tes has been going on
there has been a large increase in the amount of gold and silver coin in
circulation and in the issues of gold and silver certificates.

The total amount of money of all kinds in circulation on March 1,
1878, was $805,793,807, while on October 1, 1889, the total was
$1,405,018,000. There was an increase of $293,417,552 in gold coin,
of $57,554,100 in standard silver dollars, of $72,311,249 in gold
certificates, of $276,619,715 in silver certificates, and of $14,073,787
in United States notes, making a total of $713,976,403. There was during
the same period a decrease of $114,109,729 in bank circulation and of
$642,481 in subsidiary silver. The net increase was $599,224,193. The
circulation per capita has increased about $5 during the time covered by
the table referred to.

The total coinage of silver dollars was on November 1, 1889,
$343,638,001, of which $283,539,521 were in the Treasury vaults and
$60,098,480 were in circulation. Of the amount in the vaults
$277,319,944 were represented by outstanding silver certificates,
leaving $6,219,577 not in circulation and not represented by
certificates.

The law requiring the purchase by the Treasury of $2,000,000 worth of
silver bullion each month, to be coined into silver dollars of 412-1/2
grains, has been observed by the Department, but neither the present
Secretary nor any of his predecessors has deemed it safe to exercise the
discretion given by law to increase the monthly purchases to $4,000,000.
When the law was enacted (February 28, 1878) the price of silver in the
market was $1.204 Per ounce, making the bullion value of the dollar 93
cents. Since that time the price has fallen as low as 91.2 cents per
ounce, reducing the bullion value of the dollar to 70.6 cents. Within
the last few months the market price has somewhat advanced, and on the
1st day of November last the bullion value of the silver dollar was 72
cents.

The evil anticipations which have accompanied the coinage and use of the
silver dollar have not been realized. As a coin it has not had general
use, and the public Treasury has been compelled to store it. But this
is manifestly owing to the fact that its paper representative is more
convenient. The general acceptance and the use of the silver certificate
show that silver has not been otherwise discredited. Some favorable
conditions have contributed to maintain this practical equality in their
commercial use between the gold an