River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1904-10-13
THE SUPPLY OF MONEY
Increase of $4,000, 900 Since Jan.
Land SIO,OOo,OOo Month for Eight
Yeara

Land $4,000, 900 a Month for Eight
Years.
| The total stock of money in the Uni
| ted States increased from 81, 763, 49,
326 on January l of this year to $3.50
| 273, 316 on September /, or more than
! $66, 100000, and the money in actual
circulation, which was So, 1866 ,345,Sl9 at
the beginning Of this year., rose to $2,-
| 55S,279,9S4 on September /, an increase
of nearly $112,000,000. On the latter
date the per capita circulation had in
creased just one dollar since the first of
January.
This illustrates how the country is
continually, and, according to the very
| latest figures, gathering increased bene-
| fits from Republican policies. 1t shows
the folly of the free silver argument. for
which Parker and Davis voted in 1896
and in 1900, since it demonstrates that
money supplies increase not as more
money may be coined but as credit, con-
| fidence and real wealth increase from
wholesome policies that bring wealth to
the country and also bring the best
money of the world-gold-tO the coun-
try to represent that wealth. In Demo
cratic times not only was the United
| States hindered from producing wealth,
but the best money to represent wealth
-gold-was driven out instead of being
invited in, owing to the famous Gresham
law that bad money drives out good
money,
The deposits of the clearinghouse
| banks of New York City increased dur
ing the eight months ending August 81,
$343, 900, 900 as one result of the pie
thora of money, and money on call loan
! ed as low as one-half of one per cent.
! 4 recent bulletin issued by the con-
| troller of the currency calls attention
to the enormous increase of 1O5 per cent.
III the deposits of the banks of the whole
country between 1893 and 1908.
National bank notes outstanding have
also been increasing continuously for
more than a year, and especially slnce
the first of January. On August 1, 1908,
| the outstanding national bank note cir
culation was SAT-, 346,4S7. BY January
| 1, 1904, it had reached $425, 163, OOO and
on September 1, $452,516,OO0. Since
August, 1902, the national bank circu-
lation has been higher than at any form
er period. Previous to that date the
maximum point was $362,OO0,000 in
| 1902, and the minimum was $167 ,577,2l4
| in 1891. National bank note circulation
|
than at the low period, and it is likely
to increase further
The total deposits Of Chicago banks
on September and were the largest
in their history. The Chicago National
banks, in response to the controllers
call for statement Of condition on Sep
| TENDER 6, showed total deposits of $780,
57O,660, as against $3.50, 698,82O on June
8 of this year and against 1862, 797, 1856
on December 10, 1901. Chicago State
bank deposits on September were
$277, O59, 4O3, as against $266, 1892, 643 on
June 10 of this year, and as against
5000, 794,S27 on July "A, 1902.
Henry G. Davis said in his speech
accepting the Democratic nomination for
Vice President: ''The apprehension
| which now prevails in business circles
and the present unsatisfactory industrial
conditions of the country, seem to de-
mand a political change"
II there were such apprehension"
could deposits increase in this remark
able way? AS matter of fact, a con-
dition of business apprehension" will
always quickly be followed by runs on
| banks and rapid shrinkage of deposits,
and the very fact that deposits are now
| breaking all previous records proves the
utter absurdity of the Davis calamity
argument.
! The total increase in our volume of
money during the past eight years was
$l,014, 49, SCI; annual increase, $780,
| S39, $40; increase for each month dur
ing the last eight years, $10,569, 1870; an
increase for each day during the last
eight years Of $780,, 304.
| This statement shows that during the
last eight years, over seven of which
| have been under Republican admins
| tration, the increase in the volume of the
| currency has amounted to S352,304 for
each day of Republican administration,
or more than $1OO0O,000 for each month.