Idaho Springs siftings., 1904-10-15
THE SUPPLY OF MONEY
Increase % $4,000. 900 since Jan.
Land 100000 600 a Month for Eight
Yrare

Years.
The total stock OF money in the Uni
ted States increased from 50. 1853. 49,
326 on January / of this year TO a.s29.-
2s3.3l6 on September /. or more than
SGG.ppo0pD, and the money in actual
circulation, which was S2,4G6 ,345,S1 at
the beginning OF this year, rose 10 81
55s .2T9 asI on September i. an increase
OF nearly S1l2.ooo.ooo. On the latter
date the per capita circulation had in
creased just one dollar since the first of
January.
This illustrate. how the country is
continually, and. according to the very
latest figures. gathering increased bene-
fits from Republican policies. Ii shows
the folly OF the free silver argument for
which Parker and Davis voted in 1896
and in 1900. since il demonstrates that
money supplies increase not as more
money may be coined. but as credit con
tidence and real wealth increase from
wholesome policies that bring wealth 90
the country and also bring the best
money of the world-Sold-to the conn
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
money.
The deposits Of the clearing house
banks OF New York City Increased dur
ing the eight months ending August 81,
S5i3,oco.ooo as one result OF the pie
tbora OF money. and money on call loan
ed as low as one-half OF one per cent
A recent bulletin issued by the con-
frOlfs- Of ha calls
to the enormous increase OF los per cent.
ia the deposits OF the banks Of the whole
country between 1898 and 1893.
National bank notes outstanding have
also been increasing continuously for
more than a year, and especially since
the first OF January. On August j. 1903.
the outstanding national bank note cir
culation was S417.346.4s7. BY January
/. 1904. IL had reached s42J. lts3. 600. and
on September ]. S452-516,0ro. Since
August, 1902, the national bank circu-
lation nis been higher than at any form
er period. Previous 70 that date the
maximum point was S362.ocooO in
lso2. and the minimum was Sl6s BIZ. ia
in 1891. National bank note circulation
Ia approximately s3oo0oo.000 greater
than at the low period, and il il likely
to increase further.
ne Nnilt OF tulCdSo bauhs
on September o 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 S296.-
57o. $50. as against s2s5. .69s, $50 on June
OF this year and against S262. I9I 1886
on December 10. 1901. Chicago State
bank deposits on September were
S217 oi.,. .405. as against s266. .692.Gi3 on
June 10 OF this year. and as against
500. .7o4.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
aud the present unsatisfactory industrial
conditions Of the country. seem TO de-
mand a political change"
IL there were such apprehension"
could deposits increase in this remark
able wayt As 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 ahsurdity of the Davis calamity
argument
The total increase in our volume OF
money during the past eight years was
81 OLA. 116.561: annual increase. S126.-
SIS. $40; increase for each month dur
ing the last eight years. S10,5G9. 1870; an
increase for each day during the last
eight years OF S3J2.3Di.
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 1892 ,304 for
each day of Republican administration,
or more than s10.0O0.00O for each month.