St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-26

ferent kinds of currency. 1t is thus
possible to see at a glance the guam
tity of currency in the treasury and
in circulation in any month from
the first year given to the last.
A study of the changing condi-
lions of our currency as shown by
this map is very interesting, and at
a time when the currency is in such
acute agitation as now it is not
without it's lesson. The year 1878 is
chosen because then the legislation
began that direction which has in
volved us in our present dilemma.
The gold in the treasury line in
dicates- that there were $25 900
of gold in the treasury in 1873. 1t
had moved to S7O,O00,000 in the third
quarter of 1879, and fell back to
S35, 900, 600 in the second quarter of
$780, At this point there is a sharp
rise in the ascent of the line until
1895, 900, 600 is reached at the third
quarter of 1888, followed by slight
descent to $3.50, 900 in June, 1890.
simultaneously with the passage of
the Sherman act in July of that
year, the gold line begins to descend
sharply, accompanied with some
Spasmodic rises, until it reached
$125, 000,0 900 on June 80, 1894. 1t is a
singular coincidence that the rising
line of the silver dollars and bull
lion in the treasury" crossed the
descending line of gold in the treas
ury'' simultaneously with the pas
sage of the Sherman act in 1890.
The line indicating the silver
bullion in the treasury indicates
the presence there Of $5,0O0,OOO in
1873, a quantity which was quite
steadily maintained up to October,
1880, when the line commences to
climb rapidly, reaching $125, 1000, 900
by the end of June, 1894 Another
line indicates the silver dollars
and bullion in the treasury" which
started with SIS, 100000 in 1878 and
began steady ascent, with no re-
actions, until it's apex was reached.
Feb. l, 1894, in a total of $3.50 600
600. From this point there was a
fall of $10,000,000 to the 30th day of
June, 1884, when the aggregate was
$3.50, GOO, 900. The line Indicating
the quantity Of standard silver dol
lars in the treasury" runs very
nearly parallel with and a little be-
low that of the "silver dollars and
bullion in the treasury" up to Dec.
so, 1890, at which point the lines be-
gin to diverge and ''silver and bull
lion" continues its ascent, while the
Silver dollar" line declines to
$3.50, O00 900 on June 50, 1894. An in
teresting line on this map, as indi-
eating the reluctance of trade to
use silver dollars in making ex-
changes, is the line Indicating the
silver dollars in circula ton" This
starts at zero in 1873 and moves on
a very slight ascent, making it's
maximum on the 1st of January.
1891, with SIS, 100000, but falling off
to $5OO00,00O by June 80, 1894.
Equally interesting is that line
which indicates the movement of
the Silver certificates issued I'M
der the Allison act of 1878. These
apparently did not come in1me-
d1ately into circulation, and the
map indicates $35, O00O0 of them
in the treasury on June 30. 1881
from that point on the line indi-
Gates by a very rapid ascent the in
crease OF these certificates in cir
culatlon, reaching Sis OO0, 900 in De-
cember of 1884, but falling to 500
OOO,000 in 1885, then sharply rising
to $500, 900, 900 on June 30. 1894. The
treasury notes" issued under the
sherman silver purchase act of
1880 start at zero in the middle of
July OF that year and climb rapidlv
to $l55, 600, 600 by the end of the first
quarter of 1884. By June 80 the re-
demptlon of them in silver dollars
drops the line to $4,000 900.
AS all of our currency legislation
since 1878 has been directed in the
interest of silver to prevent the de-
cine IN value of that metal which
began III 1874, the smaller diagram
giving the fall in the price of bullion
per ounce during these years, is a
valuable adjunct as illustrating
now futile are the efforts of legis1a-
ton to overcome the natural course
and law of trade. The market
value of silver bullion in 1878 was
Sl.lo per ounce, having fallen in five
years to that point from $1.3O. In
spite of all Of the great purchases
OF silver made by this country and
us efforts to push silver either as
standard dollars Or in the shape of
ceruhcates into circulation, there
mas been a steady, continuous de-
clihe IN the value of the metal to
the present time to Sc cents on
June 30, 1894. The map is an object
lesson, presenting in an easilv-
Srasped manner the lesson of fol1v
it teaches.