The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1904-10-15
SUPPLY OF MONEY
Increaso Of 81 900, 900 Since Jan. 1, and
100000 n Month for
Eight Years.

Eight Years.
The total stock of money in the
United States increased from 81, 7G3,-
1896 on Jan. l of this year to So
S29.27331G Oh Sept. l. or more than
$GG. OOO.CON. and the money in actual
circulation. which was $~2.4GG.:"ia,S73
at the beginning of this year. rose to
&2,5oS,219,GSi on Sept. l, an increase
of nearly 12.OOO,OnO. On tie latter
date the per capita circulation had i'll
creased Just 81 since the first of Jam
ualy.
This illustrates how the country is
contini ,,jy. and. according to the Nery
latest L: jiir>. gathering increased len
eiits fron .:snublic;m policies. 1t sll"" s
the folly : tle free silver HrGumc: t
for which :'n-ker and Davis voted in
1886 and il 800, since it demonstrates
that money supplics increase not as
moro money may be coined, but as
credit. cOn1iLt ace and real wealth in
crease from wholesome policies that
bring wealth to the country and also
brin. the best money of the world
gold-to the country to represent that
wealth. In democratic times not only
was the United States hindcred from
producing wealth, lEt the best money
to represent v.ralth-yuld-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 clearing house
banks of New York city increased dur
ing the eight months ending Aug. 81,
$::43. MlO.NGO as one result of the pie
thorn of money, and money OIL call
loaned as low us Onc-llHlf of | per cent.
a recent bulletin issued by the con-
1rO!lcr Of til" currency calls tcntlo
to the cnorm"@S increase of 100 per
cent. in the deposits of the banks or
the whole country between 1893 and
1902.
National bank notes outstanding
have also hccn increasing continuous
ly for more dan q year. aud especial
ly since Jam. l.. On Aug. l. 1903. the
outstanding national bank note circu.
lation WAS $ll7.34G.lS7. BY Jan. i,
1904, it had reached $40. 100000.
and on Sept. /. Sl52,3l6,oo0.
Since August. 1902. national bank
circulntion has been higher than
at any f~o:sHrr period. Previous
to that dave the maximum point
wae S:3t...@,t.vaO in lSS2.. and the
minimum Wa; S%lG7.577.2l4 in 1891.
National li:.uk i!otc circulation is ap-
proNimntrly ~ >.nUo,G0U greater than
a, the low pr.iad. and it is likely to
increase further.
The total deposits of Chicago banks
on Sept. 6 a,A : were the largest in
their history. The Chicago National
banks. in response to the controllers
call for statement of condition Oh SEPT.
G.. showed total deposits of S2!W.31O,-
600, as against $29S1, G9S.S2O on June 8
Of this year ami against S2ti2. 1885
on Dec. 10. 1901. Chicago state bank
deposits Oh Sept. Z were 22II,OI9,4O",
as against S2G6:92,G l3 on June 1H OF
this year. and as against 500, I94,-
s27 on July ~. 1902.
Henry G.. Davis said in his speech
accepting the Democratic nomination
for vice president: The apprehension
when ROW IItNE!lS III DtSlltS> SllNiS'
and the present unsatisfactory i,,dus-
trial conditions Of the country. seem to
demand a political change"
If there were such apprehension
could deposits increase in this remark
able way? AS Il matter of fact, a con-
dition of ''buSincss apprehension will
always quickly he followed by runs
on banks and rapid s%hrinkage of dc
nosits. and the very fact that depos-
it's are HOW breaking all previous rec
ordS proves til" Utter absurdity of the
Davis calamity argument.
The tota! increase in Il volume OF
MONEY during the past eight years was
$1.O14. 71i.IG1: annual increase. Sl2G.-
$500: incrras" for each month dur
ing the last eight years, S1O,3G $50;
an increase fer zach day during the
last eight years of S3352,3O4.
This statement shows that during
the last eight years. over seven or
which have !icrn Under Republican adj
miniStration. the increase in the vol
umc of the currency has amounted to
sS:3;5,22 .:35O4 for each day of Republican
administration. or more than $1O.UpO.-
OOO for each month.
Bascless Charge.
... .l,, NTv I9no,ovo1t 10 con