The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-01-03
n QUESTION,
Inc Real Per Capita Circulation of Monev
in the United States is:
S 4.07!

Ihe following article, which ap-
peared in the REPRESENTATIVE for
Wednesday, Aug. 23d, is republished
by reQuest.-THE EDITOR.
We have received the following
letter which explains itself:
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 a month, / will transgress upon
your kindness and valuable time by
asking you for an explanation. and
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-n-
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 a 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 statement issued by the
Treasury Department today shows
that the amount Of the gold and sill
yer coin and certificates, United
States notes and national bank notes
in circulation Aug. l, was 81 Gil ,099,-
III, an increase during the month of
July of SIT ,237 ,6O6. The increase
during the last II months in round
circulation, based on an estimated
population of 100000 August 1,
was $24.O2.
OF the So, 123, 96S, $40 of the general
stock of money issued the amount
as stated is in circulation, leaving
$5I2,S69 ,632 in the Treasury of the
United States on August as follows:
Gold coin, $1O3,363, 626; standard sill
yer dollars, 1868, 3OS, 461; Subsidiary
silver, 1855, 749; gold certificates,
$93,71O: silver certificates, $2,S43, ia;
treasury notes, act July IA, 1890,
$4,512.2lO: United States notes, $22,-
2S66l2: currency certificates, act
June 8, 1872, $4S5,000; 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-
lieve that the officers of great gov
eminent would lie "by indirection.
The fraud consists 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 712, 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
1889, in which it is claimed there
were $2,O99, 96S, 71S.47 in existence in
the country, made up as follows:
Gold coin and bullion. ..... 5 $50, 063, sos. 90
Silver dollars and bullion. 343,94I ,U5.UU
Fractional silver coin.. 76,601 1896. 90
Total coin and bullion s11oO, 612, 434 90
State hank notes. POI, 40. 90
Old demand notes. ,........... 56442OO
One and two years notes.. 6S95.W
Compound interest notes.: loo,'oo.oo
Fractional currency, est1- -o,c 700 .,
National bank notes ~ 211,37S, 963. 90
United States notes. ......... 34o.bolOlo.U
af IUnoS 1870 oop' 17195OOO. 90
Gold certificates. l54 ,O4S552 W
Silver Certificates .... 1862. 500, 146.O 90
Total paper currency. Ss09,sa5 ,24S.47
Appepate 5000 96s, us. AZ
OF this amount the official report
claimed that $712,416, SS3.36 were in
the U. S. treasury; and 1857 DOL,
835. were in circulation among the
people as money. It will be seen
that the figures do not greatly differ
from those of the report of Aug. l,
1898.
The U. S. treasurer, however, adj
mits that the certificates of deposit
are simply representatives of money
in the treasury, which cannot be
counted twice, and hence, with a
sweep of his pen he reduces the ag-
gregate from $2,Oe9, 96s,71S.47 to ST.
666 ,O94, 42O.47! Why then were they
included, except to deceive the peo-
pie, who will read the report and not
the explanations.
Mr.. Dunning first shows, from the
treasurer's report, that the gold and
silver bullion held by the o. S. treas
ury amounts to $76,43s,5sS. This is
not money, any more than pork or
wheat would be. 1t is commodity;
stamped bars of metal,-and cannot