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SILVER.

SPEECH
O
f
f

HON. D A N ¥ATJGH,
O F

I N D I A N A ,

IN THE

HOUSE OF REPRESENTATIVES,




FRIDAY, AUGUST 2 4 , 1 8 9 3 .

"WASHINGTON'.

1893.




SPEECH
OF

H O I . DAN WATJGH.
The House having under consideration the bill (H. R. l) to repeal a part of
an act, approved July 14,1890, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes "—

Mr. W A U G H said:
Mr. SPEAKER; I have the honor to represent in part the great
State of Indiana. She has neither gold nor silver mines within
her borders, yet she is rich in her coal, stone, natural gas, and
oil fields, and in the productiveness of her soil and industry and
intelligence of her people, and is interested only in such legislation as may he in the interest of the whole people.
This is not the hour or occasion for bitter words. That can
have no other office than to estrange and widen the differences between the judgment of members on this floor. Calumny and prejudice have never in the history of man brought about a righteous
compromise or a just judgment. [Applause.] This is an hour of
our nation's distress, and calls for the exercise o£ our deliberate
judgment and highest patriotism and statesmanship. I therefore come to this discussion with hands unfettered, with no feeling of animosity toward any class or section of the country, desiring the welfare of all the people—East, West, North, and
South—and if I err, it must be recorded as an error of judgment
and not of the heart.
,
This discussion has been limitless; it has covered the field of
gold and silver, monometallism, bimetallism, free coinage, fiat
money, a^d all the vagaries and finafacial heresies conceived by
the mind of m m. The questioi* submitted for our consideration, stripped from all confusing and extrinsic matter, is not
whether the Government should adopt the policy of gold or silver, monometallism, bimetallism, or free coinage of silver, but
whether the Government shall pursue the policy of purchasing
4,500,000 ounces of silver monthly under the provisions of the
Sherman law.
I am in favor of the use of both gold and silver in our currency,
under such legislation as will maintain the parity of values o f
the two metals, so that the purchasing and debt-paying power
of . the dollar, whether of gold or silver, shall at all times be
equal.
The Republican party has always been in favor of a sound and
stable currency, the same dollar for the rich and the poor. The
coinage of silver, without reference to the parity of values of the
507




3

4
two metals, is as unrepublican as a tariff without reference to
protection.
THE REPEAL OF THE PURCHASING CLAUSE OF THE ACT OF 1890 FIRST PROPOSED B Y SHERMAN AND NOT CLEVELAND.

Mr. Speaker, the proposition to repeal the purchasing- clause
of the Sherman act did not have its origin with this Administration, or with the Democratic party; it originated in the Republican ranks. Senator SHERMAN, almost nine months previous to
the inauguration of President Cleveland, introduced a bill in the
Senate lor its repeal, which is in the following language:

Beit enacted, etc., That so much of the act entitled "An act directing the
purchase of silver bullion and the issue of Treasury notes thereon, and for
other purposes," approved July 14,1890, as directs the Secretary of the Treasury to purchase, from time to time, silver bullion to the aggregate amount
of 4,500,000 ounces, or so much thereof as may be offered in each month, at
the market price thereof, and to issue in payment for such purchases of silver bullion Treasury notes of the United States, is hereby repealed, to take
effect on the 1st day of January, 1893: Provided, That this act shall not in
anyway affect or impair or change the legal qualities, redemption, or use of
the Treasury notes issued under said act.

The Wilson bill under consideration is in all legal respects the
same, and almost a verbatim copy of the bill just read.
THE SHERMAN ACT NOT RESPONSIBLE FOR OUR FINANCIAL DEPRESSION.

While I shall give my support to the pending measure, yet I
do not believe the law it proposes to repeal to be thet controlling
cause of our present financial and industrial distress. I believe
that it is traceable to other causes, namely, the threat of the
Democratic party, which is now in control of every department
of the Government, to destroy the economic policy of the country,
under which we have prospered until we have become the marTel of the world. In other words, the threat of the Democratic
party to destroy the system of protection to American labor, and
to destroy our* financial policy by inaugurating the old Statebank system.
A MEMBER.

T h a t is it.

Mr. WAUGH. Capitalists are holding and hoarding their
money, afraid to loan or put it out for fear they may be compelled to accept in return worthless or depreciated State-bank
notes. The owners of manufacturing industries have closed the
doors of their shops and factories for fear that if they continue
the manufacture of their products at the present prices of material and labor they might b6 compelled to sell their goods at
a great sacrifice in a free-trade market.
What the business of the country wants is stability. The
owners oi. capital or labor want to feel reasonably certain that
when they have invested or parted with £heir capital, that they at
least will receive a fair equivalent in return. When this is uncertain they each refuse to perform their legitimate functions;
and being the very lifeblood of commerce knd prosperity, stagnation in all business and industries inevitably follows, just as
we are now experiencing.
A REMEDY FOR OTJR TROUBLES SUGGESTED,

If 1 were called upon toprescribs a remedy for our present nar
tional ills, I would have the Executive issue his proclamation that
our protective system should remain undisturbed, and that every
dollar issued to the people should be under one uniform system
507




5
and under the authority and control of the Government and not
by the States. * I would have capital and labor declare a truce to
the strife so unholy begun and make friends. [Applause.] These
two forces or elements are so intimately connected in our commercial and industrial systam, and are each so dependent Upon
the other that there can be no discord between them without
injury to both and a resultant injury to the whole country.
W H Y THE PURCHASING CLAUSE! Off THE SHERMAN ACT SHOULD BE REPEALED.

Mr. Speaker, returning to the main proposition before the
House, should the purchasing clause of the Sherman law be
repealed? An intelligent answer to this question involves an
inquiry into the provisions of the act, and what has been its
practical results. The clause of the act sought to be repealed
reads as follows:
Beit enacted, etc., That the Secretary of the Treasury Is hereby directed to
purchase, from time to time, silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as may he offered in each month, at the market
price thereof, not exceeding $1 for 871.25 grains of pure silver, and to issue in
gayment of such purchases of silver bullion Treasury notes of the United
tates to be prepared by the Secretary of the Treasury, in such form and of
such denominations, not less than $1 nor more than $1,C00, as he may prescribe, and a sum sufficient to carry into effect the provisions of this act is
hereby appropriated out of any money in the Treasury not otherwise appropriated.

By the terms of the clause just read, which is section X of the
act of 1890, the Secretary of the Treasury is compelled to purchase 4,500,000 ounces of silver bullion monthly, or so much
thereof as may be offered at the market price, and to issue in
payment thereof Treasury notes. The policy of the Government
has been to maintain the two metals on a parity with each other,
and not discriminate against silver. Hence the Government in
pursuance of its declared policy has stood ready to redeem or
pay off these Treasury notes, issued for the purchase of silver
bullion, in gold whenever demanded. We are therefore practically buying silver bullion and paying for it in gold, thereby
increasing our gold obligations over $2,000,000 monthly.
We have*purchased under the Sherman law 5^558 tons of silver
bullion, for which we have issued Treasury notes, aggregating
$151,081,492, which are outstanding and redeemable by the Treasury of the United States in gold. These Treasury notes, under the
law, aire also receivable by the Government for customs duties.
Thus we see it operate to deplete the Treasury of gold and cut
off our gold supply which we formerly received by the payment
of tariff duties in gold. We have but $100,000,000 in gold to meet
the gold obligations incurred under the Sherman act, besides
other obligations of the Government payable in gold amounting
to millions of dollars.
The most skeptical upon this financial question must readily
see that the business world may have well-grounded fears if this
policy is continued. Our Treasury will sooner or later be depleted of its gold, and we will be on an exclusively silver basis,
with a currency depreciated in th? commerce of the civilized
world.
We have to-day this enormous amount of bullion, costing us
$151,081,492, stored away in the Treasury of the United States,
absolutely worthless for all practical purposes. W e can neither
507




6

coin nor sell it under the law, and it has depreciated in value
since its purchase, if sold to-day at the market price, $34,367,597,
making- an entire loss of that amount to the people and taxpayers of the country.
I submit, Mr. Speaker, as a simple business proposition that it
is not a good policy for the Government to purchase more silver
than it can use, and that, too, at a loss, any more than for a farmer
to buy more horses and wagons than he can use or dispose of without sustaining a loss.
I have given to this subject the most painstaking consideration, because it is vital to the interests of the entire country. I
shall therefore, as already stated, cast my vote for the^repeal of
the purchasing clause of the Sherman law, conscientiously believing I will be discharging a patriotic duty and subserving the
very best interests of the business men,'manufacturers, farmers,
and laborers of the district I have the honor to represent on
this floor, and of the country as well, and being the shortest
road to true bimetallism, as X believe these convictions I have
just expressed to be in the interest of all the people, I can not
surrender or consent to do an act of injustice to anychiss.be
they capitalists or laborers, for a title quieted to a seat in Congress during my natural life. [Applause.]
I am in favor of a sound, stable, and unvarying currency, which
is in full accord with the principles of the Republican party and
in accord with the Minneapolis platform, which I do not propose
to run away from simply because a Democratic Executive has
stepped onto it.
»
W E H A V E BFJSN ON A GOLD BASIS SINCE 1834—THE ACT OF 1873 UNJUSTLY
CRITICIZED—SILVER DEMONETIZED B Y A DEMOCRATIC CONGRESS I N 1853.

It has been asserted in this discussion that torepeal the Sherman law will bring us to a gold standard, and that the advocates
of repeal are obeying the behests of England. These advocates
forget the history of the country. W e have, in fact, been on a
gold basis since 1834, with the exception, perhaps, of the war
period.
.
Gold is the standard of the comme rcial world to-day. England
is waiting and wishing the United States to go deeper into the
silver torrent, until retreat is impossible.. Gold for the Monarchy and silver for the Republic is what Britain is hoping may
come to pass. England stands by our free-coinage advocates,
who are her true allies in this controversy. These walls have
been made vocal with the bitter denunciation of the act of 1873.
Our friends? seem to have reserved the vials of their wrath to
be poured out upon that act, charging it as being responsible
for untold miseries.
I shall not take the time of the House to discuss the question
whether it was or was not a wise measure, but will say it has
been greatly misunderstood; many sins have been laid to its
door of which it is innocent.
'
The chief of its sinning, which so enrages our friends that
they refuse to be comforted, is its alleged demonetization of silver, when in fact that crime had been committed by a Democratic. Congress twenty years before the passage of the act of
1873. Up to 1853 silver of all denominations—the dollar, the
half-dollar, quarters, dimes, and half-dimes—were legal tender for
607




i

any amount. t In that year a Democratic Congress struck down
and demonetized all the silver subsidiary coins, depriving them
of their legal-tender qualities excepting in amounts not exceeding $5. I refer to the act of February, 1853, which act, so far as
it involves the point under discussion, reads as follows:
An act amendatory of existing law relative to ttie half-dollar, quarter-dollar, dime, and half-dime.
Be it enacted, etc., That from and after the 1st day of June, 1853, the weight
of the half-dollar, or piece of 50 cents, shall he 190 grains, and the quarterdollar, dime, and half-dime shall he respectively one-half, one-tifth, and onetenth of the weight of said half-dollar.
SEC. 2. And be it further enacted, That the silver coins issued in conformity
with the above section shall he legal tender in payment of debts for all sums
not exceeding $5.

That act demonetized all the subsidiary silver coins, which
was substantially the entire silver currency of the country. Up
to 1853 the Government had coined Iput 2,516,890 standard dollars, and $76,684,894.50 in the smaller denominations or subsidiary coins.
The act of 1853 destroyed as we have seen over $76,000,000 of
the silver currency then in existence as legal-tender money,
leaving less than $3,000,000 of silver money with unlimited legaltender qualities. This condition of affairs continued up to J»73,
when the actWas passed which is so bitterly denounced. That
act dropped the standard dollar from our coinage, which only
continued for a period of four years, until the passage of the
BUnd-Allison act, when its coinage was resumed. Now for this
offending the act of ls73 is held up in derision as the sum of all
villainies and a crime without a parallel in the history of the
country.
I desire, however, to call the attention of our friends to the
fact that it was not the first time the silver dollar had been
dropped from our coinage. Thomas Jefferson—no Democrat will
rise to his feet toabuse him—suspended the coinage of the silver
dollar in 1805, and our fathers kept it from our coinage and mints,
not for four years pnly, but for a period of thirty consecutive years,
from-1805 to 1835. If it was an offense in the law of 1873 to drop
tha coinage of the silver dollar for four years, what must have
been the crime of our fathers for refusing to coin it for thirty
consecutive years?
It must be borne in mind, however, that while the act of 1873
dropped the standard silver dollar from our coinage, it substituted in its place what is known as the trade dollar. The act did
not stop the coinage of the silver dollar, but simply made a change
in the kind of dollar to be coined. It is believed by many that we
coined no silver dollars under the act of 1873. That is a mistake.
During the suspension of the coinage of the standard dollar under that act we coined at our mints 35,965,921 trade dollars and
added to the volume of our silver currency.
Nearly five times as many dollars were coined under that act
as had been coined from the organization of the Government up
to that time. We had only coined 8,081,338 standard dollars, not
enough by nearly half a million to pay off our Indiana Democratic State debt. We have under the laws and policies of the
Republican party since 1873 coined and added to our silver currency over 400,000,000 standard dollars, making fifty times more
507




s
silver dollars coined in the last twenty years than h^d been
coined in all the preceding history of the country. Therefore,
I assert as an historical fact that silver has received infinitely
greater consideration in recent years than was ever accorded it
by our fathers. Yet the constant cry about the dollars of our
daddies disturbs our e ir3.
In concluding this branch of the discussion, I desire to say that
the act of 1873 has been seized upon by fanatical alarmists as a
scapegoat to carry sins that justly belong to other shoulders.
REASONS W H Y W E SHOULD NOT ADOPT FREE COINAGE.

It is conceded on all hands that the purchasing clause of the
Sherman act should be repealed, but it is contended by the silver advocates that free coinage should be substituted. They
seek to maintain the following propositions:
First. That free coinage by us will have the effect to advance
the price of silver to a parity with gold.
Second. That it will not attract the silver of the world to our
mints.
Third. That we are strong enough to maintain such parity indepandent of all other commercial nations.
I shall/discuss for a short time each of these propositions.
Our friends seem to forget the history and experience of, the
past, and are still proclaiming that free coinage will bring' the
two metals to a parity of values. When that question has been
put to trial and decided against them, in the language of the
lawyers, it has become res acljudicata. 'During the Fifty-first
Congress they were then, as now, clamoring' for free coinage.
The conflict between the friends and opponents of that proposition was waged with great zeal knd earnestness. Finally, the
act of 1890 was brought forward as a compromise measure, which
was acceptable to the friends of free coinage then in Congress.
That act provided, as already stated, that the Secretary of the
Treasury should purchase monthly 4,500,000 ounces of silver
^bullion. Our friends said then that the purchase of that amount
«of bullion was such a recognition of silver by the Government
that it would materially advance the price of silver, possibly to
:a parity with gold; the compromise measure became a law July
14,1890, and has bean in oparation ever since, a period of a little
Over three years, and the Seer3tary of the Treasury his been
purchasing silver bullion in pursuance to its provisions ever
since its passage. What has bean the result? Just the reverse
of the predictions of our friends.
Immediately after the passage of the act it caused an artificial
Stimulation in the production and market of silver, which had
$he effect to appreciate the price of silver for a short time, until
jnatters assumed their normal condition, when the price of silyer began to go down, until it is now lower than ever known in
the history of the world, and in spite of the purchase by the
Government of an amount of silver bullion almost equal to the
product of our mines.
We paid for our purchase of silver soon after the passage of
the act over $1 per ounce, and on the 13th day of August of this
year we paid 73$ cents per qunce, a decline of 40 cents per ounce
in the period of threa years.
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9
This, it seems to me, is a fair illustration of the inability of this
Government to hold up the value of the world's silver to a parity
with gold unaided by the other commercial nations of the world.
This decline in the value of silver teaches another lesson, that
prices are fixed by natural causes in spite of law, and the sooner
we learn the folly of trying- to create values or change natural
conditions or suspend the inflexible law of supply and demand,
the only forces in the domain of commerce that impresses values,
the better for the country. It is true the law may create a
use, and the value of the article may be enhanced by reason of
such use, but supply and.demand will step in and fix the price.
The decline in the value of silver may be accounted for independent of the so-called unfriendly legislation against that
metal. It is affected by the same natural causes as other commodities. The improved methods of mining and refining it has'
cheapened its cost of production, besides its yield-has greatly
increased in the last few years.
A statement issued by the Treasury Department shows that the
entire silver product of the world in 1873 was $81,800,000. In
1892 it had increased to $196,605,000. Our own mines produced
27,650,000 fine ounces in 1873, and in 1892 they produced 58,000,000
fine ounces. The demand has not kept pace with the production.
Silver has fallen in value on account of the operation of the same
influences that have reduced the value of iron, steel, sewing machines, and other commodities.
The leading commercial nations having ceased or greatly limited the coinage of silver, thereby lessening the demand, for
us to now open the doors of our mints to its free coinage would
make-us the dumping ground for the cheap silver of the*world.
It would be a repetition of the experience of France. She continued to coin silver at her mints after part of the commercial
countries of Europe had closed the doors of • their mints to silver, when, in 1873, she was startled to find that 154,000,000francs*
worth of silver had been deposited at her mints, as against
5,000,000 francs* worth in 1871~'72.
Such a policy would ultimately drive us to a silver basis, and
our silver would fall to its bullion value, and would drive out of
circulation our gold. Bankers and money-changers would.keep
and hoard the good money and payout the cheaj) money, and the
effect would be that the volume of our circulation would be diminished rather than increased.
Our friends contend, however, that a coin bearing the stamp
of the United States, " This is a dollar," will make it so regardless of the intrinsic value of the metal composing it; and. as a
proof of this contention they ask us if our present dollar, that
intrinsically is worth but 60 cents, has not the purchasing power
of a dollar. I answer, Yes, undoubtedly. The silver dcfllars
we have to-day are made by the Government, and in pursuance
to her declared policy to maintain both coins at a parity, she
has pledged the credit of the nation to keep the silver dollar as
good as gold, and she has put a gold dollar under every silver
dollar to maintain ^nd hold it up to the dollar mark.
The Government, however, will not stand as security for freecoinage dollars. They will not be hers, they would belong to the
private corporations and individuals that have their silver bul507




10
lion coined at our mints at the expense of the people. Such dollarp will be worth just their bullion value and no more. The
unwritten law or trade and commerce will fix their value despite
the Government stAmp. t
The free coinage of silver, in my judgment, would create and
foster the greatest monopoly and open fields for speculation unparalleled in the history of the country. The foreign importer
could bring his cargo of foreign products worth $100,000, together with $100,000 of cheap silver bullion purchased from the
four quarters of the globe to our shores and he could exchange
his cargo for our gold. He could take his bullion to our mints
and have it coined into $140,000 in our money at the present
market price and ratio between the two metals, and with his
cheap dollars that cost him 60 cents apiece he could buy $100,000
worth of American products from our farms and^ shops for his
return cargo, and take back home with him $100,000of our gold,
$110,000 worth of our products, and 40,000 silver dollars in the
transaction. And yet it is contended that free coinage will increase the volume of the currency.
",
The wealth of this country could buy up the cheap silver of
our mines and have every 60 cents' worth of it coined into a dollar and compel the people to take it for 100 cents.
Should such policy ever prevail in this country all things
should be made equal. The toiler should receive a dollar for (50
cents' worth of labor, the farmer should have the right to take
60 C3nts' worth of wheat to mill and have it ground into a dollar's
worth of flour. [Applause.]
Mr. Speaker, as I have already stated, I am in favor of a bimetallic standard, and greatly desire the restoration of silver in
the monetary system of the-world that it formerly occupied. This,
in my opinion, can not be done by us without the cooperation of
the leading commercial nations, fixing by international agreement the ratio between the two metals, so that the commercial
world will accept the two metals at such fixed ratio without dis^
crimination against either.
Can this be accomplished? I think it can. The distinguished
gentleman from Kentucky [Mr. M C C R E A R Y ] , who was a member
of the Brussels monetary conference, and who represented the
free-silver interests of this country in that conference, told us in
his speech the other day, in substance, that the only hindrance
in the way, he believed* was that England would not enter into
such an agreement, because she believed that chis country would
ultimately drift to the silver basis by adopting the system of free
coinage. That belief removed, he thought we could receive the
cooperation of the leading commercial nations, including England, in restoring the bimetallic standard in the commerce of
the country.
D I D THE WANT OF MONET CREATE THE P A N I C ?

MONEY I S NOT WEALTH.

Mr. Speaker, it is asserted'by some in this discussion that the
remedy for our present financial depression is more money. The
time .allotted me through the courtesy of the Speaker will not
permit zne to enter into a fujl discussion of this proposition, but
I must content mysejf.with a few incontrovertible fa<jts bearing
on this branch of the subject.
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11
Mr. Speaker, Tfre never had so much money as we have now;
we have some $70,000,000 more in circulation than we had last
year; we have more money to-day in circulation and in the Treasury than we have ever had in the most prosperous days of the
country. It should be borne in mind that it is not the amount
of money made that is beneficial to the people or commerce, but
the amount in circulation, and the only way to circulate money
that I know of is to have something to give in exchange for it..
I hold in my hand a statement prepared by the Secretary of the
Treasury, which I will append to my remarks, showing the
amount of money in circulation and in the Treasury. From it
we find we have in money $33.88 per capita and $24.47 per capita
in circulation, hence we see we have almost $10 per capita more
than is now in circulation. I suggest, without comment, do we
not want something to give in exchange for the money we already have instead of more money?
These financial theorists that dwell in visions and fancy that
money should fall like dew and be gathered like manna, forget
that money is not wealth. You can purchase wealth with money.
Our wealth consists of our cities, farms, railroads, telegraphs,
mines, and the productive energies of the people. The wealth
of the nation is about $65,000,000,000. Should we measure our
wealth by the money we have we would be worth just $2,219,719.193.
Money is only valuable in proportion to the amount of wealth
it will buy. The wages of our workmen are paid in money, yet
their real capital is their labor. They are only interested inf
money for its money worth—not in the metal piece, but what
they can get of the necessaries of life for it.
In conclusion, Mr. Speaker, I desire to say that an honest Government should issue to its people an honest dollar, and that if
we maintain a sound financial policy in the future as in the past,
preserve our Americanism, and not call a halt and take company
with free silver and the second-class powers of the earth, the day
is not in the distant future when we will sway the scepter of the
commercial world. [Great applause.]
APPENDIX.
Statement showing the amounts of money in the United State*, in the Treasury
and in circulation, on th* dates specified.
Year.
1860
1861
1862
1863
1864......
1865
1866
1867
1868.
1869
1871

Amount of
Amount la cir- Population. Money Circulaper
tion per
money In
culation.
capita. capita.
United States.
8442,102,477
452,005,767
358,452,079
674,867,283
705,588,067
770,129,755
754,327,254

728,200.612

716,553,578
715,351,180
722,868,461
741,812,174

507




$435,407,252
448,405,767
334,697.744
595,394,038
669,641,478
714,70*2,995
673,488,244
661,992,069
680,103,661
664,452,891
675,212,794
715,889,005

31,443,321
32,064,000
32,704,000
33,365,000
34,046,000
34,748,000
35,469,000
36,211,000
36,973,000
37.756,000
38,588,371
39,555,000

$14.06
14.09
10.96
20.23
20.72
22.16
21.27
20.11
19.38
18.95
18.73
18.75

$13.85
13.98
10.23
17.84
19.64
20.57
18.99,
18.28
18.39
17.60
17.50
* 18.10

12
Statement showing the amounts of money in the United States*, ^.—Continued.
Amount of
money in
United States.
721,565
774, 445,610
806,024,781
798, 273,509
790, 683,284
763, 053,847
791, 253,576
1,031, 521,541
1,205, 929.197
1,406, 541,823
1,480, 531,719
1,613, 489,816
1,705, 454,189
1,817, 658,336
1,808,559,694
1,900, 442,672
2,062,955,949
2,075, 350,711
2,144, 226,159
2,100, 13U,092
2,219, 719.198

Amount in cir- Population. Money
per
culation.
capita.
$738,309,549
751,881,809
776,083,031
754,101,947
727,609, 5 8
*8
722,314,883
729,132,634
818,631,793
973,382,228
1,114,238,119
1,174,290,419
1,230,305,696
1,243,925,969
1.292,568,615
1,252,700,525
1,317,539,143
1,372,170,870
1,380,361,649
1,429,251,270
1,500,067,555
1,603,073,338

Circulation per
captia.

$18.79
18.58
18,83
18.16
17.52
16.46
16.62
21.52
24.04
27.41
28.20
30.60
31.06
32.37
31.50
32.39
34.39
33.86
34.24
32.83
33.83

40,596,000
41,667,000
42,796,000
43,951,000
45,137,000
46,353,000
47,598,000
48,866,000
50,155,783
51,316,000
52,445,000
53,693,000
54,911,000
56,148,000
57,404,000
58,680,000
59,974,000
61,289,000
62,622,250
63,975,000
65,520,000

$18.19
18.04
18.13
17.16
16.12
15.58
15.32
16.75
19.41
21.71
22.37
22.91
22,65
23.02
21.82
22.45
22.88
22.52
22.82
23.45
24.47

NOTE.—The difference between the amount of money in the country and
the amount in cumulation represents the money in the Treasury.
Highest, lowest, and average price of silver bullion, and value of afineounce,
bullion value of a United States silver dollar, and commercial ratio of silver to
gold byfiscalyears, 1874 to 1893.

Fiscal
years.

Highest.

Average EquivaLondon lent value
Low- price per of a fine
est.
ounce ounce with
standard exchange
at par,
.925
$4.8665.

Pence. Pence.
59}
1873-74...
574
58$
1874-75...
55*
1875-76.. _ .57*
50
58}
sot
1876-77...
55|
1877-78...
52}
52?|
1878-79....
48f
53* ! 514
1879-'80.._
52|
51
1880-'81...
1881^82...
50}
52A
52^
1882-'83.._
50
1883-'84.„
50A
Ml
1884-'85.._
48§
42
1885-*86...
42
1886-'87._.
474
1887-,88.__
45&
4lK
44*
1888-'89
41H
42
1889-'90.._
49
43J
isgo-'gi...
5H
46§
39
1891-'92„.
40/*
30}
1892-'fl3...
342
32|
July
i

Pence.
58.312
$1.27826
56.875 . 1.25127
52.750
1.15184
54.812
1.20154
52.562
1.15222
50.812
1.11386
52.218
1.14436
51.937
1.13852
51.812
1.13623
51.023
1.11826
50.791
1.11339
49.843
1.09262
47.038
1.03112
44.843
.98301
43.675
.95741
-42.499
.93163
44.196
.96883
47.714
1.01195
42.737
.93648
38.375
.84123
33.060
.72471

THEASURY- DEPARTMENT,
Bureau of the Mint, August it 1893,
507




Equivalent value
of a fine
ounce
based on
average
price of
exchange.

Bullion
value of a
United
ComStates sil- merver dollar, cial
at average ratio of
price of silver
silver, ex- to gold.
change at
par.

$1.28247
1.25022
,1.15954
1.20191
1.15257
1.11616
1.14397
1.13508
1.13817
1.11912
1.11529
1.09226
1.03295
.98148
.95617
.93510
.96839
1.04780
• 93T23.
.84263
.72037

$0.98865
.96777
.89087
. 92931
.89116
.86152
.88509
.88057
.87880
.86490
.86115
.84507
.79750
.76029
.74008
.72055
.74932
.80588
.72430
.63063
.56052

16.17
16.52
17.94
17.20
17.94
18.55
18.06
18.15
18.19
18.48
18.56
18.92
20.04
21.02
21.59
22.18
21.33
19.83
22.07
24.57
28.52
'

/

13
Product of gold and silver in the United States from 1792-1844, and annually since
[By the Director of the Mint.]
Gold.

Years.
April S, 1792, to July 31, IS34
July 31,1834, to December 31,1844
184 5
184 6
181 7
181 8

-

1849....
1850
185 1

1853

185 J
18 >4

1P55
1856

1--

1857...
1858..
1859..

1860
1861
1833

-

----—

J

1863

1864....
1865

1G
8Q

.

-

1867.
1868
186 9
187 0
187 1

-

-

1873

1873
1874....
1875...
1876
1877
1878
1879 .
1880._._„.._ .
1881
J.
,1882......J
18S3._
1884
1885'.

1886

1887..

-

-

-

—

—-

1888

-

1889
1893
1891
1892..
Total

-

-

-

—

$14,000,000 Insignificant.
$250,000
7,500,000
50,000
1,008,327
50,000
1,139,357
50,000
889,085
50,030
10,000,000
50,000
40,000,000
50,000
50,000,000
50,000
55,000,000
50, C O
O
60,000,000
50,000
65,000,000
50,000
60,000,000
50,000
55,000,000
50,000
55,000,000
50,000
55,000,000
500,000
50,000,000
100,000
50,000.000
150,000
46,000,000
2,000,000
43,000,000
4,500,000
39,200,000
8,500,000
40,000,000
11,000,000
46,100,000 11,250,000
53,225,000
10,000,000
53,500,000
13,500,000
51,725,000
12,000.000
48,000,000
12,000, 00
49,500,000
16,000,000
50,000,000
23,000,000
43,500,000
28,750,000
36,000,000
35,750,000
36,000,000
57,800,000
33,500,000
31,700,000
33,400,000
38,800,000
39,900,000
39,800,000
46,900,000
45,200,000
51,200.000
40,800,000
38,S00,000
39,200,000
36,000,000
43,000,000
34,700,000
46,800,000
32.500,000
46,200,000
30,000,000
48,800,000
30,800,000
51,600,000
31,800,000
51,000,000
35,000,000
53,350,000
33,000,000
59,195,000
33,175,000
64,04(5,000
32,800,000
70,464,000
32,845,000
75,417,000
33,175,000
73,697,000
33,000,000
1,937,881,769

507




Silver.

O

1,146,869,000