The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1904-10-14
ITHE SUPPLY OF MONEY
Increa.e of s112,ooo,o 900 since Jan.
Land s1O,oOo,oOo a Month for Eight

Increase of S112,OOO, 900 Since Jan.
Land S1O,OOO,O 900 q Month for Eight
Years.
The total stock of money in the Uni
ted States increased from So, 763, 1872
BIG on January l of this year to $2,S29,-
213,316 on September /, or more than
S66, 100000, and the none in actual
cir~culation, which was s., 1866 ,345.S79 at
the beginning of this year, rose to ST.
5oS,279,9S4 on September /, an increase
of nearly $4,000 coo. On the latter
date the per capita circulation had in-
cDeased 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
fdence 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
SA"tN he uOl Ouly WIS lie Oufteu
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.
SS43,OOO,OOO as one result of the pie
thora of money, and money on call loan
ed as low as one-half of one per cent.
A recent bulletin issued by the con-
troller of the currency calls attention
to the enormous increase of Jos per cent.
in 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 since
the first of January. On August 1, 1908,
the outstanding national bank note cir
culation was $417,34G,4S7. By January
], 1904, it had reached $425, 10000, and
on September 1, ~$452,516,000. Since
August, 1902, the national bank circu-
lation has been higher than at any form
err period. Previous to that date the
maximum point was $362,O0O 10000 in
1902, and the minimum was $167,577,214
in 1891. National bank note circulation
is approximately S3OO,OOO,OOO greater
than at the low period, and it is likely
to increase further.
The total deposits of Chicago banks
on September 6 and Z 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,
$4,000, as against $685. $500 on June
8 OF this year and against $500, 797. 936
IN December 10, 1901. Chicago State
bank deposits on September Z were
$277, O59,4O3, rs against $266, 392,643 on
June 10 Of this year, and us against
$2O9, 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"
If there were such apprehension"
could deposits increase in this remark
able way? AS a 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
4,716,5 annual increase, $685.
S39,570; increase for each~month dur
ing the last eight years, $1O,569. 100; an
increase for each day during the last
eight years of $3.50. 3O4.
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 $352.304 for
each day of Republican administration
or more than $10,0OO,OOO for zach month.
Parker va. Cleveland.
~ T1-.-l.-l, ~.