The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-09-27
VONAHS POLITICAL COLUMN
FREE COINAGE cATECHIsM CON
TINUED, CHAPTER ".

Q.-W1lat has the wealth of the coIln-
try to do with tho amount of money
it possesses?
"A very great deal, as a moments
reflection will show A country like
China or Japan needs but a small per
capita circulation of money to make
its exchanges of property, and present
a fall or rise in prices; and manifestly
an old and we'll developed country of
small area like France or Germany,
viii need less than a new and unde-
veloped country of great area like the
United States.
Q.-What was the per capita of
money circulation at the close of the
war in 1866?
A.-Before the southern states began
to use the national money there was a
per capita circulation of about $50, not
including the 7-30 bonds, which having
been paid out by the government to the
soldiers passed as currency among the
people.
Q.-At that time what was the ratio
between money in circulation and the
total wealth of the country?
A.-There was about 81 in money to
$40 in other property.
Q.-What is the present ratio be-
tween money and property in France?
Att is about to 25
Q.-What is the present ratio be-
tween money and property in the
United States?
A-Estimating our circulation at
81. 500, 900, 900 and our present wealth at
$50, 900 900. 600, the raltio is about / ito 45.
But If we deduct the money in the Unit
ed States treasury and the legal re-
serves in the banks (Which have no
effects on the prices of commodities,
not being in competition with them.
the ratio is about 1 to So.
Q-Wha5 is our present per capita
OF circulation?
A liberal estimate, including all
kinds of money, would place it at about
SIS.
Q.-whah do we learn from these
! comparisons?
Ave learn that while we have
doubled our population and trebled our
wealth since 1855, our money circula-
ton has relatively decreased. and
we could have as ample business ia
cilities as those we enjoyed prior to
1873. or as France now possesses.
off we had free coinage of silver,
would not this country become the
dumping ground for silver from all ma
tons? This is one of the objections
urged against free coinage by the gold
ties.
| A.-There are, it is supposed, about
! 81, 600 600, 900 of silver coin and bullion
! in the world, and if all this sho1ld
come here, it would only give the Unit
ed States a per capita of about $5S,
which is only little more than we had
of all kinds of money in the north at
| the close of the war when times We're
exceedingly good. France today has
ne arly this amount of money per capita
and is one of the most prosperous
countries in the world.
! Q.-What Is there to prevent this
silver from coming to our minis for
COMA ge?
A.-There are three strong reasons.
H. Other nations have no more silver
than they need. g Europe annually
uses about twice as much silver as she
/ produces: and 8, the great bulk of the
silver now in existence is already coin
ed at ratios more favorable to silver
than 16 to l, some being 10 to l and
some 151s to 1.
eff this silver coin should not come
to our minis for re-coinage, could not
Europe continue to depress the price OF
! silver bullion as at present?
/ A.-North and South America produce
rs per cent of all the silver now being
produced in the world and ten times
as much as Europe does, so that the
United States and the silver produc-
ing countries of the western continents
could easily control the price of silve'
bullion, regardless of other nations Nc
owner of bullion would sell silver tt
eastern buyers for less than he could
obtain for it at home, or the regular
mint price.
Q.-Would not the free coinage of sill
yer so stimulate its production, as tc
create a food of the white metal? This
is another goldite objection.
A-The output annually Of gold an6
silver is hardly 5 per cent of the pres
ent supply, so lit would take twenty
years before the present amount of the
metals is doubled, and that would no.
more than keep pace with the increase
of the population and wealth Of the
world and especially of the United
States. Every year, too, more gold and
/ silver. are required for Use in the art s