The sea coast echo. [volume] (Bay Saint Louis, Miss.) 1892-current, 1895-06-15
THE CURRENCY QUESTION.

ties; pieces OF paper can serve as
money when they convey to the
holder certain amounts of speci-
fed merchandise. Different ma
tions have different monies ac-
cording to their progress and de-
velopment in commerce and civil
lization. The brass money of
China indicates a state of lowest
degradation, the silver dollar of
Mexico indicates higher condi-
ton of affairs, while the gold
dollar and the paper representa-
tive of America and greater part
of Europe fully examplifies the
highest possible standard of in
dustrial condition.
While it is generally presumed
that France, being at the head of
the Latin Monetary Union, uses
little gold an investigation will
disclose that that country has
more gold than all other coun-
tries in the world, having about
$275, 100000 more than England.
But, supposing the whole world
should want to come to gold
standard it is suggested that there
would be an insufiiciency of the
yellow metal; however true this
may be it should in no way inter-
fere with our present system, we
have gold and it would be an ex-
traordinary demonstration of in
insanity for the United States to
reject her gold simply that there
might be enough for other
nations.
In 1873 there were $774,445, $40
in the country, of which $751, 1881,
800 or $lS.04 per capita was out
side the Treasury; in 1894 there
were $2,241 ,980,552 in all, of
which $1,637, ,226,451, or $23. .72
per capita was in circulation. In
Guiding money in the Treasury
the amount in the country per
capita, was $24,05 in 1880 and $35.
as in 1894. Taking in considera-
tion the larger per capita of 1894
how can the silver advocates con-
sistently urge the good times of
1873 with a smaller per capita
and at the same time propose a
still larger per capita as a remedy
for business depressions.
From 1879 to 1898 this country
was very prosperous; between
1870 and 1890 the population in
creased 81 per cent. The true
valuation of all real and personal
property, per capita, was $3.50 in
1870, 1870. in 1880, and 81 1909 in
1890. The real value of farms
in the six States, Illinois, Iowa,
Minnesota, Wisconsin, Michigan
and Missouri increased 64.6 per
cent between 1870 and 1895, and
deductiug the population of towns
of 5000 inhabitants and over the
rest of the population in those
States increased ALB per cent.
The farm values in the six States,
North and South Carolina, Geor-
gia, Alabama, Mississippi and
Louisiana, increased IA per cent;
between 1870 and 1890, and the
population, including cities, in
creased "a per cent. From 1878
to 1898 the increase in railroads
constructed, and the operation in
the United States was 107.448
miles, or about $50 per cent.
Through these many years our
country was very prosperous and
every body seemed satisfied with
our monetary system: but misfor-
tune will occur and a misfortune
came to this government in the
enactment of the Sherman law.
Under that act in three years
$176, 100000 of paper was issued
against purchases of silver. The
country did not need such an adj
dition to the circulation, and gold
went rapidly to Europe. The
governments stock of gold was
reduced lower than ever before.
and it was doubtful whether the
Treasury could go on redeeminp
its paper in gold. Then began
the tempest: Bank depositors
got scared and drew out their de-
poslts; banks then had to refuse
loans for lack of money, and mer-
chants who needed accommodation
failed; manufacturerswho needed
advance had to shut down. Eu-
rope sent, back American seeuri-