The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-05-06
allel vast increase in population. to-wit
Gold product for Is million neonle
Gold product for 60 million

1881 INSTRUMENTATION. $4,000, 600
1882 .................... $4,000 900
1883 ................... 10000, 900
1884 Observation-Disclosures. 10000, 900
1885 neutrality-suspicious.. 81 800, 900
1885 Observation-Disclosures. $4,000, 900
1887 "a 600 600
1883 NEUTRALITY-SUSPICIOUS.. 1915, 900
1889 80 800 600
1890 Observation-Disclosures. 32,S45, 900
In 1853, the gold product for less than
25,0OO.00 people was $65. 00O, 900, or about
$3.50 per capita; while in 1883, the gold
product was only $so.oOO,Ooo for s., ooo, 900
people, or 81 cents head, and one-half
even of this was used in the arts!
So much for the supply of the primary
money, gold. Let us now examine the
other side, the monetary demand, and we
find right here m:ghtier fact than that
which Prof. McCleary has brought to our
attention.
After all, it is this subject OF the demands
and requirements Of the country for money
"a side that is too often overlooked
is Of chief Importance in the discussion Of
the currency question. The proper guam
tity can be determined only with references
to the country's requirements. And the re-
quirements Of country like ours-wh:ch
stretches across great continent, and con-
tains is states, each in itself almost or quite
as large as the average foreign nation
which has a vast internal traffic and retail
trade, and the greatest volume of farm and
factory products to sell and the largest pay
roll on earth to meet and the heaviest mort
gage debt to lift-call for an unusually;
large volume of money to do business.
Consider, first, the increase in the coun-
try's wage-roll, since free coinage was
stopped in 1873.
The present comptroller Of the currency,
in recent report, has showed that the
wages Of the country are paid in cash and
but very little in checks. He finds that in
the manufacturing concerns of New Eng
land and the Middle states, from 80 to 95
per cent of the wages Is paid in cash. Take
note, then, that the wages paid in American
AoAu1oNLuA % SdlAC0 AOl VG,AOO, 11O, OAC VI
cash in 1890, as compared with 1854
343 in 1870. In other words, three times
as much cash was needed to pay factory
wages in 1890, after free coinage had been
stopped II yers, as was required in 1870,
when free coinage made silver the COM
panion of gold.
The money demands of agriculture have
more than doubled since free coinage ceased
in 70. The wheat crop to be marketed has
increased from less than 300, O00, 900 bushels
to nearly 100000, 900; the corn crop, from
76O,OOO.OOO in 1870 to 1,62S, ZOO, 900 in 1892;
the oat crop, from 2S2 to 661 million BUSH
els; and the cotton crop, from 100000 to
100000 bales. BY reason of the INSULT
cheney of money to move the crop, there IS
severe money stringency following every
harvest, and prices are shrunk at the time
when it p:nches the farmer most and there
by works the most damage in making his
mortgage heavier.
The money demands to market the fac
tory products and pay the transportation
charges of the country have vastly swollen
since 1873. The wholesale value of manu-
featured products at the mills in 1890 was
S9,372 ,437 ,283, and the cash handled in the
retail dealings must have been not far from
$4,000 O00,0 900, which was six times the
ccuntry's entire cash volume. The money
requirements for handling the factory pro-
ducts of 1890 were 125 per cent greater than
the requirements for 1870. The gross earn
ings of the railways, representing money re-
ceived for carrying freight and passengers,
rose from $4OO, 100000 IN 1870, to $1,191,-
900 900 in 189I-the latter figure being
nearly equal to the country's entire money
volume. The receipts of the Western I'm
len Telegraph rose from $5,666,S6 in 1872
to $16,307, 800 in 1872; and the postal re-
ce.pts grew from $24 1870, 1O4 in 1872 to $751;
1876 in 1892.
Thus the money requirements of the
country have doubled and trebled since
1873, and the country in the meantime has
lost, by the act demonet:zing silver, one
half of its primary redemption money.
Meantime, what has become of Prof. Nc
Cleary's mighty fact" the gold product?
In 1893, Secretary Carlisle claimed there
was 1904, 100000 of it left. Just think.
GOA 100000 of primary money as the basis
OF $50 ,000, 900 900 of wholesale trade alone,
or 81 in gold for $1O0 of trade. But where
is that $4,000 900? 1t cannot be found.
Only last year there was only $4,000, 900
left in the government treasury. The
United States has had to issue 1892 ,OOO,-
900 of gold bonds in order to get money
enough even to pay running expenses. But
in spite Of the 1852 ,OOO,O00 of gold pur-
chases, parity from abroad, the country has
met during the past three years with a net
loss OF, over 5000, 900 900 of gold by export.
This, with the loss OF 500, 100000 per an
mum, more or less, which is supposed to be
carried abroad by tourists, leaves the coun-
try with possibly 5000, Oo0, 900 Of primary
money remaining, to sustain 81, 900 600, 900
of paper, $1,000. 900 900 of national debt, -