Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-07-25
Some Plain Facts to Be Kept in Mind.


| 1t is just as well for the voters to bear
in mind that the enormous increase IN
the amount of money i'll circulation IN
this country shown since 1886 has come
in part, and in very large part, from the
defence OF the gold standard made by me
Republicans in that year and i'll 1900
Since 1896 the amount of money in circu-
lation in the United States has increased
| by almost $9S2,W0,0OO. our comparison be
ing drawn between the figures Tor Sept.
l. 1896, and those for the frst of the cur
rent month. Here was gain OF more
| than u per cent in the money in CIR
cula ton, gain almost two-thrds OF
which came in gold or its direct repre-
sentative, the gold certificates. In tnlS
period the treasury officials estimated
that our population increased by Il little
| over 10.WOOV, so that tn" circulation adj
vanccd so much more rapidly than did the
population that there WAS an increase III
the per capita circulation of $?.&:
In what forms of money dld this gam gam
there was a gain of almost $i.,.Vo"1.
All told gold and its direct representa-
circulation by more than sGS, 3ooOCo. In
silver there was Il gain OF Il little over
slS,SW.O0O in the number of cartwheelS IN
circulation, while the silver certificates
increased over $l16NO,o9o. Silver and sill
yer certificates combined show Il gain OF
almost Sl3j,0U01. With subsidiary silver
Greenbacks, or United States notes. m
| creased over $40. 900. and national
bank notes almost $2l1 ,SOO.Go0. These two
forms of paper money together show an
increase of about $40 32y, 60. Decllnes
were noted in two forms of currency.
both of which were affected by con-
greSsiUhal laws. First the treasury notes
of 1880 declined by $iS5;a.G0O. ard now
amount to less than $li,0cO,0p0. 'rnr otne"
loss was shown in currency certificates
which were abolished by law and wnlcn
statements SINCE February vi 1901. 1ncrt-
fore, since lS'6 there was a gain IN every
treasury notes of 1880 and the currency
1872.
Thu figures we have given are, in every
case, those for money in circulation.
The gain in gold is still greater when it
is measured by the total stock of money
in the country. The treasury estimated
the amount of gold coin and bullion in
the United States on Sept. L. 1876. at
$40, ,O>3. ard on the first of the current
month at 81 JIG -. 1ol; a gain of $.y l65.GlS.
same time the silver increased by some
thing over sl25,5SO,00. The United
States is great producer of gold. Since
1896 not only have We been keeping the
yellow metal taken from our own Mines
hut we have been drawing heavily from
ah'oa@, In 1896 and in the seven previ-
aus years our exports of gold exceeded
our imports. the total for Or TIL eight years
1886 only two years. 13U and 1909. have
shown an excess of exports. and in both
of those years The excess OF exports
was only trivial one. Our net excess Of
imports of gold since 1896 amount to al
most 500 ND.000 We draw therefore
from the rest of the world that enormous
amount Of gold on balance. besides con-
summing the domestic production. The
country could use an increased volume of
money with its expanding business. and
as We were firmly established on the gold
basis. our currency was increased with
gold. which forms the basis ut the cur
rcncy of the commercial nations of the
world. 1t is all very well for Democrat
ic leaders, in throwing out Il sop to the
silverites. to say that all that they ever
the currency. and that this now has been
their plea that more currency was needed
he said by the advocates OF more green
backs or by those who have favored I'M
limited issues of asset currency. 1t would
be as true. and no more true, in one case
than in the other. If the silvcrites think
that their past folly finds justification in
the increase in the money in circulation,
no great harm can come from their thus;
INDUCING themselves though they had
best keep such opinions off of the stump
The great bulk of our citizens realize that
had the silverites. the greenbackcrs or
the advocates of unlimited bank issues
had their way. the currency of tho coun-
try would not have been in the condition
that it is today. In one case the growth
would have been artificial and harmful.
instead Of, as it was, natural and bene-
fetal.