The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-09-06
An Argument Hard 20 Meet.

John Lamb has written a letter 20 the
acknowledgement. which shows up some
OF the free silver fallacles SO ccnciseiy
that it Is printed herewith:
ITO the Editor: In common with
many others, have been read
Ing Up on the money question
lately. FOR the purpose OF casting my voc
intelligentiy in the coming election.
came across some figures the other day.
IN the light o. which / find myself al able
to explain the cause OF the present hard
times by any theory OF currency contrac-
ton due 10 restrictions on the coinage OF
silver.
ION page -, OF tho statistical abstract
Of the United States for 1894 there is IA
bic giving the money circulation per c&pl-
IA from 1872 TO 1894 inclusive. There Is also
a statement Of the aEloun. in the treasury
for each year during the period named
According 10 this statement issued by
the secretary OF the treasury, the per cap
tia In the treasury increased from ~ cents
in 1879 10 81 I3 In 1884. OF course this rep
resents money not in circulation, ana,
therefore. adds nothing TO the effect IN
money volume for business. II appears
also that the circulation in the country
outside OF the money in the treasury IN
creased from slsi9 In 1872 TO 24.33 In 1884.
There IS no question that all this money.
OF whatever kind. passes current today on
par with gold coin. 1t would seem then
that the money available for business and
deoI-paying purposes is really greater N
volume by one-third relative 10 the popu-
laton OF the country than II was IN 1917,
exclusive OF all treasury holdings. 1t
cannot therefore, be claimed that there
has been any contraction OF the currency
by the government since 1872. but on the
contrary. 4 considerable imitation. Surely
then the distress cannot arise from lack
OF currency In existence. and which. be
ing outside OF the treasury, ought 10 be
In circulation.
There is another fact about this cur
rency which leads me TO think that more
silver Is not necessary, and that the evil
does not exis. because OF lack OF silver.
The fact Is this: Every dollar OF this cur
rency is on a par with gold coin. and
therefore. II in circulation, fully avsile bic
both for business and debt-paying pur-
poses. II is true. that all OF IL j. not full
legal tender. but long il remains on
par with gold coin. nobody cares a whit
what its legal status may be. No one but
a lunagic will refuse II while # is present
~ and prospeetIvely just as good gold.
Clearly, then, whatever evils have come
upon Us since 1872. cannot be attributed 20
a lack OF money. FOR while the volume per
capita has been increased the purchasing
power Of each aud every unit OF that vol
ume has been maintained. so that the in
crease Is absolute as we'll as nominal.
The fact that all OF IL is not money OF ulti-
mate redemption cuts no figure with It's
purchasing power or availability for debt
paying purposes as a domestic currency.
for long as il stands on a par with
the money of ultimate redemption
nobody Will refuse il. In view OF the fact
that the per capita volume Of orr cur
rency has thus been increased oue-third.
while its full power as redemption money
has been maintained. there seems 70 he no
reason Tor further issue OF redemption
II oney or any other kind except as a pure
scheme OF infa ton. without regard TO the
maintenance Of the unit value
II would seem, therefore. that the thing
70 he done IS not 20 make more money but
10 get the money into circulation that Is
already made. And this can b. done only
by making is investments both safe and
profitable. JOHN LAMB"