Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-08-24

OUR COIN AND CURRENCY.
Some Significant Facts Which Free Silver
ties Ignore.


Some Significant Facts Which Free Silver
ties Ignore.
According to the official statement
prepared in the division of loans and
currency of the treasury department,
the general stock of circulating medi-
um in the country, coined or issued,
on the 1st inst. was $2,22o, ,6ss, 5s4, of
which 81, ,614, $50, 1856 was in circulation.
That is to say, the last-named sum was
not in the national treasury. The Off
cial estimate of population on the list
inst. was 70, 002, 900, so that the active
circulation was 23.O6 per capita.
OF the ssO6, 1874, ,79s in the treasury
S371, ,542, ,813 was in silver dollars, S94,-
702, ,557 in gold coin and $75, 331, $3.50 in
greenbac';=. Outstanding against these
sums, respectively, were $3.50, 355, 11s in
silver certificates, $4s, III, $40 in gold
certificates, and $50, ,920,0 900 in currency
certificates. To the extent of the to-
tsl of the three sums last given, or
1926, ,392, ,697, the active circulation is
incapable of expansion by putting
money In the treasury in circulation,
because this money can go out only in
exchange for certificates taken in,
leaving the volume of circulation up-
changed.
Apparently there is $3.50, 762, 10l in
the treasury which might be put in
circulation, but this is not really the
case, because it is necessary to keep a
good working balance" on hand the
permanent gold reserve ought not to
be less than 500, 900, 900, and over S16,-
500, 600 of fractional silver coin is in
the treasury because it is not wanted
in circulation. What may be called
free cash in the treasury hardly ex-
ceeds S35, 100000, and considerable
part of this is deposited in national
banks, where, like other deposits, it is
available for circulation. The free
cash, whatever the amount, together
with the working balance, ought to be
deposited in banks, which, of course,
should give proper security. But the
amount that ought to be deposited is
by no means so large as it would seem
to be front the unexplained state
ment.
The active circulation increased $40,
40l, SIS during the month of July, but
decreased S43,O4O, 453 during the twelve
months ending with July. The per
capita circulation decreased about
81 81 during the twelve months. The
principal items of increase last month
were gold coin and greenbacks, the in
crease in the former having been So
$685. and in the latter So, 239, ,s7l All
of the greenback increase, of course,
and 81, 445, ,357 of the gold coin increase
came from the treasury. There was a
decrease of 81, 974, 327 in the circulation
of Sherman notes and of S1,317, $50 IN
the circulation of bank notes during
the month. The total amount of Sher-
man notes has been reduced about ST.
100000 since July /, 1894, and the
amount in circulation has been re.
duced S270OO,O0o. The treasury de-
partment evidently regards these notes
as source of danger and seeks to dis
courage their circulation.
Besides the $04, 7O2, 557 of gold coin ir
the treasury at this time, there was
500, ,65l, 500 in gold bullion. Adding
this bullion to the general stock o.
gold coin we have S641, 1872, ,676 as the
total stock of gold coin and bullion il
the country. Free coinage of silver a
16 to l would deprive us of every dol
lar of this instantly as a circulating
medium. 1t would contract the active
circulation FULLY 30 per cent, not tC
speak of the contraction which woulC
result from the diminished purchasing
power of the remaining currency o.
from the boarding of greenbacks i
they should still be redeemed in gold
Out of total stock of S423, 2S9 21'
silver dollars only SOL, TAG, roo were il
the hands of the people on the lst inst.
or only about "A cents per head o
population. This fact shows how un
popular these coins are, as the peopl
could have all that have been minte'
# they wanted them. Only about 81,
600, 900 of these coins in the treasur,
belong to the government. The res
are held against outstanding certif
Gates and cannot be used for any othe
purpose than the redemption of thos
certificates. Therefore the govern
ment would have only $5l, 900, 900 il
coin with which to maintain speci
payments if we should take Harvey
advice and exchange the gold for tn
silver standard, or less than half tn
amount of gold now available for tina
purpose. None of the S124, ,670, 701 c
silver bullion on hand would be avail
able, for it is all tied up by the Shel
mannotes under the provisions of tn
silver act of 1890 These are fact
which our silver friends find it cor
venient to ignore. Chicago Chronicle
Evils EntaiIed.
Silver agitation depresses business
and industrial depression not only RI