Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-05-24


money in the world, and that prices are
fxed and regulated by the amount Qt
such money In circulation, or available
for circulation Neither OF these as
sumptions is Justified by the facts. The
most exhaustive efforts have been made
from time TO time by the treasury de-
partment, through the director of the
| mint, by careful examinations OF the
monetary statistics OF other countries,
by correspondence with our diplomatic
| and consular representatives, abroad
and With foreign financial authorities,
and otherwise. to ascertain the actual
amount OF gold and silver used as
money in the world, and the result
shows that there Is now more gold ana
silver In the aggregate, and more Of
each one OF them, In use ne full legal
| tender money than there ever was at
any other time In the history OF the
! world. The gold In use as money
| amounts TO s3,9G5,900,00O, the full legal
| tender silver amounts TO S3iS5, 500 OO0
and the limited lcgaI-iender silver
/ amounts to S6l0,000,000. The policy
| OF maintaining, or rather attempting
to maintain, the so-called double stand
ard never succeeded In keeping so large
| nm amount Of full leg6l-tender silver In
| circulation In the world rs there II at
| this time, and one OF the principal
reasons for this IL that the effect Of the
! lftNttN WIS 10 uIlNt inst lllt tblllH Va
/ one metal and then the coins Of the
| other into the Golfers OF the hoarders
| Or into the melting pots. because they
were under valued In the coinage laws
| ana would not remain in use as money
attach very little Importance TO
| the per capita argument because the
amount OF currency required In II coun-
try depends mainly upon the volume OF
business TO be transacted and the GUS
toms OF the people In conducting their
exchanges, and not at all upon the
number of men, women and children
/ residing In IL, but as there are a
great many who believe that tho cir
| culation should be regulated by the
census returns, II may be worth while
to state that tie production Of gold
alone in lS9O--and II Is much larger
now-was nearly two and mali times
| greater than the average annual pro-
| duction OF gold and silver both during
| the decade which closed with the year
$500. In 1900 the population OF an
the countries In Europe ana America
| was 1877 sos ,s95, and the production OF
both gold and silver amounted to S2i39
for every hundred Inhabitants, or 80
cents more for each hundred people
than was furnished by both metals
during each year In the former de-
oade In 1894 the population OF those
countries was 400, 1851, and the pro-
NN''lVl " Boll Hlpilt was Al1t ,sSdVUU,
being 1872 Al for each hundred inhnb-
itants, or S7.02 more for each hundred
people than the total Of both metals
during the last decade Of the last cen-
tury. II, therefore, the people OF Tgu-
rope ana America had used as money
all tho gold and all the silver annually
produced In tho world one hundred
yols5 ago, they would not have re-
ceived az large q per capita addition
to their stock Of money as they would
receive now by adding the gold alone
in view Of these facts. ! submit TINT
the silver legislation OF 1871, is73 and
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 to
their stock OF metallic currency.
Official monetary statlstics show
that in the gold standard countrieg of
the world the stocks OF money arc
much larger nor ennita tban ii, re
silver standard countries. Taking Tho
large gold standard countries ana tho
large silver standard cnuntrIea IL an
pears that In 1891 tho stock M nnnnn,,
In tho United States was over sSG ,,a.
capita. In the Ifnlted ISipe1C,,, "" 80 g.
~ $50, and In Gprmanv nonriy 80
while In Mexico tho per caplt6 yns
san, In Russia ana Finland x 40 80
in China 81. 20. Tho poid stondarJ
countries use no gold ns ,n,onev onS
cannot do 80. for the reasons ba,,a
already endeavorcd TO explnIn put
gentlemen, for the reasnns 'airoai,,
stated the commercial nations Of ths
world do not now require Tho s,,n,
proportion Of metallic money I'm tho
transaction OF their buslness fhnt ttnv
required o few centuries ago, or elcn
one century ago Credit has been
vastly extended and the use OF paper In
the form of notes. checks and biiia bas
almost entirely displaced metallic
money IN the daily business az Inc
people, and as long as these forms
OF credit are kept equal In yalue to
the metallic standard. the effect unon
the prices OF commodities is prccigsfv
the same as II the whole volume OF AZ
culation consisted OF standard com for
as long as equality In their yalVe can
be maintained the paper REPRESENT
tives OF the dollar perform etactIy
the same office In the exchange ofconi-
modites that gold dollars thsmsalv"s
would perform; but II this qually 10
destroyed. the paper liz dlscredlted nc
purchasing power Ia diminished famS
the people have no longer n st,hia
measure OF value.
one OF the most effective arguments
made by the advocates of free eoina,,o
In some parts OF the country at ieoIt
IS that the people are In debt MA