Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1904-10-19
SUPPLY OF MONEY


Eight Years.
The total stock Of money In the
United States increased from S2,TG3,-
l52,326 on Jan. ! OF this year To So.
~s29,2T3,3l6 on Sept. l. or more than
s~G6,000.OOO, and the money in actual
circulation, which was 81 IGG.3I5,ST9
at the beginning OF this year. rose 10
t2,55S,2I9,9Si on Sept. /, an increase
Of nearly SIP. OOO.OO0. On the latter
,ate the per capita circulation had in
creased just 81 since the first of Jan
nary.
This illustrates how the country is
continually. AMI. according to the very
latest figures. gathering Increased ben,
clitS from Republican policies. II shows
the folly of the free silver argument
for which Parker and Davis voted IN
1896 AMI IN 1870. since il demonstrates
that money supplies Increase NOT rs
more money may be- coined, but rs
credit, confidence md real wealth in
crcasc from wholesome policies that
bring wealth TO the country and also
bring the best money of the world
gold-to the country to represent that
wealth. In Democratic times not only
was the United States hlndcrcd 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 ont good money.
The deposits of the clearing house
banks OF New York city increased dur
Ing the eight months ending Aug. 81,
S3iS,OO0fso rs one result of the pie
thora Of money, and money on call
loaned ne low as one half of | per cent.
A recent bulletin issued by the con
rrollcr of the currency calls attention
to the cnormouS Increase Of lu5 per
cent, in The deposits at the hanks of
the whole country between 1885 AMI
1902.
National bank notes outstanding
have also been increasing continuous
~ for more than u year. AMI especial
~ since Jan. /, ON Aug. |, 1903. the
outstanding national hank note circu,
lation was Sil7.alGlSI. Hy Ian. !,
1901. IL had reached Sl2j, 10000.
and on SEPT. I, Sld2,dli.OOo.
Since August. l9n2. national bank
circulation has been higher than
nj airy former period. Previous
TO that date the maximum point
was s3t;2. W0o!EU In lSN2. aud the
minimum was S~lG7.5IT.2li In 1891.
National bank note circulation Is APP
proximately Sl00.Oo0uOo greater than
at the low period, aud II is likely TO
Increase further.
The total deposits Of Chicago banks
on Sept. u and I were the largest In
their history. The Chicago National
banks, in response to the controllers
call for statement Of condition on Sept.
6, showed total deposits Of S2hi. 30
600, ms against S2SJ 500 on June 8
Of this year and against S2G2. IJI 1876
on Dec. 10. 1901. Chicago state bank
deposits on Sept. Z were SIT ,O59, iu3,
as against S2oi.3 So, GI3 on June ~ of
this year. and as against 500, I0i,-
s27 on July -. 1902.
Henry q. Davis said in his speech
accepting the Democratic nomination
for vice president: The apprehension
which now prevails In business circles
and the present unsatisfactory indus
trial conditions of the country, seem 10
demand n political change"
II there were such apprehension"
could deposits increase In this remark
able way? As a matter of fact, a con
dition of business apprehension will
always quickly be followed by runs
on banks and rapid shrlnkage Of de-
posits, and the very fact that depos-
ords proves the utter absurdity of the
Davis calamity argument.
The total increase In Our volume or
money during the past eight years was
S1.OlI.T l6, 561; annual increase, sl2G,-
S39,5I0: increase for each month dur
ing the last eight years, Sl0,5i9. l3O;
an increase for each day during the
last eight years Of S312,:10i.
This statement shows that during
the last eight years, over seven or
which have been under Republican ad-
miniStration, the increase IN the vol
ume Of the currency has amounted 10
S3J2.S0i for each day of Republican
administration, or more than $1,000,
wv for each month.