The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1896-07-15
FREE COINAGE CArEcHIsM.
Some Facts and Figures That VIZ
Help TO RenOve Popular Misap
prehension on the Cur
re1lcy Question.
Ne,r lork Posi- iLndA
Meu York Post lind J


and answers is to put, in simple form, the
problems raised by the free coinage con
trovcrsy, with a plain answer to each.
All statistical facts given are transcribed
from official publications, aud list of all
authorities used is published at the end Of
the cattchisTn.
O. What is the fundamental claim OF
the free coinage advocates A. They
claim that the amount of money In cir
cnlaiion has been decreasing since the
decentralization Of silver, and that this de
crease has caused general fall in prices.
| @. Is it true that the money supply has
been decreasing A. 1t is not.
@. What are the facts 2 A. so far as
the United States is concerned there has
been an enormous increase. In 1860 thu
money in circulation in this country wai
$442, l02, All in 1872 il was 1873, 300,
SAG; by the Treasury bulletin at the oper'
ing of the present month it was l,52l,
5S4, 2S9.
@. What does this showl A. /
shows that our money supply has in
creased $40 per cent. as compared Will
1860, and LOG per cent. as compared Will
1872.
O. Has the money supply increased
faster than the populatIonf A. Very
much faster.
@ How do you prove this A. BY
| dividing the total money in circulation al
each date by the total population of the
country at the same date, and thus fiuding
the circulation per capita.
O. What does such process show
A. The per capita circulation Of the
United States on July !, 1860, was s a. 90;
on July /, 1872, it was SIS 10; at the
opening of the present month in 1886 II
was $2lS5.
o. But has not the money supply OF
the world at large been decreasing A
On the contrary, it has been Increasing
rapidly.
q. How is this proved A BY the
statistics of new gold production.
O How large has The production beeni
A. The reports of the Director OF the
Mint, which are acknowledged authority,
show that from 1878 to 1894 inclusive the
worlds total new gold production has
been 81, 526, s34, 800.
O. Is this new product OF gold ia
creasing or decreasing A. 1t is in
creasng with enormous rapidity.
Q. Give the figures. A. In 1873 tht
worlds gold production was 500, 200, 900
In 1880 il was $l06, 496, 800. In the yea
1890 il was $1l8, $40, 900. In 1894 1t VA
$3.50, 626, 100. For 1896 the exact tota
is not yet compiled, but it is closely esti
mated Mt $l99, 300, 600.
@. What does this meana A.
means that the amount OF gold annual,
added to the worlds money supply ha
more than doubled in the last twenty
three years.
@ Is not this annual rate or produc
ton liable to decrease A. On the con
trary, all experts in the American, Ans
lralian and Soath African gold fields lool
for further and very heavy increase owe
the present rate OF production.
@. But has not the disuse OF silge
with full coinage facilities cut down tn
total annual addition to the worlds me
talic money supply2 A. 1t has not.
O Why A. In 1879 the world
gold production was 500, 200,0 900; it
silver production, $Sl, 800, 600; total
$l7s, 900, 900. Last year the production
of gold alone was $l99, 300, 600
O. Was not the combined annual pro
dnclon Of gold and silver larger than thi
in the "bonanZa days A. 1t wal
not.
Q. What was the highest record o.
thai period 2 A. Between 1856 and SCI
the worlds average annual production Of
gold was $l34, 0S3, 900; of silver, $37,
6Is, 900; total, $l7l, 70l 900. or less by
| $27, 800, 600 than last years production o.
gold alone.
o. What are we to say then OF the ar
gument that the money supply, since sill
yer free coinage was abandoned, has beer
cnniracting2 A. That II is utterly falst
as applied to the world at large, and es
pecially 80 as applied TO the United States
O. IL 1t true, nevertheless, that tn
price Of wheat and many other farm pro
duets has fallen heavily A. 1t is.
O How are such declines, In whea
for instance, 10 be explained A. b.
the enormously rapid increase in grain
growing area throughout the world.
O Has this increase been especial
rapid since 1872 A. The increase il
grain growing area in this period, espec
Tally in North America, South Americ
and Asia, has never been approached i
any equal period in the history of til
world.
O. How do we Judge Of actual compe
tilion in the sale of wheata A. BY th
supplies thrown annually on the world
great distributing markets.
O What market in particular A
England, where most of the buying na
ilons go to purchase their grain.
@. What are the figures A, As RI
Gently as 1880 Great Britain imported 70
consumption and re, export, 30, 26l, 92
hundredweight OF wheat-a large increas
over the preceding annual average. Il
1895 it imported sl,749, 900 hundred
weight.
O. What has made possible this re
markable increase in wheat production
A. Tho exceedingly rapid development
of transportation facilities in newly cult
waited grain countries, among them India
Russia and the Argentine Republic.
@. Has there been an Increase In tn
United States itself A. An enormou
increase.
@. How large9 A. In 1875 Their
were 90, 38l, 512 acres OF wheat cultivated
in this country in 1891 there were 80,
9l6, S97, an increase OF 90 per cent. Tn,
yield in 1876 was 292, SO, 900 bushels,
heavy increase over preceding years. Ii
1891 the yield was 6T1, 100000 Ever
last year, with greatly reduced acreage
and partial crop failure, the yield wa'
467, 100, 900 bushels.
Q. Has the yield OF other crops in
creased correspondingly A. II has.
@ Give instances. A. The cultiva
| ted area of corn in the United States In
1871 was 1901, 1877 acres; in 1891 it was
76, 204, 6l5; increase, l24 per cent. The
yield OF corn last year was more than dou
BILE that OF any year prior to 1876. Both
the acreage and the average annual yield
Of oats have doubled since 1871. 0ul
cotton crop in 1894 was 90 per cent
greater than in any year prior TO 1887.
@. Was decline in grain and cottor
prices, under such conditions, inevitable
A. As inevitable as decline In tn,
price of clothing, or furniture, or books
or steel rails, or pins, when competition
In their manufacture has extended enor
mously.