The times. [volume] (Richmond, Va.) 1890-1903, 1898-11-26
SATURDAY. NOVEMBER g. 1893
THE MONEY SUPPLY.

q rails desert IL SlHhii1 "'''lf
uolitical leaders. the men VINO MAKE
abilities a business. will desert Tree siNeI
"a soon as they have convinced theih-
selves that Il is Impossible to WIN on
cha, issue. Free silver has been a popu-
,a- ,ssne There can be no doubt about
that. and politicians have been reluctant
IN give It up. In the last campaign Tree
silver throughout many Of the congress
s,onat districts was still popular and the
candidates for Congress used IL ior All
8, WAS worth. But that free silver is now
nm tho ,,ane every student OF poitical
events who Is in search OF the exact
truth Is thoroughly convinced, ana as
soon as the politicians are convinced they
will abandon 1t, for. as we have said'
,bs politician always goes In to win' and'
M matter what he may think about the
merits of the case. he is not going to
,,nk bis fortunes to a forlorn hope.
Many circumstances have combined to
nbate the free silver movement. Inc
high price OF wheat, which brought great
prosperity TO the farmers Of the West
the attitude of Great Britain towards
this country in our war with Spain, and
last. but not least the great increase IN
the worlds supply of gold, and espe-
clally in Americas supply of gold have
operated to stem the free silver tide in
this connection the annual report OF MT.
George e. Roberts, the Director of the
Mint. is most timely and interesting Let
no
June 80 $780, about the time that the
sherman law took effect, TO June 80 lSs5,
about the time that free coinage was dis
continued in India, and a few months
before the Sherman law was repealed,
tho net exports OF gold from the United
States were $l56 1S2, 423. and the reduction
OF the aggregate gold in the treasury
during the same period was Sl3S' l56'99l.
To Offset this. the treasury notes issued
under the Sherman law for the purchase
of silver bullion, amounted to SliI, $780,
227. IL is a most significant coincidence,
and one that cannot escape the attention
OF students Of finance. that as our gold
obligations increased our gold supply
almost in direct proportion diminished.
But this IL not the worst of it. AL
though with the repeal OF the Sherman
law silver purchases by the government
were discontinued. yet these treasury
notes, which were redeemable In gold,
were outstanding and were continually
used to draw from our gold supply.
which was from time TO time replenished
1896 that the tide turned. but with that
year there was an excess OF imports of
sac. $3.50, and gold has been flowing into
the treasury since that time. For the
first ten months of the year 1898 the gold
imports amounted to Si29 5962i6, and there
are credit balances in favor Of the United
States. amounting to more than $500, 1000,
which is a guarantee that the golden
tide will continue. for some time at least.
to flow in this direction. In 1898 the hold
ings OF gold coin and bullion in the
United States treasury were about sl7S-
600 900 Now the holdings are 1850 i9S
in gold coin ami slSS. S.57i in gold bull
lion.
The cry OF the free silver advocate has
been. day In and day out. for more
money, and he has been trying 10 make
tho people believe that under the gold
standard contraction instead OF the eX-
pansion OF the currency was coniinu-
ously going on. Yet the facts show that
the total circulation has increased from
81. 70l. 9SS. 9lS on October 1. 1898. TO 1885,
SIS, 7s2 on November l. lS9S. This in
crease has been almost entirely in gold
which has increased from $ISi 296, i09 IN
1898 to s6i9 4S6,727 at the present time
The total supply OF goli money in this
country to-day is estimated al 1925 100000
an Increase In five years OF S2G7 100000
But other nations are also increasing
their gold supply, and the worlds pro-
duction OF gold is now enormous. The
Director OF the Mint tells US that as
great as was the worlds production In ,
1897. amounting TO the value OF s23S 0OO.-
600. and exceeding that OF 1886 by nearly
$4,000 600, Il Is certain from the returns
already at hand that the production OF
1895 will be still greater. The Director
estimates that the worlds production OF
gold in the last five years has amounted
In value to s9i7. sa2. 100
These nsures ought to resssurs every |