The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1895-06-27
PER CAPITA FOOLISHyESS.
Attempts at Regulating the {
rcncy by the Census Returns.

Secretary Carlisle, in his great
speech at Memphis on May 30, knocked
the pins from under the per capits
1uacks by quoting few statistics OF
the subject.
81 attach very little importance
he said, ITO the per capita argumei
because the amount OF currency
quired IN country depends mair
upon the volume of business TO
transacted and the customs of
people in conducting their exchange
aud not at all upon the number
men, women and children residing
IL, but, as there are great many VIII
believe that the circulation should b
regulated by the census returns.
may be worth while to state that the
production of gold alone in ls90-and
1t Is much larger now-was nearly
two aud half times greater than the
average annual production Of gold and
silver both during the decade winch
closed with the year 1900. In 1900
the population of all the countries in
Europe and America was l97, ,j0j, ,Sg5.
and the production of both gold and
silver amounted to S2I. 81 for every
hundred inhabitants. while in 1890 the.
population of the same countries wasN
i66, 7Nl,3il, ani the production of
gold alone was SllS.St9, 900. which
amounted TO S2j. .lG for every hundred
inhabitants, or uinety-livc cents more
Tor each hundred people than was fur.
nished by both metals during each
year IN the former decade In 1894
the population OF these countries was
lN1, loo, Sil, aud the production of
gold alone was Slj7,22 900, being
S}2.il for each hundred inhabitants,
or SO92 more for each hundred people
than the total of both metals during
the last decade of the last century. If,
therefore, the people of Europe aud
America had used as money all the
gold and all the silver annually pro-
duced IN the world one hundred years
ago, they would not have received as
large II per capita addition to their
stock OF money rs they would receive
now 10y adding the gold alone. In
view of these facts, | submit that the
silver legislation of 1871. 1873 aud
1876 has not diminished the worlds
supply Of metallic money as compared
with former times aud prevented the
single gold.stnndarl countries from
making as great mn annual addition 10
their stock of metallic currency.
"Onicial monetary statistics show
that in the goldstnndnrd countries of
the world the stocks of money are
much larger per capita than in the
silyer-standard countries. Taking tho
large gold.standnrd countries aud tho
large silver. standard countries, II ap-
pears that in 1884 the stock of money
IN the United safes was over S2j per
capita, IN the United Kingdom nearly
$50, aud in Germany nearly 9,while
In N-.".'. t. -. sdpita was SII, in
Russia and Finland Ss.32,. aud in
China S}.26. The gold-stunlard coun-
tries use large amounts of silver rs
money, but the silvcr.stnndnrl coun.
tries use no gold ~ money, and cannot
do SO for the reasons ] have already
endcavorcd to explain. But, gentle
men, for the reasons already stated.
the commercial Nations of tho world
do not now require the same proper
tlon of metallic money in the transac-
ton of their business that they re-
luired n few centuries ago, or even
Dnu century ago. Credit has been
vastly extended and the use
If paper IN the form of notes,
'hecks aud bills has almost entirely
displaced metallic money in the daily
business OF the people, aud as loug as
these forms OF credit are kept equal in
value to the metallic standard, the ef-
Iect upon the prices OF commodities is
the same rs if the whole vol
lme of circulation consisted OF stand.
,rd coin, for. as long rs equality in
heir value can be maintained, the
paper representatives OF the dollar
perform exactly the same Office in the
exchange OF commodities that gold
lollars themselves would perform;
1ut If this equality is destroyed, the
PAPER Is discreditcd, its purchasing
Iower is diminished, and the people
nave no longer II stable measure OF
'ulue."