, 1900-04-12
BY BILLIONS.
ANTI PROTECTION THEORIES
UPSET BY FACTS.
This Country Has Passed the Two
Billion Dollar Marketable IN It's
Foreign Commerce and in the Amount
Of Money in Circulation.

hAt otaNto MUG iSSitiOo INV
two billion dollar mark alike as to its
foreign commerce n its volume of
money in circulation. This is an I'M
pleasant fact for two classes Of theo-
rists. 1t is unpleasant for free-trad-
ers, because the development of our
trade with foreign nations up to and
beyond the two billion dollar mark
knocks the life out of a cherished free
trade belief and shows that the free
trader was hopelessly, absurdly at
fault in his contention thai a protec-
Nve tariff was fatal to foreign trade
expansion. Equally unpleasant, in
deed actually distressing, is the TACT
OF a two billion dollar volume of
money In circulation to those who have
based all their political hopes and am
bitions upon the effort to show that
rs to l" was the only thing hat could
make money plenty and cheap.
Curiously enough. the facts that
make both the Cobdenites and the
Organizes look silly are the product of
Q single month in the history of the
United States under Mckinley and
Prosperity" On the 18th of January
N thio yCdi II was dullOulCtu ny ~
treasury bureau of statistics that in
the year 1899 our foreign commerce
had crossed the two billion dollar line
while on the LIST of February the treas
ury bureau of loans and currency made
known the fact that the total money
In circulation had also crossed the two
billion dollar line, while gold and gold
certificates alone had crossed the 800
million dollar line. The total foreign
commerce for the year 1899 was 81
O74, 346 PAP, while the total money in
circulation on February / was 81, 003.-
1886. The use of ten figures with
which to show the business conditions
Of the country is indeed becoming sur
prisingly frequent. The tables of the
December summary of and
finance show. for instance, the total
resources of national banks at $4,475,-
343 1924; the latest report of the comp
troller of the currency shows the de-
posits in savings banks to be $780,
$50, 954, the total %resources of all banks
In the United States are given by the
same report as IS, 1896, 1T 1881, and the
latest number of the summary of COM
AN " hlu Ildhtt IL
clearing house returns of all cities out
side Of New York at s3,012, S96. 144. and
those of the city of New York at S5.-
348, 2S5, 1867.
The announcement that the money
in circulation in the United States has
for the first time crossed the two bill
lion dollar line also calls attention to
the fact that the mou of money
for each individual is greater today
than ever before. The treasury bu-
reau of loans and currency publishes
each month a statement of the mount
of money in circulation, and by com-
bining with this the actuary's estimate
Of population, presents a monthly
statement of the amount of money in
circulation per capita. The statement
puts the population on February l,
1900, at n, 900, the money in circu-
lstion at 80, O03, las, 1855, and the circu-
lation per capita at $25.98. This gives
q larger per capita han in any earlier
month in the history of the country.
On February 1, 1899, it was $25.42, on
February l, 1898, $23.42; on February
/, 1897, $23. 05, and on February l, 1896,
322.47.
No period in our financial history
has shown a more rapid growth in
the amount of money in circulation
than that covered by the past three or
-four years. The total money in cir
culation today is SO per cent greater
than at the beginning Of the fiscal year
1897, and the gold and gold certificates
IN circulation 81 per cent greater than
at that time, the actual increase In
money in circulation during that Pc
Rod being $493. 424 .155, and of gold and
gold certificates $305, $50, 900. practical
" two-thirds Of the increase, there
fore. having beer in gold.
The following table shows h
amount of gold and total money in
circulation at the beginning of each
quarter of the fiscal year, from July l,
1895, to date:
Gold (coin
and certif- Total
cates) in money In
circulation. circulation.
Date. Dollars. Dollars.
lS9e-July l.. ADS, 449, 242 1905. 7s5. 200
Oct. H.. 517, sos, 1923 1852, 302, 2Ss
1ss7-Jan. L.. 555, $50, sos 1850, 223. 400
April l..654, $50, O96 1855, O0O, 694
July L.. $50, 432, 594 1876, OBS, 246
Oct. H.. 564, 997, 1872 1878, $40, 53S
xann Euttnr nAn 1 JO1 1nn ain