The state herald., 1904-10-14
THE SUPPLY OF MONEY
Increase % fIi2.OOO,OOO since jan.
Land S1O,0oo,OOo a Month for Eight
yearn


Increase % fII2.0OO, 900 since jan.
| Land S1O,0oo,OOo a Month for Eight
Years,
The total stock OF money In the Uni.
ted States Increased from S2,7G3, l52,-
326 on January l OF this year to $2,S29,-
213,3l6 on September /, or more than
$66. 100000. and the money in actual
circulation, which was S2,488,345,S70 at
the beginning of this year, rose to ST.
5oS,210.9Si on September /, an increase
of nearly $l12,O00O00. 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 II demonstrates that
money supplies increase not as more
money may be coined. but us credit, con-
fidence 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 coun.
try to represent that wealth. In 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.
S'i3.OOOOOO as one result OF the ple-
tbora of money, and money on call loan
| ed as low as one-half OF one per cent.
\ recent bulletin issued by the con-
troller Of the currency calls attention
| to the enormous increase of 100 per cent
IL, the deposits of the banks of the whole
| country between 1893 md 1903.
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
culation was Sil7.3i6.4S7. BY January
| !, 1904, 1t had reached Si2J. 10000, and
| on September /, S452.5l6,0O0. 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 SS62,OOO.OOO in
loa2. and the minimum was Sl6I.5II.2l4
In 1891. National bank note circulation
is approximately $3O0,OOO,O00 greater
than at the low period, and II is likely
10 increase further.
The total deposits of Chicago banks
on September q and were the largest
in their history. The Chicago National
banks, in response to the controllers
10. ~. %
| tember @, showed total deposits OF S29G,-
10000. as against S2S5, ,69s,s2O on June
% of this year and against S2i22. 707 1896
on December 10. 1901. Chicago State
bank deposits on September were
S2II, ,059, ,i03. as against S2G6, 6,3o26i3 on
June 10 of this year. and ns against
So1). .T9i,s2I 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 industrial
conditions II the country, seem to de-
mand n political change"
lf there were such apprehension"
could deposits increase In this remark.
able wayY As a matter of fact, a con
! dltion 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 absurdi,y OF the Davis calamity
argument.
The total increase In our volume OF
money during the past eight years was
Sl,Oli.Il65Gl; annual increase, sl2G,.
| s39.5I0: increase for each month dur
ing the last eight years, Sl0,5Go, l3O; an
increase for each day during the las,
eight years OF Si52.3Ot.
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 S352.3Oi for
each day OF Republican administration,
or more than Sl0.OOO0O for each month.