The Springfield herald., 1904-10-14
THE SUPPLY OF MONEY
Increase o, sII2,ooo, 900 Since jan.
Land sIo.ooo,ooo a Month for Eight

Increase OF sII2,ooO,OOO since Jim.
Land sIO,OOo,oOO q Month for Eight
Years.
The total stock of money in the Uni
ted States Increased from 81, IG3, lJ2,-
32G ON January of this year to S2,S20.-
2I3,3l6 on September |. or more than
SGG,OOO.OOO, and the money in actual
circulation, which was S2.466, ,345, ,S79 at
the beginning OF this year, rose to ST.
5JS,2I9,9S4 ON September /. an increase
of nearly S1l2,O00,0O0. 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 benc-
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 1t demonstrates that
money supplies increase not as more
money may be coined. but as credit. con-
| hdence 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
i money.
The deposits of the clearing house
banks of New York City increased dur
ing the eight months ending August 81,
S343,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 1O5 per cent.
in the deposits of the banks of the whole
country between 1888 and 1903
| National bank notes outstanding have
also been increasing continuously for
more than a year. and especially since
the first of January. On August l. 1908,
| the outstanding national bank note cir
culaton was S417.346,4 ,4S7. BY January
/, 1904, it had reached $425. l63 900. and
on September l, $452,5l6,0OO. 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 $362,00O,OOO in
1oo2. and the minimum was $l6I.51I,2l4
in 1891. National bank note circulation
is approximately $3OO.0OO00O greater
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
tember 6, showed total deposits of $296,
5IO,6G0, as against S2S5,6gS,S20 on June
of this year and against S2G2. I9I .o36
on December 10. 1901. Chicago State
| bank deposits Oh September Z We're
S277 ,059, ,io3, as against S2G6,3926i on
June 10 OF this year, and as against
S209. .I94,S27 on July 24. 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 industrial
conditions Of the country. seem to de-
mand political change"
If there were such apprehension"
could deposits increase in this remark
able way? AS matter of fact. con-
dition of business apprehension" will
| always quickly be followed by runs OH
banks and rapid sirnkage of deposits,
and the very fact that deposits are now
brea king 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
| Sl.Ol4,IlG,56l; annual increase, Sl2G.-
S39.5I0; increase for each month dur
ing the last eight years, S10.56y. 100: an
increase for each day during the last
| eight years OF S352,3U4.
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 S1OO00.OOO for each month.
Parker Va, Cleveland,