The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-05
FREE COINAGE CATECHISM.
SHORT QUESTIONS AND DIRECT An
swERs ABOUT MONEY.

The Per Capita CircuIatiOn-Wheai
and Cotton Production and silver
Effect of over Production Upon
Prices-InfatiOn Does Not Increase
Values.
From the New York Post.
The purpose of this series Of questions
and answers is to put, in simple form,
the problems raised by the free coinage
controversy, with a plain answer to
each. All statistical facts given are tran
scribed from official publications, and a
list of all authorities used is published
at the end of the catechism.
O. What is the fundamental claim of
the free coinage advocates? A They
claim that the amount of money in cir
culation has been decreasing since the
demonstration of silver, and that this
decrease has caused a general fall in
prices.
@. Is 1t true that the money supply has
been decreasing? Alt is not.
@. What are the facts? A. SO far as the
United States is concerned, there has been
an enormous increase. In 1850 the money
in circulation in this country was S442,-
1O2, All; in 1872 it was S7SS. 1903, $40; by the
treasury bulletin at the opening of the
present month, it was $l,521, 5S4,2SS.
Q. What does this show? A. 1t shows
that our money supply has increased $40
per cent as compared with 1860, and 106
per cent. as compared with 1872.
@. Has the money supply increased
faster than the population? A. Very
much faster.
Q. How do you prove this? a. BY di-
viding the total money in circulation at
each date by the total population of the
country at the same date, and thus find
ing the circulation per capita.
Q. What does such a process show? A.
The per capita circulation of the United
States on July l, 1860 was $14O6; on July
/, 1872, it was $3.50; at the opening of the
present month in 1856 1t was $21.35.
Q. But has not the money supply of
the world at large been decreasing? A.
On the contrary, it has been increasing
rapidly.
8. How is this proved? A. By the sta
tistics of new gold production.
Q. How large has this production been?
A. The reports of the director of the mint
which are acknowledged authority, show
that from 1873 to 1894 inclusive the worlds
total new gold production has been s., 526, =
$500.
Q. Is this new product Of gold increas-
ing or decreasing? A. 1t is increasing
with enormous rapidity.
O. Give the figures. A. In 1873 the
worlds gold production was $96. 200. 600: in
1880 il was $106, 436, 500. In the year 1890 it
was Sis S49, 900. In 1894, il was $3.50. 626. 100
For 1895 the exact total is not vet com
piled, but it is closely estimated at $780,
500. 600
Q. What does this mean? A. 1t means
that Inc amount of gold annually added to
the worlds money supply has more than
doubled in the last twenty-three years.
Q. Is not this annual rate of production
liable TO decrease? A On the contrary All
experts in the American. Australian. and
South African gold fields look for fur
Their and very heavy increase over the
present rate of production.
@. But has not the disuse of silver with
fun facilities cut down the total annual
addition to the worlds metallic rnonsy-
supply? A. 1t has not
Q. Why? A. In 1873 the worlds gold nro
duction was S96 100000; its silver prod,,c-
ton, ISL 100000; total. S17S,000 600 Last ,-ss
the production of gold alone was SI9a 509
900. -''''O''-
Q. Was not the combined annual mr.,
6uctton Of gold and silver larger than tbis