The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-05-13
NOT TWELVE DOLLARS
PER CAPITA VOLUME OF CUR
RENCY.
rho Elections OF the Treasury Depart
ment-Twelve Dollars Per Capita
Excessive Estimate, While Mr.. Gage
Claims S?3.62.

The efforts of the treasury depart
ment to make it appear that the VOL
ume of circulation is large and increas-
ing requires much cooking of figures.
For example, in its statement, it says
that there are $34G,GS1 ,0lG Of United
States notes No deduction is made for
loss and destruction Of green backs. al
though they have been used since 1862.
No one supposes that the existing
greenbacks exceed three hundred mil
lions, and those best acquainted with
the subject put the amount now in
existence at two hundred and seventy
hve millions. The statement as to all
other outstanding money is based upon
the original issue, the same as in the
case or greenbacks, says the Silver
nlght-Watchman. No allowance is
made in any Of the calculations Of
the treasury department for wear, loss
and destruction of money in crcuIa
uon, which is always very great.
The treasury statement shows that
there was on the LIST of April. 1898,
1882, 129,742 of gold coin In circulation.
after deducting STAT ,076 of gold re-
serve in the treasury. The reserves
IN the banks are no more in circula-
ton than the reserves in the treasury.
Inc last comptrollcr's report states
That the reserves in the banks at the
END Cf the last fiscal year were $242,-
800. OO2. This vast sum is treated as
money in circulation, but so far as
the people are concerned it might as
wei! be circulating in Germany or Rus
STA as lying idle In the banks 1t is
not IN circulation; it is held as reserve.
The entire reserve in the banks. &C
cording to the same report, at the end
OF the last fiscal year was $62S. zoe, 1929.
Ihls should be subtracted from 81, 1885,
O5S,645, represented to be in circula-
ton by the treasury statement, leaving
N,l27 1858, l1G in circulation, provided
the treasury is correct as to the amount
or gold In the United States and is
also correct in its assumption that
none OF the currency which has been
IN circulation has been lost, but that
1t is all intact and still in circulation.
FIRST. let us see as to the amount of
gold in circulation. Subtract the
amount OF gold held as reserves In the
banks, to wit, $242.353 ,OO2. from the
1882 ,129,742 represented as being in cir
cuiatlon, and we have $685. ,73S.
Does anybody believe that there is that
amount OF gold in actual circulation
among the people outside of the banks?
There are only 1887 40 s9s outstanding
OF silver certificates. According to the
secretary OF the treasury there is al
most as much gold outside of the
treasury and outside of the banks
IN actual circulation among the
people as there is of silver GER
tlncates. We ask our readers how
much gold circulates in their par
ticular neighborhood, and how does the
amount of gold coin in circulation COM
pare with the amount of silver certifi-
Gates In circulation as far as their ex
perlence goes. The secretary has moth
ing to show but guess as TO the
amount of gold outside of the reserves
In the banks. and we do not believe
there is 1898. 77G,7SS Of gold in actual
circulation among the people. and no.
pody believes it. A hundred millions,
IN our Judgment, would be an excess
siVe circulation. hundred millions
subtracted from the pretended s339-
1878 leaves $239, 776.73S, which we
DO not believe exists in the country.
subtracting 239,776,73s from the ST.
127,858, 116 which remained after Tho
bank reserves were deducted, leaves
$SSo,OSl,37S. At least another hundred
millions should be subtracted for wear
and loss OF greenbacks and other mon
eys In circulation. which would leave
$SSS.0Sl,37S. Divide this amount bv
our population. estimated to be 74.122.-
ooO, and we have less than twelve dol
lars per capita.
1t is unnecessary to become involved
in ngures to ascertain how much money
there is In circulation per capita. be-
cause everybody knows that the VOL
ume OF money is too small, which IS
shown by falling prices. We ascertain
whether there is sufficient volume of
money to do the business of the couu-
try by knowing whether general prices
are stable. If they are rising the vol
ume OF money is increasing. If they
are falling. the volume of money is in
adequate. Our main object, however.
N calling attention to the matter is to
show the desperate straits to which
the treasury department is driven to
make false showing to the people.