The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-05-23
MCLHALL, Oklahoma, May II, 1S9


Hon. Ignatius Donnelly:
Dear Sir-Enclosed please find % cents in
postage stamps. 1 wish 1 could get your
showing in the Representative that there
is only $497 in circulation per capita in
the United States. Would it not be
grand thing to have the showing in your
large and extra edition? 1 send you the
above change in hopes of getting at the
merits of that question. If the showing of
that question that less than S. is the per
capita circulation in the United States can
not be sent me send me extra numbers of
Your enlarged edition for said stamps and
oblige yours in the cause of humanity.
p H. McDERMID.
In accordance with Mr.. McDermid's
quest we reprint the article referred to.
We have no doubt of it's substantial &C
curacy; for in addition to the deductions
stated by Mr.. Dunning we are informed
that large part of the paper money con-
sists of $1,000 bills, which do not circulate
from hand to hand among the common
people. But the skeptical can add so per
or even 100 per cent to Mr.. Cummings
innate and still leave the currency supply
great and rapidly growing country.
We have received the following letter
which explains itself:
MADISON LAKE, July Z, '93.
Hon. Ignatius Donnelly:
Dear Sir-In arguing the course of the
Peoples party, 1 am often confronted with
the statement of the associated press that
the amount of money per capita in the
United States is almost $26. AS l have on
ly been reading the Representative for a
month, I will transgress upon your kind
ness and valuable time by asking you for
ali explanaton and a statement of what
the circulation really is. Yours respect
fully, WILLIAM N. SMITH.
The question asked by our correspondent
is an important one, about which there is
a great deal of mis-information and much
absolute deception.
Here for instance is the last monthly
statement of the treasury department is
sued by the Democratic secretary of the
treasury; We say Democratic to empha-
size the fact that it is, in FORM but a
repetition of all those made during Pres-
dent Harrisons administration. In this
matter politics makes difference. Plu-
tocracy has no partisanship.
WASHINGTON, d. c., Aug. 2.-The cir
culation statement issued by the treasury
department today shows that the amount of
gold and silver coin and certificates, United
States notes and national bank notes in
circulation Aug. 1, was $l,611, 099,117, in
crease during the month of July of SIT 237,-
COG. The increase during the last y months
in round figures is 100000. The per capita
circulation, based on an estimated popula-
ton of e7,oOo,oO August /. was s24.O2.
OF the s., 123, S6S, $40 of the general stock
Of money issued the amount as stated is in
circulation, leaving s5l2, sG5, 6S2 in the treas
ury Of the United States on August ! as
follows: Gold coin, sos, 1868, GIG: standard
silver dollars, $780,, 3OS 461: subsidiary silver,
$12,556,749; gold certificates, s9S,71O; silver
certificates, so,94S,114; treasury notes, act
July II, 1890, s4,5l2,21O; United States
notes s2222ss,6l2; currency certificates,
act June s, 1872, s4S5.oOo; national bank
notes sS,620150.
Now this looks very plausible on it's
face and is calculated to deceive the ordi-
nary citizen. who cannot believe that the
officers of great government would lie
''by indireciion." The frau consists in
claiming that sll the money that ever was
coined or printed i'll this country is in
existence. circulating among the people,
except that which is held In the vaults OF
the treasury department. This is very
tar from being the case.