246 ELLIS H. ROBERTS 



are scattered everywhere, while the silver certificates are all 

 but $27,000,000 in SlO's and below. The people need all 

 small notes and clamor for more. They are beyond reach 

 by any secretary for large payments. The power of congress 

 is vast, but it cannot chmb Niagara, nor can it overcome the 

 majestic force of this yellow flood of $80,000,000 a year. 



Some critics complain that gold is not a cheap currency. 

 That is true, and it is its merit; it is secure beyond doubt. 

 Cheap currency may be devised, if that is wanted, but it 

 will have all the qualities of cheapness; it will be weak, un- 

 stable, dubious. Gold is worth all it costs. It goes master- 

 fully everywhere. It stands sure and steadfast itself, and 

 all allied to it takes on its strength and power. Our yellow 

 metal passes in St. Petersburg and Pekin, in Hongkong and 

 Tokio, and the United States note and silver certificate march 

 with it in equal favor. The American people were urged to 

 make fiat money because it was cheap, and to coin silver 

 at 16 to 1, because it was cheap. They rose above the temp- 

 tation and declared not once but twice and always that they 

 want not cheap money, but the best in the world. And they 

 have it, and the annual inflow of $80,000,000 assures it to 

 them and rewards their wisdom. 



Possible peril lies on another side. Our circulation is 

 imdergoing an immense and continuous inflation. In five 

 years, the money in circulation in this country has run up 

 from $1,816,516,392 to $2,404,617,069, an increase of $588,- 

 020,677. The strength is that of this growth, $358,604,872 

 has been in gold, coin and certificates, an annual addition in 

 that form of nearly $72,000,000. We are to confront a fur- 

 ther increase in our circulation, of which gold will constitute 

 not far from $80,000,000 a year. That precious metal, 

 including the certificates standing for it, is now 42.27 of the 

 total, and its share advances steadily. 



Since October 1, 1898 the circulation for each person 

 in the United States has run up from $24.24 to $31.06 and 

 the part of gold in it from $8.78 to $12.57. While nowhere 

 else are checks and drafts and like instruments used to the 

 same extent as with us, no other country has so much money 

 per capita in circulation save France, which claims $39.22 



