a sufficient amount of money, either of coin or its equivalent of paper
money, to meet the current wants of business. This it has done in the
twelve years last passed at a ratio of increase far in excess of any in
our previous history.

* * * * *

Under the law of February, 1878, the purchase of $2,000,000 worth of
silver bullion a month has by coinage produced annually an average of
nearly $3,000,000 a month for a period of twelve years, but this amount,
in view of the retirement of the bank notes, will not increase our
currency in proportion to our increase in population. If our present
currency is estimated at $1,400,000,000, and our population is
increasing at the ratio of 3 per cent. per annum, it would require
$42,000,000 increased circulation each year to keep pace with the
increase of population; but as the increase of population is accompanied
by a still greater ratio of increase of wealth and business, it was
thought that an immediate increase of circulation might be obtained by
larger pur chases of silver bullion to an amount sufficient to make
good the retirement of bank notes, and keep pace with the growth of
population. Assuming that $54,000,000 a year of additional circulation
is needed upon this basis, that amount is provided for in this bill by
the issue of Treasury notes in exchange for bullion at the market price.
I see no objection to this proposition, but believe that Treasury
notes based upon silver bullion purchased in this way will be as safe a
foundation for paper money as can be conceived.

Experience shows that silver coin will not circulate to any considerable
amount. Only about one silver dollar to each inhabitant is maintained
in circulation with all the efforts made by the Treasury Department,