Statement of the coin and paper circulation of the United States from 18 0 to 1896, inclusive, with amount of circulation per capita. 1860... 1861 1862... 1863... 1864... 1865... 1866... 1867. 1868... $235,000,000 $207,102,477 $442,102,477 729,327,254 1869... 1870.. 1871. 1872... 1873... 1874... 1875... 1876... 1877... 1878... 1879... 1880... 1881... 1882... 1883... 769,740,048 1884. 801,068,939 1885... 1886... 902,027,304 872,175,823 $6,695,225 452,005,767 3,600,000 358,452,079 23,754,335 674,867,283 79,473,245 705,588,067 35,946,589 770,129,755 55,426,760 25,000,000 754,327,254 80,839,010 25,000,000 703,200,612 728,200,612 66,208,543 25,000,000 691,553,578 716,553,578 36,449,917 25,000,000 690,351,180 715,351,180 50,898,289 664,452,891 37,756,000 18 95 25,000,000 697,868,461 722,868,461 47,655,667 675,212,794 38,558,371 18 73 25,000,000 716,812,174 741,812,174 25,923,169 715,889,005 39,555,000 18 75 25,000,000 737,721,565 762,721,565 24,412,016 738,309,549 40,596,000 25,000,000 749,445,610 774,445,610 22,563,801 751,881,809 41,677,000 18 58 25,000,000 781,024,781 806,024,781 29,941,750 776,083,031 42,796,000 18 83 25,000,000 773,273,509 798,273,509 44,171,562 754,101,947 43,951,000 18 16 52,418,734 738,264,550 790,683,284 63,073,896 727,609,388 45,137,000 17 52 65,837,506 697,216,341 763,053,847 40,738,964 722,314,883 46,353,000 16 46 102,047,907 689,205,669 791,253,576 62,120,942 729,132,634 357,268,178 694,253,363 1,051,521,541 232,889,748 818,631,793 494,363,884 711,565,313 1,205,929,197 232,546,969 973,382,228 647,868,682 758,673,141 1,406,541,823 292,303,704 1,114,238,119 703,974,839 776,556,880 1,480,531,719 306,241,300 1,174,290,419 873,749,768 1,643,489,816 413,184,120 1,230,305,696 904,385,250 1,705,454,189 461.528,220 1,243,925,969 945,482,513 1,817,658,336 525,089,721 1,292,568,615 905,532,390 1,808,559,694 555,859,169 1,252,700,525 1887... 1,007,513,901 892,928,771 1,900:442,672 582,903,529 1,317,539,143 1888... 1,092,391,690 970,564,259 2,062,955,949 690,785,079 1,372,170,870 1889... 1,100,612.434 974,738,277 2,075,350,711 694,989,062 1,380,361,649 1890... 1,152,471,638 991,754,521 2,144,226,159 714,974,889 1,429,251,270 1891... 1,163,185,054 1,032,039,021 2,195,224,075 697,783,368 1,497,440,707 1892... 1,232,854,331 1,139,745,170 2,372,599,501 771,252,314 1,601,347,187 1893... 1,213,413,584 1,109,988,808 2,323,402,392 726,701,147 1,596,701,245 1894... 1,251,543,158 1,168,891,623 2,420,434,781 759,626,073 1,660,808,708 1895 1,260,987,506 1,137,619,914 2,398,607,420 796,638,947 1,601,968,473 1896... 1,225.618,792 1,120,012,536 2,345,631,328 839,000,302 1,506,631,026 NOTE 1.-Specie payments were suspended from January 1, 1862, to January 1, 1879. During the greater part of that period gold and silver coins were not in circulation except on the Pacific coast, where, it is estimated, the specie circulation was generally about $25,000,000. This estimated amount is the only coin included in the above statement from 1862 to 1875, inclusive. NOTE 2.-In 1876 subsidiary silver again came into use, and is included in this statement, beginning with that year. NOTE 3.-The coinage of standard silver dollars began in 1878 under the act of February 28, 1878. NOTE 4.-Specie payments were resumed January 1, 1879, and all gold and silver coins, as well as gold and silver bullion in the Treasury, are included in this statement from and after that date. NOTE 5.-This table represents the circulation of the United States as shown by the revised statements of the Treasury Department for June 30 of each of the years specified. X. Mr. McKINLEY'S RECORD. HE FAVORED FREE COINAGE. very Mr. McKinley, the Republican nominee for President, stands in awkward attitude to crticise his Democratic opponent, or anyone else, on account of his position on silver coinage. No man in public life ever made so crooked and varied a record on a public question as he has made on this. While a member of Congress he voted for free and unlimited coinage and against free and unlimited coinage. He voted for limited coinage and against limited coinage. On November 5, 1877, he voted yea, on the motion of Mr. Bland, of Missouri, to suspend the rules and pass a bill for the free and unlimited coinage of silver at the ratio of 16 to 1, and to restore the legal-tender qualities of standard silver dollars. He, thereby, not only voted for free and unlimited coinage, but by his vote to pass it under a suspension of the rules he recorded himself in favor of not allowing any amendment to the proposition.-Congressional Record, vol. 6, and Appendix, Forty-fifth Congress, first session, page 241. This bill passed the House by a two-thirds majority, and was amended in the Senate by striking out the free coinage provision and providing for the purchase and coinage of not less than two million nor more than four million dollars' worth of silver per month. When the bill came back to the House it had become apparent to Mr. Bland, its author, that the Senate would not agree to free and unlimited coinage, and that they would have to take the bill as amended by the Senate or get no silver legislation. Mr. McKinley voted with Mr. Bland and other friends of free coinage to concur in the Senate amendments.-Congressional Record, vol. 7, part 2, page 1284. This bill, known as the Bland-Allison act, was vetoed by President Hayes. Both Houses passed it over his veto. Mr. McKinley voted in favor of passing the bill over the veto of the President hailing from his own State. Such well known Republicans as Hale, Frey, and Garfield voted against it.-Congressional Record, vol. 7, part 2, page 1420. On January 28, 1878, the House passed, under the suspension of the rules. the Matthews Concurrent Resolution.—Journal H. R., Forty-fifth Congress, second session, page 309. Mr. McKinley voted for the passage of this resolution. Representative members of the Republican party, such as Messrs. Thomas B. Reed, William Frye, and James A. Garfield voted against it. The following is the resolution: "Whereas, by the act entitled 'An act to strengthen the public credit,' approved March 18 1869, it was provided and declared that the faith of the United States was thereby solemnly pledged to the payment in coin, or its equivalent, of all the interest-bearing obligations of the United States, except in cases where the law authorizing the issue of such obligations had expressly provided that the same might be paid in lawful money or other currency than gold and silver; and "Whereas, all the bonds of the United States, authorized to be issued by the act entitled 'An act authorizing the refunding of the national debt,' approved July 14, 1870, by the terms of said act were declared to be redeemable in coin of the then present standard value bearing interest payable seim-annually in such coin; and "Whereas, all bonds of the United States authorized to be issued under the act entitled 'An act to provide for the resumption of specie payments,' approved January 14, 1875, are required to be of the description of bonds of the United States described in the said act of Congress approved July 14, 1870, entieled 'An act to authorize the refunding of the national debt'; and "Whereas, at the date of the passage of said act of Congress last aforesaid, to wit, the 14th day of July, 1870, the coin of the United States of standard value of that date included silver dollars of the weight of four hundred and twelve and a half grains each, declared by the act approved January 18, 1837, entitled 'An act supplementary to the act entitled "An act establishing a mint and regulating the coins of the United States," to be a legal tender of payment, according to their nominal value, for any sums whatever; therefore, "Resolved by the Senate (the House of Representatives concurring therein), That all the bonds of the United States issued, or authorized to be issued, coinage such silver coins as legal tender in payment of said bonds, principal and interest, at the option of the Government of the United States, in silver dollars, of the coinage of the United States, containing four hundred and twelve and a half grains each of standard silver; and that to restore to its coinage such silver coins as legal tender in payment of said bonds, principal and interest, is not in violation of the public faith, nor in derogation of the rights of the public creditor." Passed House under suspension of rules January 28, 1878, yeas 189, nays 79.-Journal H. R., second session, Forty-fifth Congress, page 310. This resolution was called forth by the message of Mr. Hayes to Congress urging that the debts and obligations of the Government be paid in gold only instead of being paid, as the contract and statute provided, in gold or silver. Hence, this was a legislative construction as to how this form of obligations should be discharged by the Government. It should not be departed from now. Nothwithstanding this record, on March 15, 1878, Mr. McKinley voted nay on the motion of Mr. Springer to suspend the rules and pass a bill "To authorize the coinage of gold and silver upon the same terms and to permit deposits thereof in the Treasury for the same purposes."-McPherson's Hand Book of Politics for 1878, page 135. Mr. McKinley voted on April 29, 1878, in favor of the motion to pass a bill to prohibit the retirement of legal-tender notes. To-day his party is fierce in its condemnation of the plea made in the Democratic platform in favor of the preservation of the legal-tender notes. December 9, 1878, Mr. McKinley voted yea on the passage of the bill to stop the coinage of trade dollars and for the exchange and recoinage of the same into legal-tender dollars of 4121⁄2 grains of standard silver.-McPherson's Hand Book of Politics for 1880, page 46. April 8, 1886, Mr. McKinley voted nay on the passage of the free-coinage bill.. In 1888, when the National Republican Convention assembled, Mr. McKinley was made chairman of the platform committee. As such he reported the platform which was adopted by the convention. As he had voted both ways on the question before, interest would naturally center on him when it came time for him to make the platform upon which he himself was to run for Congress and the nominee of that convention was to stand for the Presidency. The following is the platform as it was adopted on the currency question: "Bimetallism. "The Republican party is in favor of the use of both gold and silver as money, and condemns the policy of the Democratic administration in its efforts to demonetize silver." Having been elected to the Fifty-first Congress on this platform, he was made leader of his party in the House. He there became the champion of the proposition to purchase silver bullion. A bill (H. R. 5381) entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," was reported to the House. On June 5, 1890, Mr. McKinley, from the Committee on Rules, reported a resolution for the consideration of the bill and fixing a time for a vote on it. The bill was substantially the same as what was known as the Sherman act. The bill to be considered contained the following among other provisions: "That the Secretary of the Treasury is hereby directed to purchase from time to time silver bullion to the aggregate amount of four million five hundred thousand dollars' worth in each month, at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty-five one-hundredths grains of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United States to be prepared by the Secretary of the Treasury, in such form and of such denominations, not less than one dollar nor more than one thousand dollars, as he may prescribe," etc. As the resolution fixed limitations on debate and amendments, it was de nounced by Mr. Bland as a "gag-rule," but after an animated debate it was adopted. During the debate Mr. McKinley championed the cause of the white metal, and advocated the giving of more currency to the people, in the following vigorous language: "It is a resolution, Mr. Speaker, to give to the House of Representatives an opportunity to pass some silver legislation, and to give to the country a silver bill which the majority of this House believe will be fully responsive to the general sentiment of the country. (Applause on the Republican side.) It is, Mr. Speaker, to give to the House of Representatives, an opportunity to pass a bill which shall take all of the silver bullion of the United States-all of the silver product of the United States-and utilize that silver bullion for monetary purposes, and put it in circulation for the movement of the business of the country. It is to give to the people of the country not $2,000,000 monthly, but to give them four and one-half millions monthly, or two and one-half millions more than what is now provided by the existing law."-Congressional Record, June 5, 1890, vol. 21, part 6, page 5647. Again, in the same debate, he said: "We propose to give to this country what gentlemen upon the other side of the House could not do, what you did not dare do for four years. We propose to give to the country a silver bill that will take all of the silver practically of the United States and make it available for the use of the people."-Congressional Record, June 5, 1890, vol. 21, part 6, page 5648. It may be remarked here that these utterances are in strong and strange contrast with the following declaration made by Mr. McKinley in his letter of acceptance: "It is not more money we want; what we want is to put what money we already have at work." When the bill above named came up for consideration in the House whereby the bullion was to be bought and Treasury warrants issued thereon, Mr. McKinley proclaimed the necessity for more currency and more silver in the following speech in the House of Representatives: "Two things, Mr. Speaker, have been made clear by the discussion during the last two days. The first one is that it is desirable and necessary that the country should have an incerase of its circulating medium, and the second that in providing for this circulating medium the silver product of the United States should be used and employed. I have listened attentively now for the third day, and I have heard gentlemen on both sides of the House, without exception, repeatedly declare in favor of these two propositions: "First. That we needed more money; and, "Second. That that money should be obtained by the use of the silver product of the United States. It is true that different methods have been suggested to reach these ends. It is true that on the one hand there are those who would have unlimited coinage of silver from every quarter of the globe at the present ratio, and again, there are those who would limit the coinage to the output of the United States, and still others who would increase this coinage by a purchase of the bullion at the market value, and there are those |