Newspaper Page Text
*nd Jetermiued war, standing shoulder to shoulder, and not cease the
fight until the Democratic party l* triumphant. •
THU DEFECT OF THE SILVER PILL.
gome say : “I atn against the Democratic party because it did not
pass the silver bill.” I had intended to discuss the silver question at
some length, but I ha , ce not time and will leave it to the gentleman
who U to tbliow me.
There has been so much said about tbe free and unlimited coinage of
slivar. thst some people seem to have an idea the Government will
rain it down as freely to them as God rained down manna to the
children of Israel [Laughter.) Silver would be no freer to you
after the passage o! iii* fr«e silver bill than it is now. The
direct benefit to be derived from such a law would go to the owners of
silver bullion and of silver mines. It would enable them to get a
dollar for what is now 67) cents worth of silver. After they got the
dollar, you could not get it, unless you had something to sell—some
thing to give In exchange for it. The advocates of free and unlimited
coinage at the present ratio with gold claimed that the Increased
demand for silver, following the passage of the bill, would so enhance
lie value as to make It good money, and that there was no danger of
It driving all the gold out of the country. Other friends of silver
did not so think. For this reaeon many friends of silver voted
against the bill. They differed aa to the plan of establishing bi
mefaUsm. All the leading commercial nations unite upon gold as
money. Hence, It is easy for us to fix the functions of gold as money.
The leading commercial nations have demonetized silver. It is, there
fore, difficult for the United States alone to do for silver what it takes
the whole world to do for gold. Many questions arise under the free
coinage bill that lewd capable and honest men to doubt the wisdom of
the free coinage of silver, kor my part, I would have risked the result.
: am In favor of coining It all into money. Yet, I know It is not a
question of such Importance as to Justify any man in leaving the Demo
cratic party. What do our Third party friends say as to the importance
of tbe free coinage of silver. They my that If the free coinage bill had
passed It would not have Increased the per capita circulation more
than 30 cents. The better estimates put it at about 16 cents per capita.
Take them »t their own estimate, and what does it amount to. Where
would the increase have gone? It would have gone into the sliver
region. into the pockets of tbe silver men. That money would have
oelongod to the men who mined it You may call it free silver if you
please, but b»3»re you oould get it, you would have to give something
for it
It seems not to be generally known that the Government now pur
chases fifty-four million ounoes of silver per yeur—adding more each
year to our currency than it coined of silver during the entire ten years
just preceding the demonetization of silver.
What would the additional 15 or 30 cents per capita amount to?
Wh«n Mr. Cleveland went out of office there was a clear surplus of
eighty-three millions of dollars ($83,000,u00.) This was spent-put in cir
culation as soon aaAhe Republicans came into power. Did any of you
fael it? Did any ofyou fee I the effect of that increase in circulation?
If you did not, how will you feel the sliver Increase of eighteen million?
Other estimates place this increase at nine millions. You will not
desert the Democratic party for this cause. The Democratic party, as
% party, is in favor of the free and unlimited coinage of silver, upon such
terms as will make every dollar an honest dollar. The division in the
Democratic ranks upon the Bland bill was not due to opposition to the
...crease of the currency, for there was none, but to the fact that many
thought it unwise to pass it in a Democratic house wheu there was no
ssibl* chance for it to become a law ; and to the fact that the Repre
sentativee differed in opinion as to whether or not, under the provi
sions of that bill, we oould maintain the honest dollar standard. A
majority of the Democrats believed that it would, and voted for the
free and unlimited ooinage of silver under the provisions of the Bland
bill. The minority did not believe that we oould maintain the honest
dollar standard under the provisions of the Bland bill, or believed it
linpolitie to pass it when there was no chance for it to become a law,
end voted against it. If the vote upon this bill is to be the test, the
Democratic party should be held responsible for the vote of it* ma
jority, not its minority who opposed the bill. The vote, however, upou
this question is not a test of the strength of the friends of silver money.
This question is a small one when compared with tbe protective tariff.
But suppose it to be a question of great Importance. Every Democratic
Congressman from Georgia and almost every one from the South
voted iu favor of free silver. If they had been Third party men, would
their vote g have counted any more? What is the use of dividing upon
a question we are all united upou? One hundred and thirty Demo
crats voted for the free and unlimited coinage. If you are really in
favor of it, do not be so unwise as io abandon the one hundred and
.he ty and begin with the nine (?) Third party men. You are nearer
success with the larger than the smaller number. The representatives
who opposed •he Bland bill are beyond your reach. They are responsi
ble to their owu constituents, ami will he passed upon by them.
In truth, there has been, as I understand it, Ho test vote upon the
silver bill. It was well bnown tha* Mr. Harrison would veto it. It
was also believed that its passage by the House would lose votes to the
Democratic party in States wheret.be loss of a few votes would carry
with it the loss of the eleotorai vote. T »■ passage of the 1)111 by the
House could not benefit us; it oould not increase the currency cue cent,
because Harrison stood ready to veto it. It could not become a law,
but it might cause ua to lose the presidency. Under these circum
stances was it wise to pass it? It appeared to some that by passing it
we had everything to lose and nothing to gain. Those who thought
thug voted against the bill. •
Tbe policy of the Democratic party upou this question is now settlUtt
by its platform. It says: “We hold to tbe use of both gold and silver
as the standard money of the country, and to the coinage of both gold
and silver without discrimination against either metal or charge for
mintage, but the dollar unit of coinage of both metals must be of equal
intrinsic aDd exchangeable value or be adjusted through international
ag cement or by such safeguards of legislation as shall insure the main
tenance of the parity of the two metals, and the equal power of every
dollar at all times In the markets and in payment of debts, and we
demand that all paper currency shall be kept at pur with and
redeemable In such coin.” This is the declaration of the party. Upon
this plank every man can stand who favors an honest dollar standard.
THE aLLKDOED DONATION TO THE BONDHOLDERS.
It has been charged that Cleveland donated sixty million dollars to
bondholders. Some of you have heard that. The truth half told
to the biggest lie in the world. Under an honest and economic admin
totrgtion, tbe money accumulated in the National treasury so rapidly as
to brine about a panic uuless something was done to put, the money in
circulation* How was it to be done? We owed debts, and the plan
Suggested was to go into market and buy our bonds—our obligations—
not at what they would amount to when due, but at what other people
were paying for them on the market When they went out and bought
these bonds on the market at what individuals were paying for them,
was there any donation in that? That is what Cleveland did, and he
dia it in order to prevent the hoarding of the money iu the treasury,
and to avert a threatened panto.
THB WORK OF DEMOCRACY.
Some one asks what has the Democratic party done? A review of
the history of her achievements would be to review the most glorious
era in the history of the American people. I will not tire you by
reviewing it. I only oali your attention to the fact that in 1870 when
dark clouds hovered over tills laud, and scaliawag# were in power;
when foreigner# controlled the State Government, It was the Democratic
party that came t© the rescue; it was the Democratic party that cried,
“Cioae up. boys, and to the front I" They weut to the polls, and by the
help of God they were victorious and turned this Government over to
Georg,an# to the manor born. Since that day, they have given you an
honest and a clean administration of State affairs. Uuder that admin-
Utaiioß our educational interests have developed until acommon school
education to offered free to all the children of the State—white and
black. [Applause ] Our commercial interests have built up ; our tax
able property nasdoubled. and we are now going on under her guidance
to the mighty civ.lization that awaits us. it to just as important that
we be united In 1882 as it was in 1888 and 1870. Every reason that
existed for it in 1870 exists to-day. In the recent Congress what did
the Democratic party do? They passed a bill iu the lower House to
put cotton hugging and ties on the free list to make them cheaper to
the farmer. They passed a bill putt'ng wool on the free list and reduc
ing the tariff or. manufactured wool The Democratic House passed a
bill to prevent speculation tn futures; to prevent your products being
sold a huudred time* before the.y are in existence. Not only iu the
last House but througnout the tilstory of this Government In every
emergency the Dene "'ratio pari) ha# stood firmly and faithfully by the
people, and lu dorm and #un»hins battled under the banuer on which
« Inscribed the principles of Jetftrson— the principles of free govern
ment.
THE THJJU) PARTY LEADERS IN GEORGIA.
Did you ever think about what a sweet set these Third party leaders
are in Georgia? Did you ever run your mind over them to see ? When
you are sick you want a doctor arid not a quack. Look at these men’s
histories. Some of them have been in public life. I challenge any
Third party mail here, in thesplritof kindness, and I&skyou to answer*
if you can name one man Id the Third party in Georgia who is entitled
to rank as a statesman, or who Is eutltled to rank as a safe and pru
dent leader? I pause for a reply. [A voice, “Thad Picket."] [Laugh
ter.] Well, my friend, that is so good it answers itself. [Laughter
and applause.] We all knew (hat at first. I had only forgotten it for
the moment. No one Is going to deny that he is a great man, and that
George Washington, Thomas Jefferson and Grover Cleveland are not
to be compared with him. [Laughter and applause.] But, seriously,
co/npare these Third party leaders with your Democratic leaders and
you will come to the conclusion at once what is going to happen. The
old Democratic party is waking up. She is organizing. The old lion is
shaking her mane. She Is coming forth to fight for victory, and we are
going to crush the Third party in Georgia so completely that no
brilliant crank will ever again seek to divide our people into contend
ing factions. What must be the result of the division in the Democratic
party in the South they seek ?
THE EFFECTS OF DIVISION ON US.
How will a division effect our labor and our politics? Yon know
without my telling you. Wbat will be the result here of a bitter fac
tional fight. It will check our growth, it will paralyze every industry.
It is now arraying brother against brother; it is arraying neighbor
against neighbor; it is breaking up schools, it is dividing churches, it is
rending into pieces ueighliorhoods; and for what? In order that a few
unscrupulous leaders may take their chances upon getting office.
Tbe leaders of such a movement cannot be too severely condemned,
nor too completely crushed. There is a chosen curse, a secret bolt in
the bidden vaults of Heaven heated by an uncommon wrath to blast
the men who seek to gratify their ambition by the ruin of their country.
[Applause.]
WEAVER AS A TRAMP AND A SOUTH HATER.
For whom do they ask you to vote for President? They ask you to
vote for the veriest South hater, a man who has abused you as traitors
and as thieves. These Third party tes have been going over the country
talking about tramps, tramps, tramps, and claiming that unless their
doctrines were accepted, they were given control of the Government, the
tramps would take the country. Now, what have they done? They
have nominated for President, Weaver, a man who has been a Repub
lican, a Democrat, a Greenbacker, a Fusionist; who has belonged to
every political party in his day, and been untrue to ail. It seems that
they have talked about tramps until they have made It so important
that they cannot do without a tramp, and they nominated for
President of the United States the greatest political tramp in America.
[Applause.] I suppose this Is a bid for the tramp vote. [Laughter and
applause.] That you may form some Idea of what manner of man
Weaver Is, I will read you some of his utterances about the South and
Democrats. I take them from a speech made by Gen. Henderson, of
lowa, in Congress. Mr. Weaver was a member, heard the quotations
read, and did not deny their correctness. Here is an extract from the
Congressional Record, July 11,1888:
[Extract Congreesioual Record July 11, 1888.]
The Clerk read as follows:
THESE ARE SOME OF WEAVER’S UTTERANCES ON THE DEMOCRATIO
PARTY MADE IN PUBLIC SPEECHES.
He said at Albia on July 18, 1868:
"I want, to congratulate you first, fellow-citizens, on the suppression
of a purely Democratic rebellion, gotten up by Democrats for the Demo
cratic purpose of dissevering this Union and perpetually establishing
human slavery. Now and forever it is establishing as an eternal truth
that the Democracy in no place or Slate can ever be trusted with gov
ernment. As a party It should disband, just as a section of it did at
Appomattox.”
lie said at Centreville In 1867:
“Again has the Democratic party of lowa spoken. Why, sir, I am
astonished beyond measure that a party with a record so utterly vile
and wretched and wicked should be so lost to all shame and decency as
to make an appearance before the loyal people of lowa.
“They should be trampiug iu the wilderness of oblivion, and never
more return."—fßaughtor ou the Republicau side.]
He said in & joint debate with Colonel 11. H. Tremble, at Bloomfield
on September 4, 1868:
“Here we have the old fight over again. The Confederate Democracy,
North and South, iu which the infamous Copperhead division of lowa
appears, are again contesting with Grant for the safety of the Union.
As at Donuelson, he proposes to ‘move on their works at once,’ and
there is no escape for this rank traitorous horde, except In another sur
render. Charge on them, fellow Republicans, and spare not one, not
even a deputy road supervisor, from total political annihilation.”
[Laughter on the Republican side.] *
He said in Bloomfield on September 26, 1869:
“What Is the use of further arraigning the defunct Democracy, with
all its hoary crimes, at thebarof public opinion? We know that its acts
comprise murder, treason, theft, arson, fraud, perjury, and all crimes
possible lor an organization to connive at.”
[Renewed laughter on the Republican side.]
“It would be a mercy to put it# record a million miles deep In the pit
that is mentioned in Holy writ, and I may add that if a large and dis
tinguished assortment of Ua alleged statesmen were sent along it would
only be common justice.”
[Applause on the Republican side.]
He said in Fairfield, September 18, 1870:
“The Democracy, as usual, are loud in their opposition, but what did
they ever do when they had a chance? Here in lowa they stole the
school fund and nationally they stole the arsenals, the navy, the treas
ury; everything that was not red hot, and cheated the very devil’s rebel
lion. And these m«n appear and ask for your support. They should
come on bended knee# asking your forgiveness for the unspeakable
crimes they have committed and the wretched miseries inflicted upon
our common country.”
[Loud applause on the Republicau side.]
He said in Keokuk, September 16, 1871:
“The record of the Republican party appeals to the candid judgment
of all men as unimpeachable, save, perhaps that it was too lenient with
the leading Democratic conspirators. The same old gang, save those
who were shot or hung, are again conspiring to get possession of the
Government next year. Woe to them! for the loyal hosts will crush
them, and crush them forever and forever out of all possible danger of
such a misfortune to our common country.”
He said in Oekaloosa, September 25, 1872:
“No Republican can ever, under any circumstance#, have any part or
lot with the hungry, rebellious, man-hating, woman-selling gang cor
porated under the name of Democracy, a name so full of stench and
poison that it should be blotted from the vocabulary of civilized man
aud handed over to the barbarism that it so fitly now and in all the
past ha# represented.”
[Prolonged applause on the Republican side.]
Here again, and as I read It remember that after the war you were
disfranchised ; a large number of our people were placed in prison, and
in sweat boxes, that, under the rule of the Republicans, you went to the
polls to vote with a bayonet at our hack. Weaver says: “The record
of the Republican party appeals to the candid judgment of all men as
unimpeachable save, |ierhap», that it was too lenient with the leading
Democratic conspirators. The same old gang, save those who were
shot or hung are again conspiring to get control of the Government
next year.” These are the utteranee# of the man who now asks Geor
gian# and Southerners to vote for him for President. He denounces
yon as traitors and the n asks you to vote for hi m ; he asks for the support
of the men who follow *d Lee, Jackson and Johnson, and yet, he says
that they are guilty of ti canon and that the only crime that the Repub
lican party committed was that it was too lenient with you after the
war. In the name of God, what more would he have had them do
than was done? Can you vote for such a man, my countrymen? I
appeal to you to go home ; to talk to your neighbors; to tell them as
they love Georgia; as they honor their manhood, let it be said, when
the campaign is over that no mafi who followed Lee, Jackson and John
son, that no man who respect# aud honors the Con federate soldier, voted
for J. I>. Weaver. Georgia w ill repudiate Weaver and repudiate his
platform. [Applause.]
THE DEMOCRATIC CHIEFTAIN.
The Democratic party ha# named as It# leader a man of character, of
courage, and ability, the peerless Grover Cleveland. [Applause.]
In 1888 in the faee of threatened defeat, in the face of the money
power, Grover Cleveland came to the rescue of the people, and in his
STTIFFX-IEJ^EITT.
now famous tariff message, declared against the Republican protective
tariff. He defied the monopolist# and money kings, and entered the
arena as the champion of the people’s right#. And yet Third party people
#ay he Is under the control of the money power. Under the control of
the money power, and yet he Is the man who, in the name of the Gov
ernment, repossessed and restored to the peopleone huudred million acres
of public lands. Cleveland, under the control of the money power,
yet he is the only President of the United States since the war who
has. had the courage to come out and attack the money power—to
make war upon Republican protection. Our cause and our leader
deserve success. In the approaching election Georgia will give her
electoral vote to the standard bearer of Democracy by forty thousand
majority. [Applause.] The East and the great West are marshaling
their force# to march to victory with the Democratic hosts. We are
going to triumph; the next President of the United States will be
Grover Cleveland. [Applause.]
THIS IS NOT THE FIRST THIRD PARTY.
Do your duty, and in Georgia we have nothing to fear. The old
Democratic ship has weathered many a storm and does not fear a squall.
This Is not the first time we have seen third parties spring up in
America. The third party is an old thing. Every now and then one
rises to the surface and goes down again. The Democratic party has
already danced at the funeral of more than a score of third parties, and
the day after the election in November we will dance at the funeral of •
this Third party, thank God. [Tremendous cheering.] I want to
extend an Invitation to those men who stand by the Third party to
come back into the ranks when the contest is over. We will take them
again. [Voice: “We will take the Republican party before we will the
Democrats any more.”] Well, my friend, you may take that if you
please, but one thing I know you are going to take, whether you wish
it or not, you are going to take the worst beating a white man ever got.
[Tremendous applause.] We are going to beat you all along the line.
We are going to elect a Democrat to represent Cherokee county; we are
going to elect a Democrat for this senatorial district; we are going to
elect Carter Tate to Congress from this district. [Tremendous applause.]
We are going to elect Northen governor, [applause] and we are going
to elect Cleveland president. [Applause.] That is what you will take
whether you like it or not. [Laughter and applause.] But I am not
going to fall out with you, my friend. I have hope even of him yet.
You know it Is said, “As long as the lamp holds out to bum, the vilest
sinner may return.” [Daughter and applause.”]
NOW, DEMOCRATS, GET TO WORK.
Now, my friends, I have talked longer than I should. Let me appeal
to you to go to work, realizing the importance of the issues on which
you are to pass. Go to work and organize every militia district in your
county until you know where every white man and every colored man
stands.
The Democrats of this district have nominated a man for Congress
whom I know to be true and worthy of your support. I served in the
Legislature with him. I have found him an able, conscientious and
true advocate of the rights of the people. In nominating Carter Tate
in this district, you honor him and honor yourselves. You have nom
inated a man under whose leadership you are sure to win a victory.
[Applause.] We are going to whip the fight in this district. We
are going to elect eleven Democratic congressmen In Georgia. I
appeal to the old men who are fathers and who desire to leave their
children under good Government, to leave them in aßtate where peace
and concord reign; to leave them under a Government where they
can live In prosperity and happiness, to stand by the Democratic party
and aid us in carrying Its banner to victory. I appeal to you, young
men, who must furnish the enthusiasm and do most of the work in
every campaign, to implant in your hearts now early in life a devotion
to principle. Fear not the result. Shirk no labor, evade noduty. Con
scious that you are battling for correct political principles, for the rights
of the individual, for the rights of the State, for equal and exact Justice
to all men, for the glory which should come to this your native land,
to be faithful to the end. [Applause.]
A WORD TO THE LADIES.
I am glad to see so many ladies here to-day. It is well that they
take an interest In this cause, for from the discord and trouble that must
come as a consequence of this division, the greatest danger threatens
them, the greatest wrongs will fall upou them. The safety of the home
is of the highest importance to the women of this country. It can
never be safe and sacred if our country is torn by discord into warring
tactions. The demoralization that would result from a division of the
Democratic party in the South would endanger the safety of every
home. lam glad to see them here, for they must be interested in all
matteis of good government. Whatever government brings to us it
brings to them ; whatever good comes to us in future must be shared by
them; whatever adds to the peace, happiness and glory of this land,
they must share. They are interested in every cause, in every move
ment which brings prosperity to the country, and adds dignity aud
character to the American people. lam glad, too, to see so many young
girls here.
“ Auld Nature swears the lovely dears
Her noblest work she classes, O.
Her prentice hand she tried on man,
And then she made the lasses, O.”
Now, my friends, when you leave this meeting, after you have listened
to the distinguished gentlemen who are to follow me, ponder well what
you shall hear from their lips, and enter into this contest for free gov
ernment with that energy, courage and enthusiasm which will carry
old Georgia to the highest pinnacle of prosperity and of glory. [Pro
longed applause.]
APPENDIX.
Information of Value to Campaign Speakers.
WEAVER’S BILL.
Here Is a bill introduced by Weaver in two Congresses. He intro
duced it in the fiftieth Congress on January 4th, 1888. It# number is
1356:
Whereas, The soldiers and sailors who served in the army and navy
of the United States in the late war for the suppression of the rebellion,
were, from the necessity of the case, compelled by law to reoeive for
their service# a depreciated currency, greatly inferior in value at the
time to the gold coin of the United States; and
Whereas, The Congress of the United States has heretofore, in the
most solemn manner, s’firmed, that good faith requires that all gov
ernment obligations shall be paid in coin or its equivalent ; and
Whereas, The obligation of the government to the soldiers and
sailors who hazarded all, including life, that this nation might live, is
of the most sacred and binding character: therefore,
Re it enacted by the. Senate and House of Representatives of the
United States of America in Congress assembled, That there shall be
paid to each private soldier, non-oommisioned officer, sailor, teamster,
or musician regularly mustered *nto the service of the United States
during the late war for the suppression of the rebellion, or to his or
their legal representative In ease of death, as soon as his or their claim
shall be examined aud audited by the second auditor of the Treasury,
the sum found due him or them, the amount thereof to be aso»rtained
as follows: The second auditor shall ascertain the amount of currency
paid said soldier or sailor at each date of payment during his term of
service, and shall ascertain the gold value of said currency payment at
the time, by reference to the quotations of gold, as compared to the
currency in which said soldier or sailor was paid, at the city of New
Yo k at that date; and said soldier, sailor or his legal representative
shall be allowed and paid the difference in value between the currency
which he received and the standard gold ooin of the United States in
which he should have been paid.
Section 2. That to enable the Government to meet the payments
required by this act the Secretary of the Treasury is hereby authorized
to cause to be issued three hundred million dollar# of United States
notes, or so much thereof as shall be found necessary, of the denomina
tions of one, two, five, ten, twenty, and fifty dollar#; and said notes,
when ao issued, shall b« a legal tender in payment of all debt#, public
and private, and shall be kept In circulation In manner as now provided
by law for other United States notes.
Section 3. That the sum of three hundred million dollars, or so
much thereof as shall be necessary to make the payments required by
this act, is hereby appropriated out of the money by this act authorized
to be issued.
MONEY IN CIRCULATION IN THE UNITED STATES.
SECRETARY FOSTER TO OOVEKNOK NORTHEN.
• Treasury Department,
Office of the Secretary.
Washington, D. C., May 24,1892.
Hun. TP. J. Northern, Governor of Georgia, Atlanta, Ga. :
Sir—l have the honor to acknowledge the receipt of your letter of
19th instant, requesting an authoritative statement over jny signature
of the per capita circulation of the Uuited States, for each year since
1865, your request being prompted “ by the many erroneous statements
os to the actual per capita circulation tbutare being disseminated and
which are the cause of much confusion.”
In reply, I have to state that this information was carefully com
piled from the records of the department during the summer of 1891,
and was published August 29 of that year, in response to inquire
which were being received from all sections of the country. A copy oi
this publication is herewith tnclosad, and you ate respectfully refeirc
thereto for the details of the subject, but the main facte are stated below
in order that they may appear, as you request, over my signature. 1
give you the aggregate amount of money iu circulation, the population,
and the amount per capita for July Ist, of each year, since 1866.
Date. Circulation. Per Capita
1865 $714,702,995 84,748.000 S2O 57
1866 673,488,244 35,469,000 18 99
1867 661,992,069 36,211,000 18 28
1868 680,103,061 86,973,000 18 39
1869 664,452,891 37,756,000 17 60
1870 675,212,794 38,588,371 17 50
1871 715,889,005 39,555,000 18 10
1872 738,309,549 40,596,000 18 16
1873 751,881,809 41,677,000 18 04
1874 776,083,031 42,796.060 18 13
1875 754,101,947 43,951,000 17 16
1876 727,609,388 4-5,137,000 16 12
1877 722,314,883 40,353,000 15 58
1878 729,132,634 47,598,000 15 32
1879 818,631,793 48,806,000 16 75
1880 973,382,228 60.155.783 19 41
1881 1,114,238,119 51,316,000 21 71
1882 1,174,290,419 51',495,000 22 37
1883 1,230,305,696 53,693,000 22 91
1884 1,243,925,069 54,911,000 22 06
1885 1,292,-568 615 56,148,000 23 02
1886 1,252,700,525 57,404,000 21 82
1887 1,317,539,143 58,680,000 22 45
1888 1,372,170,870 59,974,000 22 88
1889 1,380,361,649 61,289,000 22 52
1890 1,429,251,270 62 622,260 22 82
1891 1,497,440,707 63,975,000 23 41
I also inclose herewith a statement showing the amount of money in
circulation May 1. 1892, and your name hag been placed on the list of
those to whom this statement is regularly furnished.
Kespectfully yours,
(Signed) Charles Foster,
Secretary.
explanatory statement of the secretary of the treasury.
These tables have been compiled from records of the department
which were made en or about the dates specified. They include every
thing properly belonging in a statement relative to circulation, except
minor coin, which are not stated, because it Is difficult to estimate
accurately the amount in use. The figures agree with the reports pub
lished from year to year,.and an estimate has been added of the amount
of specie in circulation on the Pacific Coast during the suspension of
specie payments (1862 to 1878 inclusive). No attempt has been made in
the table for 1862 to estimate the quantity of the nondescript currency,
consisting of postage stamps, tickets, due bills, etc., which served as
small change during the period subsequent to the disappearance of sub
sidiary silver and prior to the issue of the postal currency and fractional
currency authorized by the acts of July 17, 1862, and March 3, 1863.
The one and two year notes of 1863 and compound-interest notes, sup
posed by many persous to have been in circulation, are not included iu
any of the tables. The small quantities of these classes of interest bear
ing obligations which were in circulation as money fora few months
when first issued, had been absorbed as investment securities and with
drawn from circulation before July 1, 1865, the date commonly seized
for comparison with the present time as to money iu circulation. The
seven-thirty notes are also excluded from the tables. They were not
used as money nor paid out as such by the Treasury, but were nego
tiated as a loan and issued byjthe Government to investors in exchange
for legal-tender notes, being sold at par and accrued interest like any oth
er loan. A small amognt of these, however, less than ten millions, was
issued to soldiers in the field, but the notes were taken only by those
soldiers who desired to save, and were, therefore, not placed in circula
tion. The total amount of seven-thirty notes negotiated iu 1864 and
1865 was $829,992,500, of which $44,500,900 were of the denomination of
SSO. $137,634,600 of SIOO, and the remainder, $647,848,000, were ssoos,
sl,ooos and $5,0005. The receipt of legal-tender notes by the department
In exchange for seven-thirty notes did not cause a contraction of the
currency, because the legal-tenders so received were immediately paid
out by the Government in settlement of demand liabilities then press
ing. The one and two year notes and compound-interest notes were
sufficiently unlike the legal-tenders io attract notice and cause an exam
ination of their terms. In this way their interest-bearing quality was
speedily discovered, and they were very soon retired. Ttie seven-thir
ties were unlike the legal-tenders, except in color, being very much
larger and having coupons attached. There are two facts which prove
conclusively that these obligations were not in active circulation: one
is that they were all redeemed within three years without creating
monetary disturbance: the other is that nearly all of them came hack
into the Treasury as clean and unworn as on the day of their issue, a
condition which they would not have presented had they been in actual
circulation.
The omission of the gold coin and gold certificates from the tables for
1862 to 1878, inclusive, and of subsidiary silver prior to the act of April
17, 1876, under which|the fractional paper money was retired, need no
explanation other than to say that they were not in use as money, but
were bought and sold at their market value like other commodities.
The foot note to the table for 1876 may be explained by saying that the
tables 1862 to 1778 state separately the circulation of'the*Pacific Coast
and that of the remainder of theU. 8., because the latter consisted of
paper money and the former of coin, and it was thought advisable to
preserve this distinction in the money of the two sections down to the
time of the resumption of specie payment*, January 1, 1879.
The amount of money in circulation July 1, 1865, as shown in the
table for that date, was $714,702,995. Of this amount. $689,702,995 was
paper money. During the calendar year 1865 the average market price
of gold was 157. So it required $1.57 in currency to purchase as much of
any commodity as could be purchased with SIOO in gold. The $714,702,695
which was then in circulation was, therefore, equivalent, as an average
for the year, to only $464,301,270 of the money which has constituted
the currency of this country since January 1, 1879. This is an amount
per capita of $13.36. Charles Foster, Secretary.
No. 26—COINAGE of the UNITED STATES MINTS from their
organization, 1798 to 1889, inclusive—Continued.
Calendar total coinage.
Years.
gold. silver. minor. total.
Dollars. Dollars. DeHart. Dollars
1 1845. .. . 8,756,447.50 1,873.200.00 88,948.04 6,668,595
1846. .. . 4,034.477.50 2,558,680.00 41,208.00 6,633,965
1847. . . . 20,202,325.00 2,374,450.00 61,836.09 22,638,61!
1848 .... 3,775,512.50 2,040,050.00 64,157.99 5,879,72
1849.. 9,007,761.50 2,114,950.00 41,984.32 11,164,6
1860. . . . 31,981,738.50 1,866,100.00 44,467.50 83,892,3
1851 .... 62,614 492.50 774,397.00 99,635.43 63,488 r,
1852 .. . . 56,846.187.50 599,4i0.00 50,630.94 57,896
1853 . . . . 39,377,909.00 9,077,571.00 67,059.78 48,52:;
1854 .... 25,91.5,962.50 8,619,270.00 42,338.35 34,577.
1855 .... 29,357,968.00 3,501,245.00 16,030.79 32,90'
18.56 . . . . 36,857,768..50 5,142,240.00 27,106.78 42,027.
1857 .... 32,214,040.00 5,478,760.00 178,010.46 37,87:
18-58 .... 22,938.413.50 8,495,370.00 246,000.00 31,67
1859. .. . 14,780,570.00 3,284,450 00 364,000.00 18,42"
1860. .. . 2i.473,654.00 2,259,390.00 20.5,660,00 25 93
1861. .. . 83,395,530.00 3,783,740.00 101,000.00 S7‘"-
1862. .. . 20,875,997.50 1,252,516 50 280,750 00 : 22 V
1863 .... 22,445,482.00 809,267.80 498,400.00 23 7-
1864 .. . . 20,081.415.00 609,917.10 926,687.14 21 61
1565 .... 28,295,107.50 691,005.00 968.552.86 29 9
1866 .. . . 31,435,945.00 982,409,25 1,042,960.00 33 1<
1867. . . . 23,828,625.00 - 908,876.26 1,819,910.00 26 5"
1668. . . . 19,371,387.50, 1,074,843.00 1.697,150.u0 22 K
1869. .. . 1<,582.987.50. 1,286,143.00 963,000.0 th 19 6i
1870. .. . 23,198,787.50: 1,378,255.501 350,325:00 1 ‘hVc
1871 .... 21,032,685.00 3,104,038.30' 99,890.00 24' .1
1872. .. . 21,812,645.00 2,504,488.50 ; 369,380.00: 24 V
1873. .. . 57,022,747.50 ; 4,024,747.60 379,455.00 614.
1874. .. . 35,254,630.00, 6,h51,776.70i 342,475.001 4° 41
1875 .. . . 32,951,940.00 15,347,393.00 , 246,970.00! 485-
1876. . . . 46,579,452.50, 24,503,307.60 ] 210,800.00 71
1877 .... 48,999,865.00' 23,393,045 50 8,525.001 7-Mo
1878 .... 45,999,864.00, 28,398,045.001 58,186 50j 7*’*,
1879.. 39,080,080.00' 27,569,776.00 i 165,003.00 66 8 4
1880 .... .■ 62,308,279.00 27,411,693 75 801,395.95 fto’i'l'
1861. .. . 96,850.890.00' 27.940,103.75 428 151.75. ]
1882 .. . . 65,887.685.00 27,973,132.00 960,400.00 ’ 9-jv'i
. . . . 29,241,990.00 29,246.968 45 1,604,770.41 Oo'o
1884. ~ . 23,991,766.5 u 28,534,51>0.15 79tj.483.78 53
1885.. 27,773,012.50 28,962,176.201 191.622.04 l 6092;
.1880. .. . 28,945,542.00 32,086,709.90 ; 343,186 1 0 61 37. i
1887. . . . 23,972,388.00 35,‘91,081.40 1,215,686 26 60 37'.
1888. .. . *1,380,808.00 88.025,606.45 i 912.200.78 65 31*o
1359 .. . . 21.415.931.UU 35,496.683.1 V 1,2*3,408.891 fis’lftiV'
1890. .. . 20,467,182.50 39,202,908.20 1,384,792.14 61.’u54,’h*: tyi
Total,. J 1,531,999,915.60623,746,536.40 50075;~2J78, 580,952^5