Appendix G, 



I. STATISTICS RELATING TO CURRENCY QUESTIONS. 



1. Object and Method of Study. — A popular study of the " Currency 

 Question" is generally understood to have for its object the formation of a 

 judgment in regard to the effect of changes in the character and volume of the 

 currency upon the standard of life. From the standpoint of the farmers who, 

 in the aggregate, always carry an enormous permanent indebtedness, secured by 

 mortgage, nothing more directly affects the standard of living than the ease or 

 difficulty with which they are able to meet the interest and principal of this 

 long-time indebtedness ; nor is there any better index of the farmer's material 

 prosperity or want of it, than the extent of his ability to meet these engage- 

 ments promptly. The farmer whose debts do not trouble him can, and usually 

 does, enjoy the comforts of life, and many of its luxuries. For the farmer, 

 therefore, nothing is more important, in connection with the currency, than its 

 justice as a standard of deferred payments. But it is not the only important 

 thing for the farmer to consider, for like the day laborer, who may own no 

 property, the farmer is also a large buyer of commodities, and profits by the 

 cheapness of such as he has to buy. 



A very common method of conducting such a " study " is to first form the 

 "judgment," and then diligently hunt for the "statistics" to sustain it. 

 Sometimes people do not even " form " their judgments, but accept them ready 

 made at the hands of some political or social orator or publication. It need 

 not be said that this is a very bad way indeed to " study " a question. No 

 good can come from such a method. A much better way, and indeed the only 

 good way, is to obtain, so far as possible, all the statistical facts bearing on the 

 problem, arrange them in an orderly and logical way and then sit down and 

 try to see what, when thexj are all taken togcthei-, they prove. Such a brief 

 paper as this appendix pnust be, can contain only a few summaries from the 

 vast quantity of the statistics which have been gathered upon the currency 

 question, nor will it be possible to include as imich of explanation as would be 

 desirable for those not familiar with these studies; but an attempt has been 

 made to include what is most important, including all that are commonly used 

 in popular discussion in this country, with such explanatory matter as will 

 enable a person of ordinary education to reach an independent judgment, and 

 feel that he is able to defend it. A wrong judgment which is the result of 

 (610) 



