Birmingham state herald., 1896-10-27
WHO KNOWS HOW MUCH3


 the question of how much gold coin there
 is in circulation in the United States. The
 report of the director of the mint shows
 how many dollars have been coined at the
 hints of the United States since the time
 of their opening down to the publication
 of the report.
 The custom is to accept as fact that
 there arc so many dollars in gold in circu-
 lation in the United States simply be-
 cause the report of the mint director
 shows that so many gold dollars have been coined, and puts forth an estimate of the number of dollars per capita in circulation. It should be borne in mind that the maker of these reports does not have any way of ascertaining just how
 many millions of dollars of gold coin
 have been melted and used in the arts,
 nor the amount of American coined gold,
 which is not legal tender in any other country except this, has been coined into the money of other countries.
 Up to June 31, 1896, the hints of the | United States had coined $1,514,69 ,253. | That there is anything like that amount l of gold coin in circulation in the United | States nobody claims The estimate of | the gold advocates is that there is about | S9 per capita of gold in circulation in the | United States. In making that estimate | they coneede that the remaining $12.75 per capita is not here. The full coinage to date equals about $21.75 per capita, but say they when they come to speak and write about the amount of gold coin in circulation, there is about $650, 100000 of gold in the United States, or about $9 per capita.
 | All of this, 1t Is easy to see, is simply speculation. No one knows anything l about just how much gold coin we have l got in this country. Of course the gold advocates make it in their estimates as l large as they possibly can, in order to l make it appear that it is not a lack of money, but a lack of confidence which produces falling prices, universal stagna- ton and wide spread disaster. They con- cede that something or some body has re- lieved us of $12.75 per capita.
 If they admit that we have lost that much is it not more than probable that
 we have lost great deal more than that. Until recently it has always been more | convenient for manufacturers to get gold coin that to get the bullion, and being | more convenient it is reasonable to pre- sume that when in need of gold to use in l the manufacture of their gold and gold plated wares these institutions would simply exchange bills for gold coin at their local banks.
 The following from the Cincinnati En- quirer shows what just one firm in that city has done along this line, and makes 1t very clear that it is more likely that we
 have not more than $4 to $450 in gold per
 capita in circulation, rather than $9, as
 the gold advocates claim we have;
 "A gentleman of this city who is largely
 interested in the manufacturing of watch cases stated that the Dueber company at one time used as high as $5oOO of gold coin a day for manufacturing purposes. Ac- cording to his estimate their average melting of gold coins daily amounted to nearly $3000. This coin was purchased from the banks with demand notes and greenbacks.
 Tt is the custom to use gold coin in the manufacture of watch cases and works of art. This coin is the same price as bullion, provided it is new and not light, and it is often easier to secure than bullion" l The same gentleman is quoted by the l! Enquirer as saying:
 "United States gold coins to the num- 1 Der of many millions have been convert l ed abroad into bullion, and in turn have l been coined into the money of those coun- l tries Especially is this so in the case of l England Many millions of her sovere1gns l have come from American eagles" Admitting, as they do when they claim l that the United States has 650,000o0O | in gold now in circulation, that the l United States has lost $S64, ,692 .259 of the l gold which the hints of this country have coined, is it not entirely reasonable that the millions of people in this country who are not only not prospering, but barely able to obtain sufficient means to live upon, to say nothing of getting anything ahead, are unwilling to take the esti- mates made by the gold advocates, and agree to the proposition that we have now in circulation as much or more money than we have had at any time heretofore, and, therefore, 1t is the ab- sence of confidence and not the absence of work and cash that makes times hard. If we have lost $12,75 per capita, may we not have lost $1750 per capita of the gold coin of the United States.