The La Jara chronicle., 1904-10-14
THE SUPPLY OF MONEY
Incrra,e % sII",pDo.o 900 since jan.
I.nud sio,oO1,ooJ Month for Eight

1''osooo
I.nud sio.oo1,ooJ Month for Eight
fcnr-.
The total stock of money in the Uni
ted States increased from S2,T63. lJ2,-
326 on January l of this year to S2,Se9,-
2I33l6 on September l, or more than
S6G,Oop,OOD, and the money in actual
circulation, which was s., ,i66.3iJ,ST0 at
the beginning OF this year. rose to S.
55S,2T0.9S4 on September !, an increase
of nearly S1l2OOO,GOO. 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 "a credit, con-
iidence and real wealth increase from
wholesome policies that brius 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 wns the United
States hindered from producing wealth,
but the best money to represent wealth
Invited in, owing to he 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 August 81,
S:i3OoO.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.
\ recent bulletin issued by the con-
trOllcr OF the currency calls attention
10 the enormous increase OF l05 per cent
i'll 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 ot January. ON August l. 1908,
tht outstanding national bank note cir
culntion was S4l7 7.34G.iS7 By January
/, 1901. it had reached Si2J. .163. 600, and
| on September l. $4j2,JlGOOO. Since
| August, 1902. the national bank circu-
! lotiDn has been higher than at any form
cr period. Previous to that date the
maximum point was $3G2,OOnOOO in
| 1s-,2 and the minimum was S1GT5T7,214
| in 1891. National bank note circulation
is approximately S3OO,OOO,OOO grenter
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 $780,
5IO,660. as against S2S5, ,G9S.S2O on June
o of this year and against S262, 1856
ON Dccemb,-r 10, 1901. Chicago State
bank deposits on september were
S2T7. .059 iO3, as against 2G6,302, ,6i3 on
| AT Naa n
S2OD. I94S27 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 IF 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. con
dition of business apprehension" will
always quickly be followed by runs On
banks and rapid shrnkaGe OF deposits,
and the very fact that deposits are now
breaking all previous records proves the
utter absurlity of the Davis calamity
argument.
| The total Increase in our volume OF
money during the past eight years was
SlOil.Tl6,JGl; annual increase. S126,-
| S3g.JT0: increase for each month dur
ing the last eight years, Sl0.5G0, 1870; an
increase for each day during the last,
eight years of S3J23Oi.
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 S352.3Oi for
each day OF Republican administration,
or more than SlO,O0O.OOO for each month.