The Dickinson press., 1904-10-15
I sUPPLY OF MONEY
Increase of 81 z, 900, 900 Since Jan. 1, and
@1O,OOO,OOO n Month for
= Eight Years.

v Eight Years.
81 The total stock of money in the
United States increased from 50, 7G3,
1926 on Jan. l Of this year to ST.
S29,2I3,31G on Sept /, or more than
$66, 100000, and the money in actual
circulation, which was $2,4G6,345,S79
at the beginning of this year, rose to
S2,55S,279,9S4 on Sept. 1, an increase
Of nearly $1120O0,O00. 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 hen-
ctits from Republican policies. 1t shows
the folly of the free silver argument
for which Parker and Davis voted in
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 hindcrcd from
producing wealth, but the best money
to represent neutrality-suspicious. driven
out instead of being invited in. OWins
to the famous Gresham law that bad
money drives out good money.
The deposits Of the clearing house
I,n I'll {,v 1TI,,S
ing the eight months ending Aug. 81,
$343, 100000 as one result of the pie
thora of money, and money OH call
loaned as low as onc-lalf of 1 per cent.
A recent bulletin issued by the con-
troller of the currency calls attention
cent. in the deposits of the banks Of
the whole country between 1893 and
1903.
National bank notes outstanding
have also been increasing continuous
ly for more than year, and especial
ly since Jan. 1. On Aug. /, 1903, the
outstanding national bank note circu.
lation was $417,346,4S7. BY Jan. I,
1901, it had reached $425, 10000,
and OH Sept. !, $452,516,OOO.
Since August, 1902, national bank
circulation has been higher than
at amy former period. Previous
to that date the maximum point
was 1862, 100000 in 1882, and the
minimum was $1G7,577,214 in 1891.
National bank note circulation is ap-
proximately S3OO,OOO,0O0 greater than
at the low period, and it is likely to
increase further.
The total deposits Of Chicago banks
on Sept. 6 and were the largest in
their history. The Chicago National
banks. in response to the controllers
call for statement Of condition on Sept.
6, showed total deposits Of $29G,57O,-
$50, as against $285, sos, 800 on June 8
of this year and against $2G2, ,797 ,036
on Dec. 10, 1901. Chicago state bank
deposits on Sept. 7 were $277 ,059, ,403,
as against S2G6392,G43 on June 10 of
this year. and as against $2o9,704,-
1927 on July "a, 1902.
Henry G. Davis said in his speech
accepting the Democratic nomination
for vice president: 1.-THE apprehension
which now prevails in business circles
and the present unsatisfactory indus
trial conditions Of the country, seem to
demand a political change"
If there were such apprehension"
could deposits increase in this remark
able way? AS a matter of fact, con-
dition of business apprehension will
always quickly be followed by runs
on banks and rapid shrinkage of de-
posits, and the very fact that depos-
it's are now breaking all previous rec
Ords proves the utter absurdity Of the
Davis calamity argument.
The total increase in our volume Of
money during the past eight years was
$1.O14, ,71G.5G1; annual increase, $780,
$3.50; increase for each month dur
ing the last eight years, $1O,5G9,13O;
an increase for each day during the
last eight years of $352,3O4.
This statement shows that during
the last eight years, over seven Of
which have been under Republican ad-
ministration, the increase in the vol
umc of the currency has amounted to
$352,3O4 for each day Of Republican
administration, or more than $1O,OOO,-
600 for each month.