Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-06-27
PER CAPITA FoOLISuypss


Attempts at Regulat,r, ~
rency by the Census Retu v VG'
Secretary Carlisle, in h.
speech at Memphis on May % \ S,dss Isa,
the pins from under the ns ruOeked
quacks by quoting few sta Il, vapls
the subject. ''''Sa %
II attach very little imno,,,.
he said, "to the per capita aro ,"u,s
because the amount Of curr sumsa y
quired IN a country depends msi1 y
upon the volume of business 4 ~
transacted and the customs a w.
people in conducting their excbsno .us
and not at all upon the numbs, !,
men, women and children residin,;s
it, but, as there are great msuv vh i
believe that the circulation should Il" ~
regulated by the census returns !;
may be worth while to state tbat H.
production of gold alone in lS9O-ana
it is much larger now-was pea,lr
two and half times greater than tbs
average annual production Of gold and
silver both during the decade which
closed with the year 1900. In lSM
the population Of all the countriesi,
Europe and America was 1877, 5O5. Sss 4
and the production of both gold sss
silver amounted to $24.49 for ever,
hundred inhabitants. while in 1890 I'M
population Of the same countries VA |
466, 1884, and the production I
gold alone was S11S, $40, 900, whic
amounted to S25. 46 for every hundreI
inhabitants, or ninety-hve cents mo,.
for each hundred people than was fu, |
nished by both metals during each
year in the former decade. In lSs.
the population Of these countries vy
4S5, 100, S41, and the production Of
gold alone was Sl57, 22S,OOO, being
S32.4 for each hundred inhabitants
or 1892 more for each hundred people
than the total OF both metals during
the last decade of the last century II
therefore, the people of Europe and
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 per capita addition to their
stock of money as they would receive
now by 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 and prevented the
single gold-standard countries from
making as great an annual addition 70
their stock of metallic currency
"Oficial monetary statistics show
that in the gold-standard countries Of
the world the stocks of money are
much larger per capita than in the
silver-standard countries Taking the
large gold-standard countries and the
large silver standard countries itap-
pears that in 1894 the stock Of money
| in the United States was over $50 per
capita, in the United Kingdom nearly
$40, and in Germany nearly SIS, while
in Mexico the per capita was saith
Russia and Finland 1882, and in
China $500. The gold-staudard coun-
tries use large amounts OF silver %
money, but the silver.standard coun
tries use no gold as money, and cannot
do SO for the reasons | have alresay
sndeavored to explain. But, gentle
| men, for the reasons already statea,
the commercial Nations OF the word
do not now require the SAME proper
ton OF metallic money in the transac'
ton OF their business that they re-
auired a few centuries ago, or even
one century ago. Credit has been
| vastly extended and the us'
Of paper in the form Of n let1'
| checks aud bills has almost en'lfe, \
displaced metallic money in the dai'
business Of the people, and as long !
these forms OF credit are kept equal
value to the metallic standard the 9
feet upon the prices OF commoal.lss |
precisely the same as if the waole y y,
ume of circulation consisted OF s.Auc
ara coin, for. as long as equaii'y ~
their value can be maintained, y, y.
paper representatives oil .ae =. uol -
perform exactly the same once ~ =. "
exchange OF commodities thas su y,
dollars themselves would perform ~
but if this equality is DESTROYED, y; "
paper is discredited, its purcnas.
power is diminished, and the peop
have no longer stable measure
value"