The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1894-11-15
N01 Money AN0CoH.

Doubtless the most lrnpul tant question
Before the country at the present time is
the volume OF currency That it is in.
sufficient for the purposes of exchange
none should deny. and that it should be
increased every one should admit Just
what the amount Is, and just how much
is should be Increased and the methods
30 be employed in bringing this about
are puZZilng the brains of numberless
people. TO obtain the exact amount of
currency in actual existence is impossible.
owing to the uncertainty of knowing just
now mnch has been lost. destroyed or
taken from the country Hence the only
result is an estimate. based upon statis-
tics. comparisons and good business sense.
The method made use of at the treasury
department. To ascertain the volume OF
currency in circulation Is to add to the
amount of all the coin minted all the
paper money that has been issued. and
from this sum subStract the amount held
u the treasury and assume that the bal
1t.e Is IN circulation among the people.
me inaccuracy of such calculation is
My equaied by It's unfairness. The re-
ioilows
Fune 30 Out- In In
1889: standing. Treasury. Circulation.
Dollars Dollars. Dollars.
Gold 66nnrI.:aE5 90 1852 .490 ~ 4gIHSOl4 q
Silver i.,l.,4s 5000 81 ,5S5 y BIZ. .;6: ,i2 ~
SoieS 70 ~. !ai a. ;A.!1},5iS t1 5aI.o941S IL
Foal sa,0ps a0 4, 21a.54 5S5 IS .3S7 a5l S45 II
L re is an authoritative statement of
he currency outstanding: not In circu-
iation. remember but the amount that
has been made by the fat of the govern
uent either at the mint or at the bureau
Of printing and engraving. This amount
is gwen at ST GG6. 094. 420.47 and is the
basis of my calculations The difference
bet tween the ,nethod adopted by the sec
reti;ry Of the treasury to ascertain the
amount Of currency III circulation and
the one Use l. this: He takes the whole
amount outstanding. 81 $3.50. O94, 42O.47
and delucts from it the amount in the
United States treasury. $a,iS.543.5S5.
aHd ass1I.nes That the difference 81 .331,-
aJ1 BOD. II is n circulation among the
=.
as outstanding, 81 .GdG .094 1904. and
attempt to locate it, whether in the
United States treasury, AS reserve in
banks, lost or destroyed. or among the
people and used as a circulating medium
In this as4oant is counted $40. 4}9 .5S9
in gold and silver bullion which cannot
be counted as currency and should be
In1r IN toll
On the production Of precious metals he
concludes I; careful research for the loca
ron OF gold cola as follows
''in thu above it will be seen that we
allot 50 00j,000 To circulation, and yet
even with that deducted there are still
left 1928. $40. csc unaccounted for
From the~e- facts the conclusion is
a, least $2s3 G0O.UA0 III gold boarded Dy
the peopl+ oi the United States, or else
that the government mint figures are ex
treiGely erroneous.
Here IS Il frank admission that more
than 1919 1913 ,0t'o of gold coin cannot be
accounted for 1t admits that it is not
in tbs treasury or the banks. an'l Is no;
The amount Of silver in the country is
estimated at 1913 502G $50 in standard
dollars ~. 3s0,G0l. 836 in subsidiary
ccn. or q total of P4lo. l04.405 i'll silver
coin. Tue entire amount of silver cola
age since the foundation Of the govern
Ilent Is:
Silver dollars Observation-Disclosures. al,a!3.S5a On
SiI:.ar Oip-haIf doiIara II, So IA 81
Silver one-auarier ,i:,slaTs S,>1jl,2 az =
Silver twenty cent pieces. 2,i,'fU tsl
Silver dimes .............. gl..i4.il5 III
Silver one-half dimes ............ 4.%&i.}la -
Silver three cent pieces. .......... i.o..;6' u
Total ........ s55;l s,jj ;;ss,1 ii
This does not include the trade dollar
coinage, as that has been called III. Gov
eruuent statistics asked us to believed
that every silver dollar co ned since 1913
still remains In the country. either IN
the banks treasures or among the peO-
pie w are also asked to believe that
all the subsidiary coin that has been
minted since 1873 and $63.4l3.371. Il
considerable portion Of which Was coined
previous to the war. Is still in use as cur
rency
The largest amount of legal tenders
outstanding at any one time was $449.-
49,. 902 on June So 1854. From the date
of their first Issue. early IN 1862 there
h;ls beell ISSUED and reissued 50. 253. 997,-
sGS The act of May 81. 1873, forbade
the further destruction OF legal tenders
At that time. according to the books Of
the treasury. $:,46. GS1 .O16 was Outstand
ing Since that date the government
has 1nc!;lled this whole amount IN it's
81 atement OF the volume of currency
The largest issue of national bank cur
rency was IN December, 1873 when it
to S34l .32O.256 Since 1868.
when the system went into operation
lnera have been 81 .,.o2 ,;5:i3 .so ssIte> ans
reissues of this currency. ana ihcre was
outstanding Sept. 80 1889, $lSS. 4aO GEO
There Is no dtta upon which To base an
estimate of the loss by fire, wreck. food
or other accidents. including the lost
and worn ont bills The government In
it's statement makes no allowance fol
such contingencies. Since 1858 when
fractional currency was first issued,
there has been issued and reissued 1868.
720019 The largest amount in circula-
ton at any one time was $i5.9l2. 0O3.:d
in 1874 The act of Jan. IA. 1875. pro
viled for their redemption, since which
time all of this kind of currency has
been redeemed that has been presented
The amount outstanding June 30. 1880
was Sl5, 1888. 1893. 81. By the act of june
81. 1879, congress declared that SS.3715..