The river press., 1904-10-12
THE SUPPLY OF MONEY
Increase OF $4,000, 900 Since Jan.
Land $1O,OOO,OOO Month for Eight

| Land $4,000, 900 Month for Eight
| Years.
The total stock Of money in the Uni
ted States increased from 50, 763. 1J2,
526 on january of this year to $2,S29,-
213,316 on September l, or more than.
S66, 100000, and the money in actual
| circulation, which was s., 466,345,S79 at
the beginning of this year, rose to So,-
| 0OS,21o,9S4 on September /. an increase
lof nearly $112,O0O,O0O. 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 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 1896
| and in 1900, since it demonstrates that
| money supplies increase not as more
! money may be coined but as credit. con-
| tdence and real wealth increase from
wholesome policies that bring wealth to
the country and also bring the best
money of the world-gold-to the coull-
try to represent THAT wealth. LIN Demo.
cratic times not only was the United
States hindered 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 out good
money.
The deposits Of the clearing house
banks of New York City increased dur
ing the eight months ending August 81,
S343,O ,OOO,O 600 as one result of the pie
tbora of money, and money on call loan
ed as low as one-half of one per cent.
4 recent bulletin issued by the con-
troller of the currency calls attention
to the enormous increase Of 10o per cent.
in the deposits of the banks of the whole
country between 1893 and 1908. ..z
National bank notes outstanding have
also been increasing continuously for
more than a year, and especially since
the first of January. On August l. 1908,
the outstanding national bank note cir.
culation was $417,34G. .4S7 BY January
l, 1904, it had reached $425, 100000, and
OH September 1, $452,51G,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 $3G2,O0O,O0O in
1S,2, and the minimum was $167, ,577,21A
in 1891. National bank note circulation
is approximately $3OO,OOO,OOO greater
than at the low period, and it is likely
tc increase further.
The total deposits of Chicago banks
on September 6 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,,
| 57O,66O, as against 2S5,69S,S2O on June
8 of this year and against $262, 797 ,936
OH December 10, 1901. Chicago State
| bank deposits on September were
$2777, ,059, ,403, as against $2GG,392 CAB on
June 10 of this year, and as against
5000, ,704,827 on July "a, 1902.
Henry G. Davis said in his speech
accepting the Democratic nomination for
| Vice President: '"rhe apprehension
which now prevails in business circles
and the present unsatisfactory industrial
conditions Of the country, seem to de-
mand political change"
IT there were such apprehension"
could deposits increase in this remark
able way? As a matter of fact, con-
dition Of business apprehension will
always quickly be 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
Sl,O14, 1G, ,561; annual increase, $l26-
$780, $40: increase for each month dur
ing the last eight years, $1O,569 1870: an
increase for each day during the last
eight years of $780, ,3O4.
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 $685., ,:'O4 for
each day of Republican administration,
or more than $1O,OO0,OO0 for each month.