Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1897-01-28
you The benefit Of our Rare Bargain!

1000, Undt Teuldlleu III IOTCt uHti SuS-
pended by act OF Feb. 4, 1868. "The
authorized amount Of reduction during
this period was about $40, 000, 900, but
the actual reduction was only about
S44, 000, 900. From that, no change
was made i'm the volume OF u. s. notes
outstanding until after the panic OF To-
In view OF these facts, is it reasonable
to suppose that the withdrawal OF Sill
900 900 OF greenbacks prior TO Feb. 4,
1868, was the cause OF the panic of '73
Or by that the so-called characterization
OF silver in '73? What are the facts
about the act OF Feb. II, 1878? Simply
this "The act provided that the unit
OF value should be a gold dollar" 1t
discontinued the coinage OF the standard
dollar OF Hoy grains OF silver, and pro-
vided that owners OF silver bullion were
allowed to deposit it at the mint OF the
u. 5. to be formed into bars or into
trade dollars OF 420 grains. The coinage
of the fractional currency were reserved
to the government. The legal tender
limited to the amount of So and in any
one payment as provided by the act oil
Feb. 81, 1853. 1t seems impossible that
this change should cause the panic when
it is remembered that both gold and
silver were practically out OF circulation
at the time, and also know that from
the act Of 1853 to the act OF 1873 there
had been coined on government account
$59, 047 ,396.20 OF subsidiary silver
coins, while during the same twenty
years there had Only been coined 1924
34S standard silver dollars although
the mihts were open TO unlimited coin
age OF the dollars.
Mr.. Kelley further says: I" At the
close the war, there was about $50 per
capita in circulation in the u. S." The
treasury department says that in 1865
the per capita circulation was $20.57.
Who is the best authority
Again referring to the currency, Mr..
Kelley states that According to the re-
ports OF the secretary OF the treasury,
the aggregate amount Of money in the
t.. $. exceeds $50 per capita" Yes, we
should say il did. Mr.. Kelley, is it not
q fact that the revised statement OF che
treasury department OF July l, 1896,
gives "the money in U. S. per capita
$32.S sc and the circulation per capita
$21.10"? Yes, it looks as il it exceeds
500 and you have got n fine way OF
placing a misleading statement before
the public.
In arguing to prove that the mint OF
the u. s. would not be flooded with
foreign silver il it were open to free and
unlimited coinage at 16 to 1, he seems
to excel anything that he has pro-
duced in the whole pamphlet to prove
his assei tions. He produces figures
from the report OF the director OF the
mint, showing that the coinage OF silver
in the world has exceeded the production
OF silver .sby 81, 97O,115 from 1873 to
lCJf anu COnJiiueS IHuS We HUu
that there is no silver bullion boarded"
and then asks the question what
next p Under the circumstances, it is
an appropriate question to ask. Now,
ii there has been coined more silver than
there has been produced in the world as
shown by Kelley and "that there IS no
silver bullion boarded" what would
then be the benefit to the common people
OF the U. s. OF q free and unlimited coin
age at the ratio oil 16 to i
Mr. Kelley says: 1.-The policy OF con
traction commenced in 1866 and was
continued until 1875" Now, Mr.. Kelley,
Is it not a fact that after the panic OF '73
the government reissued $26, 900 900 oil
the cancelled notes. so that the volume
Of U. s. notes vas raised to $S82,O0O,-
W W tN