The Delta independent., 1904-10-14

Land $lO,OOo,oOo a Mont h for Eight
Years.
The total stock of money in the Uni
'",l States increased from S2,It.s, o.
oIG on January of this year to S., SD,
2I3.3l6 on September 1, or more than
SG6,UOU.0Oo and the money in actual
circulation. which was $2.4G6.34J,S79 at
the beginning of this year. rose to S.
:i1S.2I9.9S4 on September l. an increase
of nearly $ll2,OoO,UOo. On the latter
date the per capita circulation had i'll
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 1906
and in 1900. since it demonstrates that
money supplies increase not as more
money may be coined. hut as credit, con-
fidence and real wealth increase from
wholesome policies that bring wealth to
the country and also bring the best
money of the world-=old-to the coun-
try to represent that wealth. In Demo-
cratic times not only was the United
States hindered from producing wealth.
-gold-was driven out instead of bein:
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.
S34o.OOO.OOO as one result of the pie
tbora of money. and money OH 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.
i'll the deposits of the banks of the whole
country between 1898 and 1908.
National bank notes outstanding have
also been increasing continuously for
more than year. and especially since
the first of January. On August ]. 1903,
the outstanding national bank note cir
culation was S417.3464S7. By January
], 1904, it had reached $42j. 1863 600. and
on September !. S452.516.OOO. 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 S362OOO.OOO in
1oo2. and the minimum was S167,57I,214
in 1901. National bank note circulation
is approximately $3OO,OOOOOO 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 $780,
510,GGO. us against S2S5. .69S.S2O on June
of this year and against $2G2, I0I ,936
bank deposits on September were
$2I7,O59.4O3. as against $780,, ,643 on
June 10 Of this year. and MS against
$209.7O4,S27 on 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 industrial
conditions Of the country, seem to de-
mnnd a political change"
II there were such apprehension"
could deposits increase in this remark
able way? As matter Of fact, a con-
dition of business apprehension" will
always quickly he 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
S1.O14.I1t,5G1; annual increase, $780,
S30, $50: increase for each month dur
ing the last eight years, $10.5G9. 1870: an
increase for each day during the last
eight years OF S3j2.3O4.
This statement shows that dueing the
last eight years. over seven of which
have been under Republican ndminis-
tration. the increase in the volume Of the
currency has amounted to S3j2, ,3O4 for
each day of Republican administration,
or more than $1O.OOO,OOO for each month.