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*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