country.
Money was meyer 10 close, nor go
tight, nor the financial outlook SO
dark as now in the history of our
country, and yet the per capita in cir
culation Is larger than at any other
period in our history.
With a per capita Of silver c~ircula.
ton amounting to about 80 as against
less than half a dollar per capita 10
1873, We find ourselves in danger OF
as great financial stress as that which
afflicted us in 1873. If upon a given
day the active business men Of a com
munity, for reasons good or bad, but
satisfactory to themselves, resolve to
make no further contracts, to quit all
business transactions, which is in
a large sense tho state Of affairs tina,
now exists, a seeming scarcity of mon.
ey is the result. Whatever the vol
ume Of the circulating medium, it doe.
not impose itself upon anybody. lie
who gets it must give an ~equivalen,
for it. IL nobody wants his labor OF
his property he can get no money
II he who has it refuses to loan it, il
fear that the currency to be paid bach
at maturity Of the loan will be les,
valuable, the condition is one Of
stagnation, and scarcity Of motley i,
the consequence. Hard times make
money scarce, rather than scarce mon
ey makes hard times. 1t will be re
mcmbered that the per capita in 1875
was SIS 32, while in 70 it was $lS O3
500 Reward, 800.
The reader OF this paper will be please,
IN lonrn that thpro 10 ot iao.k n,..l