Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1900-03-22
COUNTED BY BILLIONS

OOO AVA ILL II l. I'LL 11O1yb
THE COBOENITE AND BRYANlTE
THEORIES UPSET BY FACTS.
Billion Dollar Mark Alike i'm Its
Foreign 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
money in circulation This is an I'M,
pleasant fact for two classes of theo-
rists. It is unpleasant for free-traders,
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 con-
tention that a protective tariff was ia
tai to foreign trade expansion. Equally
unpleasant, indeed actually distressing,
is the fact of a 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
's16 to T. 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 a single
month of the history Of the United
States under Mckinley and Prosper
ity.'' On the 14th Of January of this
year it was announced by the 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 Treasury Bureau
of Loans and Currency made known
the fact that the total money in circu-
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, 242,
while the total money in circulation on
Feb. 1 was $2,OO3, 149, 1856. 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, 1924; the latest re-
port Of the Comptroller of the Currency
shows the deposits in savings banks to
be s., $50, 1866, 954; the total resources Of
all banks in the United States are given
by the same report as S5,196, Ut 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 Sc, O12,-
$780, IA, and those of the city of New
York at 5,348. 285, 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 forfeach
individual is greater to-day than ever
before. The Treasury Bureau Of Loans
and Currency publishes each month a
circulation, and by combining with this
the actuary's estimate of population
presents monthly statement of the
amount Of money in circulation per
capita. This statement puts the popu-
lation on Feb. 1, 1900. at "a, 116, 900, the
money in circulation at $1,000, las, 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. /, 1899, it was $25.42,
on Feb. /, 1893, $23.42: on Feb. /, 1897.
$23 .O5, and on Feb. /, 1896, $22.47.
No period in our financial history has
shown a more rapid growth in the
that covered by the past three or four
wears. 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
s493. 424, 1856, and Of gold and gold GER
tificates $3O5, $4,000, practically two
thirds of the incrsase, therefore, having
been in gold.
The following table shows the amount
Of gold and total money III circulation
at the beginning OF each quarter OF the
fiscal year. from July i, 1896, to date:
Gold (coin
and certifi- Total
eates) in money IN
circulation circulation.
Date Dollars. Dollars.
fs96-Tuly L.. 1875, 449,24o 1900, 725, 200
Ger. .17. sos, 129 1,5S2, BOZ, :;,S9
1eo7-Tan. j. sos, 63O, 668 1850, 2 233 400
April / 554 ,JS2,O96 1869 600, 1914
July /. $50, 49,, 594 1,646 OBS, 2246
Oct. /. ..564. 997,312 1878, $40, 5:,S
fsos-Jan. i. .5S4, 126,049 1,721 ,1OO,64O
April !. 61S,448,941 56,O5S, $40
July i. .e96, 7s0,519 1,S43,435 749
Oct. i. .65s. O43. I'll 1885, y2
1s99-Jan. i. 49,, 9So.132 1897 ,3O1 .412
April / .7o7. 74S,5 sol 1872, S46, :)42
July i. 34.716, TBS 1,932, 4S4 ,2239
Oct TAX 234 IA 94S 7C:5 49,;