The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-11-19

in notes. In this aggregate of money
in circulation among the people, the
Secretary includes $78 Sal, 683 of gold
bullion and $l19, 113, OIL of silver bull
lion not coined, and which could not
be in Circulation. If this sum be de-
Quoted we have left 81, 541, 1913 593. OF
this amount $96 SIS, 1888 in gold coin.
| $25, 636 ,899 in silver coin and S19. 95O.-
1876 in notes we're locked up in the
| Treasury vaults, and, therefore, not in
\ circulation. If these sums be deducted
we have left 81, 399, 1871, 335. But this
ia not ell. The report shows that in
| 1898 there were 3. 781 national banks,
having reserves, by law, of 1878, 800, 600,
| after deducting which, there remains
| 1885 29I 1886. In addition to this, there
were. in 1898, $685. State savings and
private banks, having reserves amount
ing to 1902, O46 268, viii III leaves in
| circulation 1881, 255, O67. But how does
the Secretary know that in 1898 there
were 1897, 697, 685 in gold bullion and
coin in circulation? He took the
amount of gold in the Treasury and in
the national banks on June 80, 1892
$115, 900, 900, and added to it the esti
mated total of gold in circulation,
$50, 900, 600, thus making $135, 600, 900.
To this he added all that had been
coined at the minis since 1872, with the
gain or loss of gold exported or inn
ported as registered at the Custom
Houses, deducting 50, 500, 900 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, ship wreck or
other wise. l do not believe that there
is any such amount of gold in circula
ton as 1897, 600, 900. 1t the Treasury re-
port is correct, it is a sad commentary
upon the patriotism of those among US
who see the Government paying an
s~yndicate-to obtain gold in order to
maintain its reserve. 1t would be cor
rect, in my opinion, to deduct at least
$3.50, 600, 900 from the estimate of the
Treasury for the am punt of gold in
circulation, and this would leave the
total amount of money in circulation
1881, 255, 067. Besides this the Secre-
tary in his estimate counted $419, $780,
$50 of silver and SIT, Ais, 723 of gold
coin, or 1896, TAI, 673, without deduct
ing any amount by reason of losses by
fire and shipwreck or otherwise, and
if We fix this sum at $40, ga, 767, as
total loss from February %, 1878. to
November 1, 1898, it will leave as the
whole amount in circulation $281,580,
800. From this amount there should
be deducted at least 10 per cent. on the
amount of national bank notes now
outstanding, to cover losses by fire,
food and other wise, which would
make another deduction of $l7, 81, 1877
leaving an actual circulation 1868,
708, 913. The total population of the
United States by the census of 1890 was
62 622, $50. If we add 10 per cent. in
crease for the five years which have
elapsed since 1890, III population is
now at least IS, 884, AS, making the
per capita circulation s.. "a, instead of
$25, as claimed by the single gold
standard advocates. The result, and I
think I have not oveTs:ated it, is that
instead of $25.O7 in circulation for
every man, woman and child IN the
United States, there is really So, "a.
And if, in order to cover all errors, we
make this S., or even $40 per capita,
what is the comparison with the Cir
culation we have had in tho paste
What is the comparison with the con
dition of this country Immediately
after the war, when we had u~nrivaled
prosperity and all men were busy and
happy2 We had then a circulation of
$67.2 6 per capita, and I ask the men of
my age, and even younger man than
myself, here to day, to go back in mem
DRY to the condition of the United
States at that TINA. I assert here now
and nobody knows it better than my
self, for I came back beggared from
participation in that strIfe-I assert
that there never was such prosperity
in this country as in the five ear
Immediately following the war"
GOOD TIMES" OVER.
Tho SGnNO6 NTNonoO aE1V1H 49,