Crawford avalanche. (Grayling, Mich.) 1879-19??, 1900-03-22
By BILLIONS


In THtoRieS UPSET ~ FACTS.
This Country Has Passed the Two
\ billion Dollar Mark Alike In Its
Foreisn Trade and in the Amount Of
Money in CIRCULATION.
The United States has reached the
two billion dollar mark alike as to its
foreign commerce and Its volume Of
.Inoney,in circulation. This is an I'M
pleasant fact for two classes Of theo-
rists 1t is unpleasant for free-traders,
becadse 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 con-
.tention. that a protective tariff was IA
tai to foreign trade expansion. Equally
unpleasant, indeed actually distressing,
Is the fact of two billion dollar volume
of money in circulation to those who
have based all their political hopes and
ambitions upon the effort to show that
40 to 1" was the only thing that could
make money plenty and cheap.
Curiously enough, the facts that make
both the Cobdenites and the Bryanites
look silly are the product of single
month of the history Of the United
States under mckinley and Prosper
ity." On the 18th Of January Of this
NV u,rna CIT nv
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 Treasury Bureau
of Loans and Currency made known
the fact that the total money in clrcu-
lation had also crossed the two billion
dollar line, while gold and gold certifi-
Gates alone had crossed the 800 million
dollar line. The total foreign commerce
for the year 1899 was $2,O74, 345, PAP,
while the total money in circulation on
Feb. was $2,0O3, 149,355. The use of
ten figures with which to show the
business conditions Of the country is
indeed becoming surprisingly frequent.
The tables of the December summary
of commerce and finance show, for in
stance, the total resources of national
banks at $4,475, 343,924; the latest re-
port Of the Comptroller Of the Currency
shows the deposits in savings banks to
be 81, $50, 366 954; the total resources OF
all banks in the United States are given
by the same report as $5,196, III 1881,
and the latest number of the summary
of Commerce and Finance shows the
December Clearing House returns of
all cities outside Of New York at So, 012,-
800, 144, and those of the city Of New
York at $5,34S, 2S5, S67.
The announcement that the money in
circulation in the United States has for
the first time crossed the two billion
dollar line also calls attention to the
fact that the amount Of money for each
individual is greater to-day than ever
before. The Treasury Bureau of Loans
and Currency publishes each month a
statement Of the amount of money in
circulation, and by combining with this
the actuary's estimate of population,
presents a monthly statement of the
amount of money in circulation per
capita. This statement puts the popu-
lation on Feb. /, 1900, at 77,116,0OO, the
money in circulation at $2,Q03, 149 1856,
and the circulation per capita at $25.9S.
This gives a larger per capita than in
any earlier month In the history of the
country. On Feb. 1. 1899, it was $25. 40,
on Feb. /, 1898, $23.42: on Feb. 1, 1897,
$23.O5, and on Feb. /. 1896. $22.47.
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 circulation
to-day is 33 per cent. greater than at the
beginning of the fiscal year 1897 and.
the gold and gold certificates in circu-
lation 81 per cent. greater than at that
time, the actual increase in money in
circulation during that period being
$493, 424, 155. and of gold and gold GER
tificates 1905. $4,000, practically two
thirds of the increase. therefore, having
been in gold.
The following table shows the amount
of gold and total money in circulation
at the beginning of each quarter of the
fiscal year, from July 1, 1896, to date:
Gold (coin