THE NATIONAL ALLIANCE. 



193 



The above table is corrected to conform to the population 

 given by the recent census. I carefully prepared and published 

 in my book, "The Philosophy of Price," a table from 1866 to 

 1885. I also made calculations from 1885 to 1889, based upon 

 the increase of the census of 1880. I overestimated the popu- 

 lation, as shown by the late census. This gives a small percent- 

 age of increase in the per capita amount over previous tables. 



These tables will stand the most searching criticism. As a 

 logical result of such rapid per capita contraction of the circu- 

 lating medium, the following table of business failures is given. 

 While these figures are appalling, they do not give more than 

 one-half or one-third of the actual number or amount. The real 

 estate mortgage failures, the chattel mortgage failures, and the 

 deed of trust failures, cannot be given with any degree of accu- 

 racy, yet they are numbered by tens if not hundreds of thou- 

 sands. Besides these, there are the railroad and corporation 

 receiverships ; the vast amount of compromised indebtedness, 

 and other forms of liquidation which are but different terms for 

 business failures. By comparing this table with the one above, 

 it will be seen that the failures have kept pace with the reduction 

 in the volume of currency, excepting the years which followed 

 1873 and 1878. At this last date, the year which immediately 

 preceded specie resumption, all values were nearly eliminated 

 and left no room for failures for some time. 



The failures in the United States from 1865 to 1889 were: 



1865 

 1866 

 1867 

 1868 

 1869 

 1870 

 1871 

 1872 



1873 

 1874 



1875 

 1876 

 1877 

 1878 



161,332 $3,919,394,824 



