The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-24
A FINANCIAL CATECHISM.
ny FRED. PERRY POWERS.

Volume OF money aud Prices,
Did tho act Of 1873 cut tho volume Of
our money in two?
1t demono,ized no silver money then
In existence.
But tho disuse OF silver for coinage
must have destroyed one demand for
tho metal and contributed to It's fall in
price?
On the contrary, over four times rs
much silver va used in making trade
dollars as had boon used for eighty
years in making standard dollars.
Were tho trade dollars legal tcnders2
No: but it took just as much OF the
product OF tho mine to make them as
though they had been legal tendnrs.
Has there not been a great diminu-
ton III the amount OF silver used in this
country since 1873?
, There has been an enormous increase.
All the silver dollars coined down to
1873, and all the minor silver coined
down to 1853. when it ceased to be legal
tender. amount 10 about $50, 900, 900.
Since then We have had thirty-iive mil.
lions OF trade dollars and owe: 5000.
900 OF standard dollars, aud Sl24,j ,6S5
worth OF silver bullion stored in the
treasury and represented By fisherman"
notes.
How much demonstration OF silver
has there really Deer?
The Gales OF silver by Garmauy from
1873 TO 1892 we're ll5, S22,Sl3 fine OUNCES,
which is + per cent, OF the worlds pro.
duc!ion in that period and not far
from two years product OF the mines in
tho United States. Some OF this was
used again a4 monsy. and there were
small sales OF silver By the Scandina-
Wan countries. Practically all the Ger
man sales were completed sixteen years
ago.
Then prices can not have fallen on
account OF contraction?
There has been a great increase in the
amount OF silver used as currency.
But isn't it the volume OF the money
OF ultimate redemption" that regulates
prices?
This theory was invented aftet the
theory that the volume OF all money reg.
ulated price. had been exploded BY
facts. II there were such a scarcity OF
money Of all kinds that people couldn't
get il to buy with. and nobody had
credit enough 10 get goods aud have
them charged TO him. then tho contrnc-
ton OF the currency would reduce
prices. But paper money or book cred
its would permit buying 10 90 on, so
that there ia no conceivable way in
which the ''monev OF ultimate redcmp-
tion.' in distinction from other money,
couId affect prices. When there is a
great expansion of'crciit the readiness
OF people to buy raises prices without
any addition to the mount OF money.
Il is business that makes the volume OF
the currency. and not the volume OF the
currency that makes business.
Has there beGn n reduction OF tho
money OF ultimate REDEEM ption" since
1873?
There has not ever been 4 reduction
OF this part OF the currency. In 1875
there was no "moncy Of ultimate re-
dcmption" in the country, except a
tritic on tho Pacific coast. In 1859. lust
after the resumption OF specie psvments.
the gold amounted to SOL 1871 ,206, and
ut the ond OF 1894 there was 1888. Sj+. $50
of gold coin in the country and SIT, 3Oj,-
U66 OF gold bullion in the treasury.
What was the total amount OF money
in the country and the amount per capita
in 1873 and at the end OF ISN4?
In 1873 there was $177i.li5. Clio in the
country, OF which SOL, SSl, 500, or SlS.O4
per capita was outside the treasury; in
1891 there WAS S2,2il, $50. 552 in all, OF
OF which 1867, 226. +jl, or $23.T2 per
capita, was in circulation. Including
money in the trcasury. the amount OF
money III she country, por %cnnita. was
S2l,05 IN 1850. and $Jj.46 in 1891.
What was tho capita amount OF
money Of ultimate redemption" in
July. 1850, and December. lSDi?
The gold coin. together with tho gold
bullion in the treasury, amounted 10
SOL per rnhabitant in 1850, and $9.l3
in 1891.
Has there been in Europe a large con-
traction OF tho money OF ultimate re.
dcmption?'
No; tho following figures, except for
tho Bank OF France this yea are from
n paper submitted by Prot. W. Lexis to
tho German silver commission oi lSNt:
VIC lllNIh IN' lhlCC Nh hlCl eDIl anu
silver money as she mad twenty years
ago. and her present stock OF gold,
$59j, 00). 000, is greater than her stock Of
both gold and silver, $lOi, 600. OOo, in
1873. Tho population has increased
Ono.inurth whilo tho specie has doubled.
Since 1913 France has increased IIor
specie S%S5I, 00O.O tho gold III tho
Bank of France ial Increased pincc
lSfi S2l5.0OJ.0 OD, aud tho population
hat remained stationary. The not i'm.
ports OF gold into England from 1873 to
1882 were $50, SS0. QUO.
What is the per capita circulation Of
France?
According to tho estimates ot nur
mint bureau, gold S2I.ji, silver Sl2.S5,
paper S2.3i. in all 1870.
What IL the pnr capita circulation OF
Germany?
told $i?.G5, silver - -. paper Sis,
in all $lS.7S.
Ar"ur!ccs twice as high in Franco AS
IN Germany?
OF course not.
y" ~ r"SrIEyrnl
To have perfect Ilunilh you mu,t have
pure blood, and tho bps, wuv IN havr