The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-01-10

1He lOllOWlng arGlcle, which aD
peared in the REPRESENTATIVE f0l
Wednesday, Aug. 23d, is republished
by request.-THE EDITOR.
We have received the following
letter which explains itself:
MADISON LAKE, July I, 'ea.
HON. IGNATIUs DONNELLY.
DEAR SIR:-In arguing the course
or the peoples party, l 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 l have only
been reading the REPREsENTATIvE
for 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-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 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. 1.-THE
circulation statement issued by the
Treasury Department today shows
yer coin and certificates, United
States notes and national bank notes
in circulation Aug. /, was $1,611 ,O99,-
III, an increase during the month of
July of $l7,237 SOC. The increase
during the last II months in round
figures is $9,OOO,OOO. The per capita
circulation, based on an estimated
population of 100000 August L,
was 1924 .02.
OF the So, 1913, 96s, $40 of the general
stock of money issued the amount
as stated is in circulation, leaving
1850, 632 in the Treasury of the
United States on August as follows:
Gold coin, $1O3, 1868, 626: standard sill
yer dollars, 1868, 3OS, 46l: Subsidiary
silver, 1855, 749; gold certificates,
$93,71O: silver certificates, $2,843, ia;
treasury notes, act July IA, 1890,
$4,512.2lO; United States notes, $22,-
2S6,612: currency certificates, act
June s, 1872, $4S5,00O; 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, 1868, 718.47 in existence in
the country, made up as follows:
Gold coin and bullion. ....... S CSC, 063, sos 90
Silver dollars and bullion. 81, 81, 09S ~ w
fractional silver coin........ 76,6O1 $500
Total coin and bullion. SLIGO, 612, 434 90
sto+e hank notes. 90, 17O. 90
Old demand notes. oo,44S.W
One and two years notes.. 0s5 0o ~
COMPOUND interest notes.. loo,'oU.VV
Fractional currency, estl- ,o,e roo ~
Nationai hank notes.. 211,37s 963. 90
United States notes. ........ 54o.ool,Olo.W
Certificates of deposit, act ooo "a
of June 8, 1872 ............. I..dy5.OOO o w
Gold certificates. a2 ID 9o % ~. ~
Silver certificates. @oS.oS9'4o.V
Total paper currency. 1893. $50 24s. AZ
Aooegate 1908, 96s, us. AZ
OF this amount the official report
claimed that $712,416, 1886 were in
the U. S. treasury; and 1887 ,55l,-
s35.11 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. /,
1893.
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