The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-06

Oy rCQucSC.-IHE EDITOR
We have received the following
letter which explains itself:
80 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, l 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 sta tcment issued by the
Treasury Dep ,rtment 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 1911 1885,,
III, an increase during the month of
July Of $7,2237 ,6O6. The increase
during the last II months in round
figures is $9,OO0.OOO. The per capita
circulat ton, based on IN estimated
population Of 100000 August 1,
was $24.O2.
OF the s., 1913, 96s $40 of the general
stock Of money issued the amount
as stated is in circulation, leaving
35l2.S69,632 in the Treasury Of the
United States on August as follows:
Gold coin, $l02,363, 626: standard sill
yer dollars, 1863, 3OS, 461; Subsidiary
silver, $l2,556, 749; gold certificates,
1913, ITO; silver certificates, $2,843, ia;
treasury notes, act July II, 1890,
$4,5I22lO; United States notes, $22,-
2S6.6l2: currency certificates, act
=, June &, 1872. $485,000; 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-
lieye that the officers Of great gov
eminent would lie "by indirectiOn."
The fraud c insists 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 7l2, 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
1859, in which it is claimed there
were $2,O99, 1868, 7lS.47 in existence in
thecountry, made up as follows:
Gold coin and bullion. ...... 6SO.O63 sos w
Silver dollars aud bullion. $500! Mh3 w
Fractional silver coin........ 16.6Ol.S3
Total coin and bullion. :. 81, 10O, 612, 434 90
st.+e hank notes 201.17O.OO
Old demand notes. 5644S W.
One and two years nOtes!.. % G 1o ~
Compound interest notes.. loo|oO.oO
~"tnd 5,9I659h. AZ
Nn,;onai hn nk notes - 21t.3789 63. { 0
M~;t"d States notes 346.6S1 0t6.0 no
Certificates OF deposit, act ooo M
GA .ar, i6cates : 154.O4S.552 90
silver certificates............ @os.os''4o'oo