Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-10-24
As to Per Capita Circulation.

stabeQ Dv the agents OF the GOIo IruSI.
In support of this view we present the
figures recently used by Senator Vest
in speech at Fayette. Mo. IT the
Senator is right our per capita circu-
lation of money CT all classes hardly
equals that of Mexico. and the per
capita circulation of money of final
account is hardly fourth of that of
our sister Republic on the south.
which, owing to its liberal and sem
sible monetary system, is outfooting
US in the commercial race. We sub
init the Senator's remarks upon the
per capita circulation of the United
States with the earnest desire that
they be carefully read by people of all
parties.
ALI intelligent discussion of the
money question must be based upon a
knowledge of the underlying facts.
We do not believe that Senator Vest
would wilfully misrepresent them. II
his figures are not correct, it seems to
US that that fact might be easily made
to appear. The Senator said:
Secretaries Carlisle and Smith We
hemently assert that we have more
money now in circulation than any
other country except France, and a
fixed amount per capita at $25, OF. l
DENY this statement. On July l, 1898,
the Secretary of the Treasury in his
report gave the amount of money in
circulation as 50, 1923, SAT, 977. On ex-
animation it was found that in this
statement an error had occurred by
reason of counting both the gold and
silver in the Treasury and the out
standing certificates which represented
them. Another statement was then
made showing the amount in circula-
ton to be $1,738, 954, 057 or 1854. $685.
92O less than the amount first re-
ported. OF this sum there were $597,-
647 ,6S5 in gold. $615. 1861, 484 in silver
and 1926, 1874, 1888 in notes. In this
aggregate of money in circulation
among the people the Secretary in
cludes $78, 541 ,5S3 Of gold bullion and
I$119,113,911 of silver bullion not
coined, and which could not be in cir
culation. If this sum he deducted we
have left $1,541. 29S, 1858. OF this
amount, 800, 979.S80 is in gold coin.
$25, 636, S99 in silver coin and $19,-
95O,496 in notes locked up in the
Treasury vaults, and therefore not in
circulation. If these sums be de-
Quoted, we have left $1,000, 191, 1886.
But this is not all. The report
shows that in 1898 there were 1871
national banks, having reserves by
law of $573,9OO. 900, after deducting
which there remains 1856, 291, 1856.
In addition to this there we're in 1898
1855 State savings and private banks,
having reserves amounting to $780,
O46, 26S, which leaves in circulation
1851. 255,O67.
But how does the secretary know
that in 1898 there were 1897 ,697 ,685
| in gold bullion and coin in circula-
ton? He took the amount of gold
coin in the Treasury and in the Ma
tional banks on June 80. 1892. $115.-
900, 600, and added to it the estimated
total of gold in circulation. $40, 000,-
900, thus making 1885, 100000. To
| this he added all that had been coined
at the minis since 1872, with the gain
or loss of gold exported or imported
as registered at the Custom House.
deducting So, 500, 900 each year for the
industrial arts, which is far too little.
The Secretary assumes that every dol
lar coined since 1872 is still in existence
and that none has been lost or destroy
ed by fire, shipwreck or otherwise.
do not believe there is gold coin
to-day in this audience, and the same
statement can be safely made any,
where in this country. If the Treas
ury report is correct it is sad COM
mentary upon the patriotism of those
among US who saw the Government
paying an enormous bonus to the
Rothschilds syndicate to obtain gold
in order to maintain the reserve. It
would be correct, in my opinion, to
deduct at least $3.50, O00.0 from the
estimate of the treasury for the amount
of gold in circulation, and this would
leave as the total amount of money in
circulation. 1881, 265,O6
Besides this the Secretary in his es-
innate counted $419. 1892, $50 of silver
and $77.415,723 of silver coin, or
1896. TAI ,673, without deducting any
amount by reason of losses by fire,
shlpwreck or otherwise, and if we fix
the sum at $40, .671, as the total
loss from February %, 1878. to No
vember 1, 1898, it will leave as the
total amount in circulation, 1921, $780,
800. From this amount there should
be deducted at least ten per cent. on
the amount of National bank notes
now outstanding to cover losses by
fire. flood or otherwise. which would
make another deduction of SIT ,871. 1873,
leaving in actual circulation, $685.
7OS.913.
The total population of the United
States by the census of 1890 was Co.,
622,S $50. If we add 10 per cent. in
crease for the five years which have
elapsed since 1890 our population is
now at least 68. 1874. AIS, making the
per capita circulation 1884 instead of
$25.07 as claimed by the single gold
standard advocates. If this calcula-
tion be thought inaccurate, let US fix
the per capita circulation at IS, and
we have then a contraction since 1865
of $62.42. the per capita circulation in
that year being $67.26 France, with
one-tenth of the resources and with
about one-half our population. a FIN
ished country, with q stolid. non-pro-
gressive peasantry. has per capita
circulation of $50 20. and is the most