Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-01-31

nection, perhaps, some statistics will
prove interesting.
For the period from 1893 to June
80, 1891, the amount of gold deposited
at the minis and assay offices of the
government amounted to grand total
of 81 ,460, 4S6,253.47. During this
period Of almost a century, then, there
was no more gold available, apparently,
if all were coined and used as money,
and still in existence, than would be
necessary for the demands of business
at this period OF our national life under
a single gold standard.
However, but small percentage Of
this vast sum still remains in the
country as money or in any other
form. The total" stock" OF the United
States in 1894 was placed at 1854, OO0,-
600, and close students OF the subject
estimate that there is not in the hands
of the people of the country at the
present time to exceed $500, OO0, 600 Of
gold money exclusive of that held by
the government in the form of bars,
bullion, coin, etc.
An analysis OF these figures, which
are taken from the most reliable
statistics, will furnish an idea of the
cause of the scarcity of money (gold).
and explain the ease with which the
supply can be controlled and
manipulated.
This is q feature OF this gold supply
subject that does not receive the at
tention it deserves, but which is an
item of great consequence. This
feature consists in the fact that gold
money will be boarded and withheld
from circulation when other kinds Of
money (silver and paper) will not.
Gold is not easily destroyed. It does
not decay or rust, and it has an
attractiveness not possessed by other
money. Besides this, gold coin in
large quantities is taken out of the
country by foreign laborers who spend
q few years here in accommodating
money and return whence they came
with their savings, and very little OF
such gold ever finds its way back to
the country or is taken into account
in estimating the supply.
No matter how this question is con-
sidered, it is apparent that the gold
supply is limited, and that for the pur-
poses OF general use as money there is
scarcity, sufficient to affect business
unfavorable and cause depression"
Of course, not a great deal OF gold is
handled or exchanged in the ordinary
everyday transaction of business
nor any other kind of money, for that
matter. But all business is transacted
on single gold basis or standard
gold is the only actual money. The
government in meeting its obligations
must use gold-or does so-and when
it runs out OF gold it has no other
alternative but to issue bonds in order
to secure it.
The gold standard advocates contend
that no other money save gold is
honest money" and there is constant
complaint about the " redundancy of
the currency" when in fact it is only
with great difficulty and by close pinch.
ing that currency of any kind can be
obtained for the actual needs of bust
ness.
With a double standard of value
money would become more plentiful
and trade and industries would revive,
but were all the currency of every kind
in circulation there would be no re-
dundancy."--not too much-.ior the per
capita OF the nation is small smaller
by comparison than any other nations
which do business differently and
whose domestic trade is confined to
narrow limits compared with ours.
The per capita of the United States is
ordinarily placed at $25, but this is
misleading, as we have explained at
length heretofore. That represents
merely what the per capita would be
were ell the money issued, and not
subsequently withdrawn, in circula-
ton; but as matter OF fact the actual
circulation, previous to the demonetiza-
ton of silver, would not exceed $40, if
it we're not considerable less.
1t is not at all remarkable that bust
ness is 4" dull" and times hard" It
is more remarkable that they are not
worse. As we have previously stated,
there will be no improvement until
there is sufficient circulating medium,
and this we are not apt to have 80
long as the folly is perpetrated of at
tempting to force the nation to
maintain q single standard gold basis
an utter impossibility under existing
conditions.