The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1904-10-22
SUPPLY OF MONEY
Iaorsase Of s11a.O 900, 900 Since Jan. 1, and
10000, 900 q Month for
Ei1hk Years.

e1O.0OO,OOO a Month for
Eight Years.
The total stock Of money in the
United States increased from 50, 7G3..
1926 on Jan. / Of this year to So
829,273,31G Oh Sept. l, or moro than
$4,000, 600, and the money in actual
circulation, which was $2,4G6,:45,S7S
at the beginning Of this year, rose to
f2,55S,279,9S4 on Sept. ], an increase
Of nearly SIP, 100000. On the latter
date the per capita circulation had in
creased just 81 since the first Of Jam
uary.
This illustrates how the country is
continually, and, according to the very
latest figures, gathering increased benz
eflts FROM Republican policies. 1t shows
the folly OF tho free silver argument
for which Parker and Davis voted III
1896 and iii 1900. since it demonstrates
that money supplies increase not as
more money may be coined, but as
credit, confidence and real wealth in
crease from wholesome policies that
bring wealth to the country and also
bring the best money of the world
gold-to the country to represent that
wealth. In Democratic 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 clearing house
banks of New York city increased dur
ing the eight months ending Aug. 81,
$4,000, 900 as one result of the pie
thora of money, and money on call
loaned as low as one-half of / per cent.
A recent bulletin issued by the con-
rroller of the currency calls attention
to the enormous increase of 1O3 per
cent. in the deposits of the banks OF
the whole country between 1893 and
1908.
National bank notes outstanding
have also been increasing continuous
ly for more than a year, and especial
" since Jan. /. On Aug. l, 1908, the
outstanding national bank note circu-
lation was S417,3lG.4S7. BY Jan. !,
1904, it had reached S425, 100000,
and OIL Sept. !, S132, $4,000.
Since August, 1902, national bank
circulation has been higher than
at any former period. Previous
to that date the maximum point
was $500, GGO, 600 in 1889, and the
minimum was S1G7,577,214 in 1891.
National bank note circulation is ap-
proximatcly $500, 100000 greater than
at the low period, and it is likely to
increase further.
Tho total deposits of Chicago banks
on Sept. 6 and Z were the largest in
their history. The Chicago National
banks, in response to the controllers
COLL for statement of condition Oh Sept.
6. showed total deposits Of $296,5I0,-
GEO, as against $3.50 Cos 500 on June 8
of this year and against $2G2. 1886
on Dec. 10, 1901. Chicago state bank
deposits Oh Sept. Z were s277,059,403,
as against S2G6,392,G43 on June 10 Of
this year, and as against 5000, 19t,-
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 indus
trial conditions of the country, seem 10
demand a political change"
II there were such apprehension
could deposits increase in this remark
able way? Az a matter of fact, a con-
dition Of business apprehension" will
always quickly be followed by runs
on banks and rapid shrinkage of de-
posits, md the very fact that depos-
its are now breaking all previous rec
ords proves the utter absurdity Of the
Davis calamity argument.
The total increase in Il volume OF
money during the past eight years was
$1.014, 716,561; annual increase, $780,
8 9,57O; increase for each month dur
ing the last eight years, $1O,5G9, 100;
an increase for each day during the
last eight years of S352,3O4.
This statement shows that during
the last eight years, over seven OF
which have been under Republican ad-
ministration, the increase in the VOL
ume Of the currency has amounted to
$780, O4 for each day of Republican
administration, or more than $4,000
900 for each month.