Cañon City record., 1904-10-13
THE SUPPLY OF MONEY

4, and eiO,OOo,o 900 . Month for Eight
rSsra-
The total stock of money in the Unl-
ted States increased from <2.163, lJ2.-
326 on January ! of this year to $2.s29.-
213.316 on September I. or more than
$66. 100000. and the money in actual
circulation, which was .46G.343,s79 at
the beginning of this year. rose to 81
55S.279.9S4 on September /. an Increase
of nesrly $112.0O0.0O0. 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 Co 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 " demonstrates that
money supplies increase not as mors
money may be coined. but as credit, con-
hdenee and real wealth increase from
wholesome policies that bring wealth TO
the country and also bring the best
money OF the worid--goid-to the coun
try to represent that wealth. In Demo-
cratic times not ouiy was the United
States hindercd from producing wealth.
but the best money to represent wealth
-gold--was driven on; 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.
S3f3.0o0.OO0 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-
troller of the currency calls attention
to the enormous increase of 1o5 per cent
Ia the deposits OF the banks of the whole
country between 1898 and 1905
National bank notes outstanding have
siao been increasing continuously for
more than 8 year. and especially since
the irs, OF January. On August ]. 1903.
the outstanding national bank note cir
culation was S41T.3i6.5sT. BY January
/. 1904, Il had reached S4.,J. 163, 900, and
on September /. Sf52.5i6.ooo. Since
August. 1907 the national bank circu-
lRtion has been higher than at any form
er period. Previous 20 that date the
maximum point was S3G2.ooo.oco In
los2. and the minimum was Sl6T .5II,2l4
In 1891. National bank note circulation
Is approximately ssoo.ooo.ooo greater
than at th. low period. and IL is likely
10 increase further.
The total deposits OF Chicago banks
on September O and : were the largest
In their history. The Chicago National
banks. In response to the controllers
cali for statement Of condition on Sep
tetnbcr g, showed total deposits OF $780,
$40, eco. as against S2s5. .69s. $40 on June
q OF this year and against SEC. .191 1876
on December 10. 1901 Chicago State
bank deposits on September were
S211.o59.j .jo3. as against G1.3a2.Gi3 on
June 10 OF this year. and as against
s2oo. .Te4.s2 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 Of 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. a con-
diiiop Of business apprehension will
always quickly be followed by runs on
banks aud rapid shrinksse of deposits.
and the very fact that deposits are now
breaking all previous records proves the
utter absGrdity OF the Davis calamity
argument.
The total increase In our volume OF
money during the past eight years was
sI.oi4,Il6,56i; annual increase. Sl26,-
s39,51o: Increase for each month dur
Ing the las, eight years. o.569, 1870. an
Increase for each day during the last
eight years OF s35e ,3of.
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 $4,000. 900 for each month