Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1896-07-24
"A Free Coinage Catechism.

IA ClSC SO1AldSO SolSSAAAoAA.
The campaign of education
against the free silver heresy
has already begun. Valuable
contributions to it are rapidly
being made; but however active
and thorough the campaign may
be we doubt if the same number
of important and telling facts
bearing on this all-absorbing
question will be condensed into
the same space as in the follow
ing ''Free Coinage Catechism"
from the New York Post. They
are worth being carried around
in the pockets of every sound
money man, and will be found a
kind Of financial Gatling gun be-
fore which many a free silver
ite will go down:
The Post says. ''The purpose
of this series of questions and
answers is to put, in simple form,
the problems raised by the free
coinage controversy, with plain
answer to each. All statistical
facts given are transcribed from
official publications. and a list of
all authorities used is published
at the end of the catechism.
@. What is the fundamental
claim of the free-coinage advo-
Gates? A-They claim that the
amount of money in circulation
has been decreasing since the
demonstration of silver, and that
this decrease has caused a gener-
al fall in prices.
@. Is it true that the money
supply has been decreasing? A.
It is not.
@. What are the facts? A. sc
far as the United States is con.
cerned, there has been an enor.
nous. increase. In 1860 the
money in REGULATION in this coun.
try was $442, 1O2, Az; in 1872 ii
was 1873, 800, $40; by the treasury
bulletin at the opening Of the
present month, it was 81, 521, ,584,
283.
@. What does this show? A. It
shows that our money supply has
increased 24O per cent as com.
pared with 1860, and 106 per cent
as compared with 1872.
@. Has the money supply in.
creased faster than the popula
ton? A. Very much faster.
O.. How do you prove this? A.
By dividing the total money in
circulation at each date by the
total population of the country al
the same date. and thus finding
the circulation per capita.
@. What does such a process
show? A. The per capita circu
lation of the United States on
July 1, 1860, was $14.06: on July
1, 1872, it was $751; 20: at the open
ing of the present month in 1896
it was $21.35.
@. But has not the money sup.
ply of the world at large been de.
creasing? A. On the contrary.
it has been increasing rapidly.
@. How is this proved? A. By
the statistics of new gold produc.
tion.
@. How large has this produc
tion been? A. The reports Of the
director of the mint. which are
acknowledged authority, show
that from 1873 to 1894 inclusive
the worlds total new gold pro.
duction has been 50. 1874, 600.
@. Is this new product of gold
increasing or decreasing? A. II
is increasing with enormous rap:
idity.
6. Give the figures. A. In
1873 the world S gold production
was $96. 100000; in 1880 it was
$1O6, 436, 300. In the year 1890 it
was Sis. $40, 900. In 1894 it was
S180,626, 100. For 1895 the exact
total is not yet compiled, but it is
closely estimated at S199. 100000,
@. What does this mean? A.
It means that tho amount Of gold
annually added to the world IS
money supply has more than
doubled in the last twenty-three