The Princeton union., 1894-08-02

up the equilibrium Of the two metals and
to keep them from running from each 9TH
er. In other words, it was for the pur-
pose OF keeping up the interconvertibilit
OF our silver and our gold, for, as I have
pointed out, we need gold dollads to main
tain and float our SO cent silver dollars.
The moment a silver dollar is not con-
vertible into gold dollar, silver, now, as in
the early days Of our nation, will entirely
usurp the place of gold and drive the latter
out Of circulation and into hiding
No. my friends, silver monometallism is at
least as dangerous as gold monometallism.
No honest man, having the good of his coun-
try at heart, wants either. We want hon
est, genuine bimetallism. A free coinage
which contains and upholds bimctallism is
desired by all friends of good government
and honest money. A free coinage which
would at one fell blow
Strike Down Bim etallism.
and reduce us to state Of silver monomet-
allism is not desired by anybody except the
most extreme infationists and the owners
Of silver mines and silver bullion The
farmers of this country have no silver to
sell or to coin, and theirs would not be the
imitation harvest
But 1t is urged that there is an insult
ficient amount of money in circulation for
the healthy business Of the country, and
that this scarcity Of money is one Of the
chief causes Of hard times and low prices,
particularly the low price of wheat. This
contention is untrue and is not warranted
by the facts from statistics published by the
bureau Of statistics, it appears that the per
capita circulation was never so high, as
when on the 1st Of June 1894, it reached
maximum Of $24.54 per capita and we all
know that wheat never was lower than dur
ing 1894. In 1898, when our per CAPT.
ia circulation was $23.S7, wheat was
| n
with a per capita circrlation of only SIG 10,
wheat was worth $1.25S per bushels; thus
demonstrating that the volume Of currency
has no appreciable bearing on tn price of
wheat, and this becomes still more apparent
on a close inspection of the entire state
ment. These figures also show that during
the five years, when silver was demonetized, ,
from 1872 to 1873, of which so much COM
plant has been made, the average price Of
wheat was $1.O41 per bushel, while in the
next five years, from 1877 to 1888, under the
Bland law, the average price was only $.99.2
per bushel. If the per capita amount of
| circulation governed the times and regulated
the price of wheat we ought to-day to have
| better times and higher prices than at
any time since 1866. Few countries have
a greater per capita circulation than ours
| All exclusive silver countries have much
| less-notably India, China, and Mexico. Only
one country, France, exceeds ours in any
material degree. ana there more money
is needed than anywhere else, for the reason
that payment by check is little in vogue
and for the further reason that the French
peasant keeps his surplus, not in the banks,
| like our people, but
Hoarded Mt Home
in his chests and in his stockings. Besides,
it must be remembered that France keeps
a $500, 100000 permanent gold redemption
fund on hand, while we have only $780, OOO,
600 for like purpose. The following state
ment from the bureau Of statistics gives the
population and the per capita circulation
of the several countries Of the world. The
figures are very instructive and elucidate
what I have said
A statement of the population and per capi.
ia circulation Of money in the following
countries in 1898: