The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-04-30
ACTUAL MONEY USED.
Figures Which Show How Much Cash fs
Really Needed by tho People.

According to the Manufacturers Club,
little mere than one week ago, Edward
Atkinson said in effect that, as the bust.
ness of the country Is nearly all done
with bank checks, there ia indeed small
\ use for actual currency, excepting for
the purposes OF pocket money" Let
US consider this proposition. In the
same address Mr.. Atkinson remarked
that the transactions Of the American
people in buying food, fuel, shelter and
clothing amount to not less than 100
million dollars worth of exchanges
q day.
Certainly one half these transactions
are at retail, tor the wholesale business
is but the sum total Of the retail BUSH
ness. We are confident that 80 per cent.
Of the retail exchanges are made with
money, not with checks. Suppose, how.
ever, we admit that only one-half the
retail exchanges are made with money;
we 6Rd, then, that twenty-five millions
| Of cash are called for every day in buy.
! ing in email quantities but four thiugs;
food, fuel, shelter, and clothing. This
| requires ISIS millions of money for q
years business. Wages, however, are
not referred to in Mr.. Atkinson's state
| ment.
The wages paid in mills and factories
the gross product, which was, in 1890,
nearly 10000 million dollars. Wages
are paid in money, 30 that Q, 500 millions
of money are required for wages In
manufacturing establishments alone.
At cents mile the fares of steam
railroads always paid in cash) In 1894
would have amounted to $50 million
dollars. The revenue Of the postofflce
Ia about so millions; and the sums in
cluded in postal notes and money or
ders aggregate about 1856 millions.
Thus, for these few Items actual money
Is needed yearly as follows:
l. Food, fuel clothing and furniture
. Wages in manufactures, ........ a,5oo0oS'SCS
y. Fares on steam rosds,. ........... 2S0G0O,0OO
a. Postomce business. ......--...-. 2e6 ,000, 900
Total. OBSERVATION-DISCLOSURES. Sio.ss1 100000
But, manifestly, these figures in q
very small degree represent the total
demand for money. The estimate con-
tains nothing about wages paid by
farmers, forty per cent OF the popula-
tion; nothing about wages paid to
miners, to general day laborers; to
clerks and other people employed In
stores and offices; nothing about wages
OF, say, several hundred thousand rail-
road operatives; nothing about the
wages Of letter carriers (ten million
dollars Year, and others of the tens Of
thousands OF the servants of the govern.
ment; nothing about the millions OF
street car fares paid daily and nothing
about payments Cor freight and express
charges, or of the cash involved in the
five million orders for money issued by
the express companies.
Besides all these incessRnt demands
for actual money mot checksJ there are
the multiiudinous small transac tions In
which every man every day uses cash,
such as the purchase of newspapers, and
the divers and sundry trifles which call
for money; to which must be added the
small cash expenses of every hou ehold,
QncludinR wsges) expenses other than
those for food, fuel, clothing and shell.
ter, which require money, in one form
or another, though the householder have
a dozen bank accounts.
1t might be perfectly fair, therefore,
to double the amount given ct the con-
clusion of the preceding paragraph and
to say that there Is an annual demand
for money, in this country. for the busi-
ness OF the people In excess of 10000
| million dollars. We are confident that
the demand has dimensions even larger
than this. For example: If but so cents
week should be allowed to 20 million
for mere pocket money" there would
be cAu for IS million dollars a week,
or l, $50 n,illion dollars year.
Now, how much money have we with
which TO meet shis demand? The state.
ment of the Treasury Department issued
March 1. 1896, gives as she amount then
I'm circulation" as, In ronnd figures,
1888 million dollars. But the Rold coin
| and the greenbacks included in this es.
simate are not "in circulation" at least
in any considerable amount. Deducting
them, we have . remainder, represent
ing probably with some degree OF accu-
racy the money actually available for
| use OF $50 million dollars.
Whether this per cent. of the
amount OF money required In each wear
is sufficient. by repeated and oft-re-
peated use, TO meet the demand for
| money may be an open question. At
least we may say with Confidence tina,
the present difficulty OF making collec-
lions does not prove that 10 Is in excess
OF the peoples requirements But the
figures which we have given do demon
| strate that the people transact With
money and not with bank checks vaat
| portion of their business, and thai
money Ia wanted for many other uses
than the mere uses of 'pocket monev u
The fact that the bank checks are not
largely employed in retail TRANSACTIONS
needs no other support than daily exne-
| rience even OF the persons who keen
bank accounts.
There are twenty million males in
Il l.,