And, first, as to the amount of currency necessary to meet the wants of
the people.

* * * * *

It is a fact that there has been a constant increase of currency. It is
a fact which must be constantly borne in mind. If any evils now exist
such as have been so often stated, such as falling prices, increased
mortgages, contentions between capital and labor, decreasing value of
silver, increased relative value of gold, they must be attributed to
some other cause than our insufficient supply of circulation, for not
only has the circulation increased in these twelve years 80 per cent.,
while our population has only increased 36 per cent., but it has all
been maintained at the gold standard, which, it is plain, has been
greatly advanced in purchasing power. If the value of money is tested by
its amount, by numerals, according to the favorite theory of the Senator
from Nevada (Mr. Jones), then surely we ought to be on the high road
of prosperity, for these numerals have increased in twelve years from
$805,000,-000 to $1,405,000,000 in October last, and to $1,420,000,000
on the 1st of this month. This single fact disposes of the claim that
insufficient currency is the cause of the woes, real and imaginary, that
have been depicted, and compel us to look to other causes for the evils
complained of.

I admit that prices for agricultural productions have been abnormally
low, and that the farmers of the United States have suffered greatly
from this cause. But this depression of prices is easily accounted
for by the greatly increased amount of agricultural production, the
wonderful development of agricultural implements, the opening of vast