News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1896-07-23
A FREE COINAGE CATEcHIsM.
Instructive Answers to Questions on
EverybOdy's Lips.

EVerybOdys Lips
The purpose of this series of ques-
tions and answers is to put in simple
form the problem raised by the free
coinage controversy, with a plain
answer to each. All statistical facts
given are Transcribed from official
publications, and a list of all au-
thorities used is published at the end
of the catechism.
@. What is the fundamental claim
of the free coinage advocates? A.
They claim that the amount of mon.
ey in circulation has been decreasing
since the decentralization of silver,
and that the decrease has caused a
general fall in prices,
@. Is it true that the money sup
ply has been decreasing? A. 1t is
not.
@. What are the facts? A. So far
as the United States is concerned,
there has been an enormous increase.
In 1860 the money in circulation i'll
this country was $142, 102,477; in
1872, it was $73S,3O9.549; by the
treasury bulletin at the opening of
the present month it was 81, 521,-
5S4,2S3
@. What does this show? A. 1t
shows that our money supply has
increased 240 per cent as compared
with 1860 and Is per cent as COM
pared with 1872.
@. Has the money supply in
creased faster than the population?
A. Very much faster.
B. How do you prove this? A.
By dividing the total money in circu-
lation at each date by the total
population of the country at the
same date, and thus finding the circu-
lation per capita.
@. What does this process show?
A. The per capita circulation of the
United States on July l, 1860, was
$1406; on July 1, 1872, it was
$18.07; at the opening of the present
month in 1896 it was SOL
@. But has the money supply of
the world at large been decreasing?
A. On the contrary it has been in
creasing rapidly.
@. How is that proved? A. BY
the statistics of new gold produc-
ton.
@. How large has this production
been? A. The reports of the direc-
tor of the mint, which are acknowl-
edged authority, show that from
1873 to 1894 inclusive the world
total new gold production has been
$2,526,834 900
@. Is this new production of gold
increasing or decreasing? A. 1t is
increasing with enormous rapidity.
@. Give the figures. A. In 1873
the worlds gold production was
$96,200,000; in 1880 it was $780,
436,800. In the year 1890 it was
$11S,949, 900. In 1898 it was $780,
$4,000. In 1894 the exact total is
not yet compiled, but it is closely
estimated at $199, 100000.
@. What does this mean? A. 1t
means that the amount of gold
annually added to the worlds money
supply has more than doubled in the
last 20 years.
@. Is not the annual rate of pro-
duction liable to decrease. A. On
the contrary, all experts in the
American, Australian and South
African gold fields look for the furth-
er and very heavy increase over the
present rate of production.
@. But has not the disuse of silver
with full coinage facilities cut down
the total annual addition to the
worlds metallic money supply? A.
1t has not.
@. Why? A. In 1878 the world
gold production was $96,20O,OOO;
its silver production, $S1, 100000;
total, $17S,000,000 Last year the
production of gold alone was $780,
100000.
@. Was not the combined produc-
tion of gold and silver larger than
this in the bonanza days?" A. 1t
was not.
@. What was the highest record
of that period? A. Between 1856
and 1860 the worlds average annual
. production of gold was $134.S3; OF
silver, $37 618; total, $171.71, or less
by $27.S, than last years produc-
tion of gold alone.
Q. What are we to say, then, oil
the argument that the money sup.
ply since silver free coinage was aban-
doned, has been contracting? A
That is utterly false as applied to
the world at large, and especially sc
as applied to the United States.
@. Is it true, nevertheless, that
the price of wheat and many Other
farm products have fallen heavily
A. 1t is.
@. How are such declines, in wheat
for instance, to be explained? A
By the enormously rapid increase il
growing area throughout the world
@. Has this increase been especially
rapid since 1872? A. The increase
in grain growing area in this period
especially in North America, South
America and Asia, has never beer
approached in any equal period il
the history of the world.
@. How do we Judge of actua
competition in the sale of wheat? A
BY the supplies thrown on the worlds
great distributing markets.
@. What market in particular