Q.—What does this show? A.—It shows that our money supply has increased 240 per cent as compare' with 1860, and 106 per cent as compared with 1872.
Q.—Has the money supply increased faster than the population? A.—Very much faster.
Q.—How do you prove this? A.—By dividing the total money in circulation at each date by the total population of the country at the same date, and thus finding the circulation per capita.
Q.—What does such a process show? A.—The per capita circulation of the United States on July 1, 1860, was $14.06; on July 1, 1872, it was $18.70; at the opening of the present month in 1896 it was $21.39.
Q.—But has not the money supply of the world at large been decreasing On the contrary, it has been increasing rapidly.
Q.—How is this proved? A.—By the statistics of new gold production.
'Q.—How large has this production been A—The reports of the Director of the Mint, which are acknowledged authority, show' that from 1873 to 1804 inclusive world's total new gold production has been
Text read from the printed page and cleaned; old type leaves the occasional error.