The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1896-07-25
CURRENCY CATECHIsM.

The purpose of this series of ques-
tions and answers, is to put, in sim
pie form, the problems raised by the
free-coinage controversy, with a
plain answer to each. All statisti-
cal facts given are Transcribed from
official publications, and list of all
authorities used is published at the
end of the catechism:
Q. What is the fundamental
claim of the free-coinage advocate?
A. They claim that the amount of
money in circulation has been de-
creasing since the demonetization of
silver, and that this decrease has
caused a general fall in prices.
/ g. Is it true that the money sup
ply has been decreasing? A. 1t is
not.
@. What are the facts? A. So
far as the United States are con-
| cerned, there has been an enormous
/ increase. In 1860 the money in cir
culation in this country was S442,
102. ~; in 1872 it was $738, 309, $40;
by the treasury bulletin at the open
ing of the present month it was
81. l2l, ,5S4 2S3,
| g. What does this show? A. 1t
shows that our money supply has
| increased 24O per cent. as compared
with 1860, and l06 per cent as com
pared with 1872.
c. Has the money supply in
creased faster than the population?
A, Very much faster
O. How do you prove this? A.
BY dividing the total money in cir
| culation at each date by the total
population of the country at the
same date, and thus finding the cir
culation per capita. @
@, What does such process show?
A. The per capita circulation of
the United states on July !, 1860,
was Sl406; on July |, 1877, it was
$l8 20; at the opening OF the present
month it was $2l 30.
Q. But has not the money supply
of the world at large been decrcas-
ing? A. On the contrary it has
been increasing rapidly.
Q. How is this proved? A. BY
the statistics of new gold production.
Q. How large has this production
been? A. The reports of the di-
rector of the mint, which are ac-
knowledged authority show that
from 1873 to 1891, inclusive the
| worlds total naw gold production
has been 50, 526, S34, 800
" Q. Is this new production Of GOLD
increasing or decreasing? a. 1t is
increasing with enormous rapidity.
g. Give the figures. A. In 1879
the worlds gold production was
S95, POO, ,090; in 1850 it was $l06. 1876
800, In the year 1890 it was Sl3S,
SO. 900. In 1S94it was $3.50. G26. 100.
In 1898 the exact total is not yet
compiled, bat il is closely estimated
at Si95. 400. 900.
g. What does this mean? \. Ii
means that the amount OF gold an.
nuallv added to the world ) money
, supply has more than doubled in the
last % years.
c. Is not this annual rate Of pro
duction liable TO decrease? A. Oh
the contrary, all experts in thC
American. Australian, and Souti
|, African gold fields look for furthc,
and very heavy increase over tn,
present rate of production.
g. Bat has not the disusc of sil
yer with full coinage facilities cu
down the total annual addition t,
the world S metallic supply? A. |
has not
c. Why? a, In 1873 the world
gold production was 500 200, 900; it
silver production, S8l. 500, 900; total
Sis, ,090,0 ,00o. Last year the produc
! tion OF gold alone was $199, ,JG0, oct
: Q. Was not the combined annua
ID production of gold and silver large
, than this in the bonanza days?
: a. 1t was not
- q. What was the highest recor
> of that period? A. Between lSj
: and 1860 the worlds average pre-
!, ductiGn of gold was Sl34 ,0S3. 900: G
: silver, S37, ,6lS,000; total, Sill, 701.
: 600, or less, by $27 800, 600, than las
year S production Of gold alone,
q. What are we TO say, then, G
the argument that the money sur
ply, since free silver coinage wa
q abandoned, has been contracting
= A. That It is utterly false as al
I piled to the world az large, and es
8 .pecially so as applied to the Unite
y States.
1 Q. Is there any dispute over tn
4 truth Of the figures quoted in thes
answers? A. They are undisputed
even by free coinage men. They ar
taken from the report Of the Unite,
t States treasury, Of the department
|, of agriculture, of the director of tn
l. United States mint, of the Unite
a States bureau of statistics, and G
the British board of trade: all {
4 them, in their respective spheres
o the highest known authorities. =
r New York Evening Post.