Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1904-10-13
SUPPLY OF MONEY
hcreAss of eIIa,O0O 900 Since Jan. I. and
sIO,OoO,O0o a Month for
Eight Years.

Eight Years.
The total stock of money in the
United States increased from 81, 763,-
1885 on Jan. ! of this year to ST.
s&9,273,316 ON Sept. /, or more than
t~GG,0C0,COO, and the money in actual
sirculstion, which was S2,466 ,345,S79
II the beginning Of this year, rose to
E55S,219,94 on Sept. ], an increase
nearly $4,000 ,0O0. On the latter
late the per capita circulation had in
creased just 81 since the first of Jan.
nary.
This illustrates how the country is
continually, and, according to the very
latest figures, gathering increased ben
sfits from Republican policies. 1t shows
the folly of the free silver argument
Tor which Parker and Davis voted in
1896 and in 1900. since il demonstrates
hat money supplies increase not as
more money may be coined, but as
credit, confidence and real wealth In
crease from wholesome policies that
bring wealth TO the country and also
bring the best money of the world
soiG-to the country to represent that
wealth. In Democratic times not only
was the United States h.nGerCd from
proc. 1ng wealth. but the hest money
10 represent wealth. old-was Crivon
ont ilstead of being invited in. owi.s
10 the famous Gresham law that BAD
money drives out good money.
The deposits of the clearing honse
banks CT New York city increased dur
Ing Il eight months ending Aug. 81,
E343, 000, 600 as one result of the pie
thora of money, and money on call
loaned as low as one-half of ! per cent.
A recent bulletin issued by the con
uoller cf the currency calls attention
10 the enormous increase of l05 per
cent in the deposits of tie banks or
the whole country between 1893 and
1903.
National bank notes outstanding
have also been increasing continuous
~ for more than a year, and especial
" since Jan. /. On Aug. /, 1903. the
outstanding national bank note circu-
lation was SAT-, 346,4ST. BY Jan. !,
1904, it had reached $425. 6 1900,
and on Sept. 1, $452, $4,000.
Since August, 1902, national bank
circulation has been higher than
at any former period. Previous
10 that date the maximum point
was 1862, 100000 in 1882, and the
minimum was $167, 1911 PA in 1891.
National bank note circulation is ap-
proximately $3OO,OOO,OO0 greater than
at the low period, and it is likely To
Increase further.
The total deposits of Chicago banks
on Sept. 8 and Z were the largest in
their history. The Chicago National
banks. in response to the controllers
call for statement of condition on Sept.
8, showed total deposits of 1926. 80
SEQ, as against S2S5, sos, 800 on June 9
Of this year and against 1902. 1877 ,936
on Dec. 10, 1901. Chicago state bank
deposits on Sept. 7 were $277 1853, 403,
rs against $685. 1892 ,643 on June 10 of
this year, and as against $209, 794,-
Rot 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
uIu tie pTtbSnt uHSu tlShhCtoIy nHuup-
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 a matter of fact, a con
dition Of business apprehension will
always quickly be followed by runs
on banks and rapid shrinkage of de
posts, and the very fact that depos-
it's are now breaking all previous rec
erds proves the utter absurdity Of the
Davis calamity argument
The total Increase In our volume Of
money during the past eight years was
S1.O14, 1861; annual increase, 1926
639,57O; increase for each month dur
ing the last eight years, $1O,56D, 100;
an increase for each day during the
last eight years Of 1852, 304.
This statement shows that during
the last eight years, owe seven OF
which have beer under Republican ad-
m~inistration, the increase in the vol
ume Of the currency has amounted to
1862, 3O4 for each day of Republican
administration, or more than $4,000
600 for each month.