The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1904-10-20
SUPPLY OF MONEY
tccreass of $l1s ,o0o,0 900 Since Jan. /, and
s1O,GOo,oO0 a Month for
Eight Yc:.rs.

Eight Years.
The total stock Of money in the
United States increased from So, G
1896 on Jan. / of this wear to So
SS9,2Ta.31G Gil Sept. /. or more than
S66,GG0,CC0, and the money in actual
circulation, which was =, ~iG.G.345,S70
at tie bcGir.;!ng of this year, rose to
l2,55S.2T0,2Si OIL Sept. /, an increase
Of nearly 100000. On tie 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 tie very
latest figures, gathering Increased Len>
atits from Republican policies. 1t shows
the folly of the free silver argument
Tor which Parker and Davis voted in
1896 and iii 1900, since it demonstrates
that money supplies increase not as
more moncS 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 Lest money CT the verdi
gold-to the country to represent thai
wealth. In Democratic times net only
was the United States hindered from
producing wealth, but the best money
to represent neutrality-suspicious. triven
out instead of being invited in, OWNS
to the famous Gresham law that bad
money drives out good money.
The deposits Of the clearing house
banks of New York city increased dul-
ing the eight months ending Aug. 81,
$3353, 900. 1000 as one result of the pie
thora of money, and money OIL cal!
loaned as low rs one-lalf OF l per cert.
A recent bulletin issued by the con-
rrollcr Of the currency calls attention
to the enormous increase of 1O5 Per
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 a year, and especial
ly since Jan. 1. On Aug. 1, 1903, the
outstanding national hank note circu,
lation was S417,346,4s7. BY Jan. ],
1904, it had reached $425, 1G3, 200,
and on Sept. /, $4j2,51G,CG3.
Since August, 1902, national bank
circulation has been higher than
at any former period. Previous
to that date the maximum point
was 1862, 10000 in 1889, and the
minimum was $1G7.a77.214 in 1901.
National bank note circulation is ap-
proximately S300. 0O0,C COO greater than
1T the low period, and it is likely to
Increase further.
Tic total deposits of Chicago banks
on Sept. 6 and Z We're the largest in
their history. The Chicago National
banks, in response to the controllers
call for statement Of condition OF SeIt.
6, showed total deposits of $$2H6,510,
eco. as against $2S5 ,G9S,S2O on June 8
of this year and against $2G2, T7, 1916
on Dec. 10, 1901. Chicago state bank
deposits OH Sept. Z were $277 ,059, 403:
as against $2GG,392, SAB on June 10 OF
this year, and as against $500, 7o4,'
H27 OH 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 tc
demand a political change"
If there We're such apprehension
could deposits increase in this remark
able way? AS a matter of fact, a con
dition of business apprehension vii
always quickly be followed by runs
on banks and rapid s%hrinkage of &C
posts, and the very fact that dcDos'
it's are now breaking all previous rec
ords proves the utter absurdity Of the
Davis calamity argument.
! The total increase in our volume CT
q money during the past eight years was
> 81. 014, 716,5G1; annual increase, $l2G,
$50, $40; increase for each month dur
ing the last eight years, $1O,5G9,130
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
ume Of. the currency has amounted tt
SS:352,3O4 for each day of Republican
administration, OF more than $4,000,
= 900 for each month.