Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-07-10
Here Are Facts You Want to Know.

The purpose OF this series of question,
and answers is TO put in simple form. III,
problems raised by the free coinage con
troVersy, with plain answer TO each
All statistical facts given are Transcribed
from official publications. and list of al
authorities used is published at the enc
q. What is the fundamental claim o!
the free coinage advocates? A. They
claim that the amount of money in circu-
ldtion has been decreasing since the de-
crease has caused Il general fan in prices
g Is it true that the money supply has
been DECREASING; a. 1t is not.
g. What are the facts? A. SO far as
the United States is concerned there has
been an enormous increase. In 1860 the
money in circulation in this country was
Si41 lQ3 Al: in 1872 it was $I3S. 800 l9: by the
present month it was 81 .52i .5s4 2S}.
q. What does this show? \. 1t shows
that our money supply has increased 24l
per cent as compared with 1860, and JOG
per cent AS compared with 1872.
q Has the money supply increased
faster than the population? A. Very
Q. How do YOU prove this? A. BY di-
Vidins the total money in circulation at
each date by the total population of the
country at ne same date, and thus find
ing the circulation per capita.
q. What does such a process show
\. The per capita circulation of the Uni
ted States ON July J.. 1860 was sl4.o6; on
"
the present month in 1896 it was $2l.35
q. But has not the money supply of
the world at large been decreasing? A.
ON the contrary. ii has been increasing
.. How is this proved? A. BY the
statistics of new gold production.
q. How ,t large has This production
the mint, which are acknowledged au-
thority. show that from 1873 to 1884 inclu-
siVe the worlds total new gold produc-
It, L.. 10,
g. Is this new product of gold increas-
ir-g or decreasing? A. 1t is increasing
with enormous rapdity.
O.. Give The figures. a. In 1873 the
worlds gold production was $9i. 200, 900: in
1851 it was Sos 436. 500. In the year 1890
il was $'lS.Si9.000 In 1891 it was SlS0.626.
100 For 1899. the exact total is not vet
compiled. but it is closely estimated at
S19a. 800 600.
@. What does this mean? A. It means
that The amount of gold annually added
10 the worlds money supply has more
than doubled in the last twenty-three
q. Is not this annual rate of produc-
ton liable to decrease? A. On the CON
trary. all experts in the American. Aus
tralan and South African gold fields look
for Il further and very heavy increase
over the present rate of production.
c. But has not the disuSe of silver with
fun coinage facilities cut down the total
addition 10 the worlds metallic money
supply? A. 1t has not.
q. Why? A. In 1873 the worlds gold
production was 500 200, 600; its silver pro-
duction, SSi, 500 900: total SIS. 900 600 Last
year the production of gold alone was
$50 500. eco.
Q. Was not the combined annual pro-
ducticn OF gold and silver larger than
this in the bonanza days?' a. 1t was
not.
Q. What was the highest record of that
period?A. Between 1886 and 1860. the
world average annual production of gold
was Sl$i.0S3D9; of silver $57,6lS0o0; total
$l11 .1Ol coo or less by s27. 800 600. than last
years production of gold alone.
@. What are We 10 say. then. of the
argument that the money supply. since
silver free coinage was abandoned has
been contracting? A. That it is utterly
false as applied to the world at large. and
States.
@. is it true. nevertheless. that the
price OF wheat and many other farm pro-
ducts has fallen heavily? A. 1t is.
q. How are such declines. in wheat for
instance. to be explained? A. BY the
rapid increase in grain-grow-
ing area throughout the world.
@. Has this increase been especially
rapid since 1872? A. The increasing
n-growing area in this period. es-
pecialiy in North America, South Amer
in any equal period in the history of the
world. -
@. How do we judge of actual compe-
tition in the sale of wheat? A. BY the
great distributing markets.
q. What are the figures? A. AS re-
Gently as 1880 Great Britain imported. for
and re-eXport 80 261 1924 hun
drcd weight of wheat-a large increase
over the preceding annual average. In
1875 it imported 81. 1885 hundred weight
q. What has made possible this re-
markable increase in wheat production?
A. The, exceedingly rapid development OF
facilities i'm newly culti-
waited grain countries; among them India
Russia and the Argentine Republic.
@. Has there been an increase in the