The San Francisco call., 1897-07-30
SILVER FIGURES ALL AWRV.
To the Editor OF the San francisco Call

To the Editor Of the San francisco Call, .
l proceed with the study of the ingenlU. =
constructed reports of the financial depart
ment of the Government, covering period OF
more than quarter of century, my amaze
ment grows as | gain better understanding
OF the intricate construction OF these reports,
and after two months OF such study / now be-
lieve they are studiously designed TO confuse
the general reader and conceal the inaccura-
cleS relating to the volume of money in the
country, it being the set purpose 10 make the
per capita appear as large as possible, Tor
reasons too obvious to need explanation.
In this last article on the ject shall deal
all too briefly with the figures giving the
production, coinage, exportauon, consump-
ton, recotnege, wear ana loss OF silver, aud
ask the reader 10 note the pages OF the Mint
report for 1896 cited, that he may see now
through the book. On page 226 there is q
table showing the product of gold and silver
in the United States from 1892 to 1874 and
annually since" to 1895, the silver product
being given as 81 ,36S .9O1 900, the product of
1896 being omitted.
On page 256 table shows ''coinage of dol
lars, fractional and subsidiary silver coins, by
acts and denomln ations, from 1892 10 June 80,
1896" the total being 1896, ,464 ,343 10. In
order to cover the same period and thus avoid
confusion, We must deduct the coinage for
1896. to be found on page 9. which is $11 =
440, GAL 20. and We have $685, ,023, ,702 as the
total coinage down TO 1898. Deductng this
from the total product, 81, 1868, ,901 900, We
find that 1858, ST., 1893 in value was not coined,
which is almost exactly half the product.
What became of this uncoined half?
Doubtless large part OF 1t was exported,
and so we look for exports and imports, which
we find on page 2S4. but for an entirely diff
ferent period, 1921 TO 1896, and "coin" is in
cluded, tending to create further confusion
and uncertainty. This is a fair example, by
the way, OF the method adopted in making
up these misleading reports. The more they
are studied the greater the confusion and un-
certainty If we take things as we find them
without trying TO eliminate the error. In this
cd n
these exports, since that must be deducted
from "money in the country on which the
ever misleading per capita is based, as now
figured.
On page Sc it appears that "silver coins of
the United States to the value of S2SS, ,S53
were exported IN 1896 and $93.0 .057 i'm ported,
the net export being $195 ,796, nearly 5000, 900
for one year, which in seventy-tive years
1921 10 1S96-would be S14, ,6S4, 700, though
think five tunes that amount has been ex-
ported since 1921. However, let us even call
it $4,000, 900, and deduct that from the net
exports OF 1899. 726 06O reported on page 2S4
which will leave $379,726 O60 to be deducted
from the uncoined 1888 S77, 1898 above report
ed, and we have $404, Isl ,33S TO account for
as used in the industrial arts in seventy-fve
years. an average of $5, ,3SS, ga annually since
1921.
actual amount OF silver coin in the country.
We have seen the amount coined from 1899
10 1895 was $685. 5,023 702. from which we
must deduct the losses by wear, expectation,
use in the arts, etc. The loss by wear, as we
have seen, is equal to Senator Sherman's esti-
mate that silver COINS in constant circulation
wear out once in thirty years, the annual re.
coinage showing a loss of fully per cent
from worn and mutilated coins. Before the
adoption of the silver certificates, or paper
notes, to circulate in place of the coins, all
these coins were in active circulation, SO that
practically all in use prior to 1862 were worn
out and used up at least thirty years ago.
On page 256 we find that the total of silver
coinage prior to 1873 wa. $143, ,S13.5 .599, and
by 1895 it was $6S5, ,023, ,702; but on page 45
the total amount in the country in 1895 is re-
ported as $500. .54S, ,4S9. showing difference
OF $1S4,475, ,204, or an admitted loss of that
sum in silver coin from 1892 to 1895. The
amount in the treasury in 1895 was $37S, ,361,- :
63S, and that outside of it was 1922, 1863
OF the Currency for 1896 it appears that 9469
banks, National, savings private, State, ETC.,
held total OF only $19, 1897 ,292 in silver coin
in 1895, and this sum deducted from the
$122 1S6,5S1 outside the treasury leaves ap-
parentiy $102, ,S48, $50 in actual circulation.
1t is certain, however, that We must deduct
from this last sum the losses by expectation,
since 1878. As the net coin export Is annually
amount TO 5000, 600, in twenty-five years we
have Sc, 100000. The industrial arts con-
sumed So, 300, 600 from 1880 to 1895, accord
ing to the table on page 30, report for 1885,
or 100000 annually. amounting in twenty
fl We years to So, 100000 The yearly loss on
recoinage for twenty-five years past appears
to be about $500 900, or total of So, 500 900
in TWEEN ty-fve years. These three sums aggre-
ga $4,000 600. which we must deduct from
$102, S4S, $50, showing but possible $751;
S4S $50 in silver coin in actual circulation
JOSEPH AsBUBY JOHNSON.
Ii Essex street, July %. 1897.