The midland journal. (Rising Sun, Md.) 1885-1947, 1895-11-08
LIVE ISSUES.
Our Honey.

VII July L, 1870, tlIc CcCIctdIy VI
the Treasury in his report, gave
the amount of money in circulation
as 50, 1873, 547,977. On examination
it was found that in this statement
an error had occurred by reason of
counting both the gold and silver
in the Treasury and the outstand-
ing certificates which represented
them. Another statement was
then made showing the amount of
money in circulation to be $l,73S,-
954, O57, or 1854 ,593,923 less than
the amount first reported. OF this
sum, there were $597 ,6S7 ,6S5 in
gold, S615, 1861, 4S4 in silver and
1926, 1874, 1888 in notes. In this
aggregate of money in circulation
among the people, the Secretary in
cludes $7S,531 1888 of gold bullion
and $119, 113,9I1 of silver bullion
not coined, and which could not be
in circulation. If this sum be de-
Quoted we have left 81 ,541 ,29S, 593.
Of this amount $96,519,SSS in gold
cgin, $25, 1886, 800 in silver coin and
$19,95O, 496 in notes were locked up
in the Treasury vaults, and, there
fore, not in circulation. If these
sums be deducted, we have left
81, 1899, 191 1886. But this is not all.
The report shows that in 1898 there
were 1891 national banks having re-
serves, by law. of $573, 900, 200, after
deducting which, there remains
1885,, 291 1886. In addition to this,
there were in 1898, $685. state saw
ings and private banks, having re
serves amounting to 1907 ,O46, 26S,
which leaves in circulation $751;
255,O67. But how does the Secre-
tary know that in 1898 there were
$597 ,697 ,6S5 in gold bullion and
coin in circulation? He took the
amount of gold in the Treasury
and in the national banks on June
30, 1892, $l15, 900, and added
to it the estimated total of gold in
circulation, $20,OOO,0OO thus max
ing $135, 900, 900. To this he added
all that had been coined at the
minis since 1872, with the gain or
loss of gold exported or imported as
registered at the Custom Houses,
deducling $3,500,OOO each year for
the industrial arts, which is far too
little.
The Secretary assumes that every
dollar coined since 1872 is still in
existence, and that none have been
lost or Destroyed by fire, shipwreck
or otherwise. | do not believe that
there is any such amount of gold in
circulation as $597 100000. l do
not believe there is gold coin to-
day in this audience, and the same
statement can be safely made any
where in this country. If the
Treasury report is correct, it is a
sad commentary upon the patriot
ism of those among us, who see the
Government paying an enormous
bonus to the Rothschild syndicate
to obtain gold in order to maintain
its reserve.
1t would be correct, in my opin
ion, to deduct at least $3.50, O0O, 900
from the estimate of the Treasury
for the amount of gold in circula-
ton, and this would leave the total
amount of money in circulation
1881 ,255, O67.
Besides this the Secretary in his
estimate counted $419, 1882, $50 of
silver and 81 ,415, 1913 of gold coin,
or 1896, TAI, 673, without deducting
any amount by reason of losses by
fire and shipwreck or otherwise,
and if we fix this sum at 1864,
767, as the total loss from February
%, 1878, to November l, 1898, it
will leave as the whole amount in
circulation 1921 $50, 800. From this
amount there should be deducted
at least 10 per cent on the amount
of national bank notes now out
standing, to cover losses by fire,
flood and otherwise, which would
make another deduction of S17,-
,3S7-leaving in actual circula-
ton 1858, 7OS,913. The total pop
ulatiOn of the United States by the
census of 1890 was 62,622, $50. If
we add 10 per cent increase for the
five years which have elapsed since
1890, our population is now at least
6S,SS4, 475, making the per capita
,;oauIot;on 90 Sl instead of SDS &c