Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1896-08-13
Saint Maru's Beacon
CONTINUED from 1st Page

mately regulate prices.
(2) An unlimited demand for an
article limited in quantity at an ar
bitary price establishes its minimum
price. 1t may rise above that fig-
ure, but cannot fall below it.
What then would be the prob
able demand for silver under free
coinage by the United States, and
what the probable supply?
First-As to the demand. The
total Indebtedness of the United
States, public and private, is esti-
mated at more than twenty billions
Of dollars and the annual interest
upon it, at more than one billion
of dollars, the greater part of which
is legally payable in silver.
The annual taxation for city,
county, State and Federal purposes
exceeds $500, 900, 900.
The aggregate sum of the Uni
ted States money, all told, is less
than the sum required each year to
pay interest and taxes. The total
value Of gold product of our mines
last year was $50, 800, 900, large
part of which is needed for the arts,
while 1900, 900, 900 are required to
pay interest on what we owe abroad,
and $75, 900, 900 are needed for re-
mittances to travellers and absen-
tees, and s75, 200, 900 more for for
cign ship owners carrying our COM
mcrce. These figures. show the
enormous demand for money to
pay debts. But money is not only
@ solvent of debts it is a medium
of exchange, and large sums are
needed to move our crops, to effect
exchanges of products between our
people and to conduct our COM
merce. Our wealth is one-third in
excess of that Of Great Britain, and
equal that of Germany, Austria and
Spain put together.
Our manufactures are nearly
double those of England. In ag-
riculture we surpass Russia, in
Guiding Poland. Our railroads
carry more tons of freight than all
the railroads and ships of the rest
of the world. According to Null
hall, the productive power of the
U. s. has trebled since 1860 and is
now far the greatest in the world.
1t has been shown that we produce
and consume, of all commodities
taken together, more than half as
much as all the rest of the world.
What capacity here to absorb vast
sums of money! What power to
assimilate increasing amounts with
future growth With such de-
mand for money to liquidate debts,
to develop our dormant resources
and to carry on our marvellous
trade, who is wise enough to set
bounds to the amount of money
and credit needed by our giant
young Republic:
Second.-As to the supply. The
silver coin of Europe minted at a
ratio of Is! to or less, and at par
with gold, and the silver money of
Asia and Mexico being only about
$3.50 per capita, and the only
money in use there, we canLot get.
There is no accumulation of silver
bullion in the world except that in
our own Treasury, most of which
is held for redemption of Treasury
notes. What silver we coin then
must come from the future output
of the mines. What that output
will be can best be estimated from
past experience.
The largest amount ever taken
from the mines in any one year was
167, 952, 561 ounces, of which the
commercial value is, according to
our Director of the Mint, $780,
5a2, 300, and the coin value, $216,-
500, 200. European nations took
last year for subsidiary coinage,
$50, 00O, 900; and the United States
S9,O00,0O0. The arts consumed
$50, 100000. India, China. Japan
used so, 200, 600. 1t will thus be
seen that with our minis open to
free coinage, the amount probably
available would be less than &c.,.
600, 900 per annum. This sum
would be about $50 per capita for
our increase of population. But
the volume of our money is con-
tracing under the present stand
ard, and the reduction last year in
the United States was o. per capt.
Ia so that if we had coined $780,