Milford chronicle., 1904-10-14
THE SUPPLY OF MONEY
increase OF $4,000, 900 Since Ian.
Land slo,ooo,OOO Month for Eight

Increase OF sII2, 100000 Since Ian.
Land SlO,ooO,OOO a Month, for Eight
Years. ''' - Z ~
Ihe total stock of money in the Uni
o Yea states increased from 50. 7G3. l52. e.
90 on January l of this year to 50. 500. =
@oo'9l6 on September l. or more than
@ooUOO,OOO, and the money in actuaI
circulation, which was 81 466. $40 NJ
the beginning of this year. rose 10 So
oJo'%i9'9S4 on September l. m increose
OF nearly Sll2O00000 On the latter
cate the per capita circulation had in
creased just one dollar since the drst of
January.
This illustrates how the country is
continually, and. according to the very
latest hgures, gathering increased bene-
hts from Republican policies. 1t shows
the folly Of the free silver argument for
which Parker and Davis voted in 1896
and in 1900, since it demonstrates that
money supplies increase not as more
money may be coined. but as credit con
hdence and real wealth increase from
wholesome policies that bring wealth to
the country and also bring the best
money of the wOrld-sol6-to the coun-
Try to represent that wealth. In Demo
crauc times not only was the United
states hindered from producing wealth.
Dut 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 clearinghouse
banks of New York City increased dur
ing the eight months ending August 81.
sob 100000 as one result Of the pie
thora of money, and money on call loan
ed as low as one-hah Of one per cent.
A recent bulletin issued by the CON
troller OF the currency calls attention
TO the enormous increase of 10j per cent. /
III 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
was $417,34G,4S7. BY January |
l. 1904, it had reached S425, 1863 600 and /
on September l. $452, ,5lG.OOO. Since
August, 1902, the national bank circu-
ation has been higher than at any form
er period. Previous to that date the
maximum point was S362, 100000 in
1852, and the minimum was $167.57T214
n 1891. National bank note circulation
s approximately 100000 greater
han at the low period, and it is likely
o increase further.
The total deposits OF Chicago banks
N September 6 and We're the largest
II their history. The Chicago National
)anks, in response to the controllers
all for statement Of condition on Sep
ember G. showed total deposits of S29G-
.7O,660, as against S2SJ, SOS. $50 on June
Of this year and against $2G2, 797 1886
n December 10, 1901. Chicago State
ank deposits on September were
277, $50 400, as against S2G6 So. .643 Oh
uDe 10 OF this year and as against
2O9, ,794,S27 on July "A, 1902.
Henry G. Davis said in his speech
ccepting the Democratic nomination for
ice President: The apprehension
7hich now prevails in business circles
nd the present unsatisfactory industrial
Of the country, seem TO de- 6
land a political change"
If there we're such apprehension" :
ould deposits increase IN this remark +
o
ition Of business apprehension" will :
ways quickly be followed by runs on q
anks and rapid shrinkage Of deposits, f
nd the very fact that deposits are now =
reaking all previous records proves the
tier absurdity Of the Davis calamity =
rgument. h
The total Increase IN our volume Of r.
oney during the past eight years was F
i.O14716.5G1; annual increase. $126,- n
$3.50; increase for each month dur
g the last eight years. S10,569 1870; an s
crease for each day during the last a
ght years of S352, ,304. n
This statement shows that during the .,
st eight years, over seven Of which n
I'VE been under Republican admins T.
alton, the increase in the volume Of the
rrency has amounted TO 1852 ,304 for @,
ch day OF Republican administration, al
more than S1O,OO0,O00 for each month. OF
,