Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1900-01-31
MONEY IN CIRCULATION.
How the Treasury Department Piiel
Up Statistics to Make an lCnOr-
nous Showing.

In order to build up large per
capita in circulation the treasury de-
partment continues to count all the
gold ever coined as being still in bust
ness.
The last statement gives the total
circulation of all kinds at 1903, 49,
14S, of which 1894, 1888 is gold. This
includes all the gold from the begin
ming Of the government which has
been sent out. No account is taken
of abrasion, of losses in fire or other
wise, or of gold hidden away and
never to be recovered. TEis cause
alone, in such a length of time, would
account for the disappearance of
many millions of dollars which should
not do dummy duty in a treasury
statement. But even this does not
represent the total diversion from cir
culation of the precious metal. But
the other day we printed a letter from
a prominent Georgia dentist, in which
he drew attention to the enormous
consumption of gold coin by dentists
for the purposes of their trade. The
dentist, for instance, who does not
within one year melt up 20 6ve-dollar
gold pieces for findings is not to be
found. The fact is that the poorest
dentists use that much, and that one
with any pretensions to business USES
that much in a month, rather than in
year. Taking the rate of $1C0 to
each dentist for the year, with 10000
at work, accounts for the retirement
of 100000, or $30,OO0,000 in ten
years. It is not exaggeration to say
that within the past 80 years stree
1870 $90,00O,o00 of gold coin las
gone the way of the dentist, to VIII. ch
may be safely added as much more
for other art purposes.
Again, the paper money circulation
is equally as misleading as that of
gold. The government still counts as
in circulation the shinplasters of the
war period which have never been
returned, and never will be now. The
loss which is shown to have resulted
from the wearing out or destruction
of those notes applies equally well
to all other paper money, but it is
impossible to settle upon figure 20
represent it.
The showing made for silver in cir.
cnlation, $542, 81 > 43 in the aggregate.
shows that the forced coinage of il
under the leadership of Mr.. Bland
and others since 1878, has been the
saving feature of the situation. It is
fn hot o. +lo
of money of all kinds which has been
minted or engraved, almost one.
third of it has disappeared under the
circumstances stated. This would
leave in circulation but a trifle over
$1,200.000,0 900, of which almost one.
half is silver, almost all of which
bears mint impress since 1878. This
represents the contribution to cir
culation forced by democratic agita-
ton, and which was carried into eff.
feet by the various administrations
under the lashings of the congress
sional whip. Without the Blandism Of
1878 the money circulation of to-day,
which would be to the logical credit
of the republican party, would he
about $7oo, 900. Truly magnif-
cent showing upon which to ask the
country to go upon a go!: basis.
Even now, while congress is discus
sing the feasibility of adopting the
gold standard, under advice of Mr..
Mckinley, who voted ten years ago for
paying the creditors of the govern
ment in silver, the business. men of
New York are clamoring for financial
relief, and are looking to the secre-
tary of the treasury to dump more
gold in their midst by the redemp-
ton at a high premium of bonds not
yet due. While the secretary will
thus be engaged in the benevolent
work of relieving stringency in one
city, the money with which he is to
do it is being gathered in every other
city by bank and telegraph stamps.
invading every circle with the revenue
collector.
Congress may pass what resolutions
it likes, but the people who have to
pay their taxes in order to relieve one
little group of business men will not
accept the settlement, but will keen
up the fight until our financial system
is placed upon a natural basis as be-
ing better than one which is proved
artificial.-Atlanta Constitution.
GOLDSM1TH'S PHILOSOPHY.