The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1904-10-08
THE SUPPLY OF MONEY
Increase of s112,oo0,oOO Since Jan.
Land $lO,coO,0oO Monthfor Eight

Years. r. -. 20 f. ~
The, total stock of money in the Uni
ted States Increased from 81, 1913, 132,-
1926 on January 1 OF this year to $2.S29,
273,}16 on September l, or more than
$GG.OOO.OOO. and the money in actual
circulation which was S., 4GG, 34jS79 ut
the beginning of this year. rose to So
5JS.279, 9S4 On September I, an increase
of nearly $112.OUO.OOO. 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 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
-@uil--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:''43OOO,OOO as one result of the pie
thora 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 1O3 per cent.
in 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 a year. and especially since
the first of january. On August 1, 1908,
the outstanding national bank note cir
culation was $417,334G. 1877 BY January
!, 1904, it had reached 1925. 1853, 900. and
OH September !, $452,316,0OO. Since
August, 1902, the national bank clrcu-
lation has been higher than at an y7form-
er PERIOD Previous to that date the
maximum point was $:'G2,OOO,WO i'll
1S,,.. and the minimum was $1G1.o ,2l4
in 1891. National bank note circulation
is approximately $3OO,OOO,OOO greater
than at the low period, and it is likely
to 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 controller 5
call for statement Of condition on Sep
tember g. showed total deposits of $:2.:C,-
57O.66O as against $2S3.G!'S.S2o on June
8 of this year and against S2f2. 1?I 1876
on December TO- 1901. Chicago State
bank deposits on September were
$277.O50. 403, as against $2GG.:@2,6 43 on
June 10 Of this year. and as against
5000. 194.S27 on July ~. 1902.
Henry G.. Davis said in his speech
acceptng the Democratic nomination for
Vice President: The apprehension
which now prevails in business circles
and the present unsatisfactory industrial
conditions Of the country, seem to de-
n;1rl a political CHANGE
1t there were such "apprehen>ion'
could deposits increase in this remark
able way? AS a matter Of fact, CON
dition Of ''husiness 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
$l,O14 1861; annual increase. %126,-
S30.:7O: increase for each month dur
ing the last eight years. $1O,569, 100; an
increase for each day during the last
eight years of $3o2.3O4.
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 $352,3O4 for
each day of Republican administration,
or more than $1O,OO0,OO0 for each month.
Parker VS.. Cleveland.
Cleveland's second administration was
disastrous to the prosperity of the coun-
try: nevertheless, history will give much
credit to Cleveland because of his OBJ
stinate defense of the gold standard
against the assaults of his own party in
Congress, and because of his Venezuela
message.
But while Cleveland was doing his
best to preserve the gold standard. Park
er was voting for free silver. And when
Cleveland wrote his Venezuela message
did he have the moral support of the
candidate who in his recent speech of
acceptance condemned as extravagant
and unjustifed the Republican policy of
getting the nation in readiness for war?
Had it not been for this very policy
as pursued by preceding Republican adj
ministrations, President Cleveland's fam
Gus Venezuela message would have been
an empty "bluf." a.,
tsThere IL, sir, in our past his tory no
basis for the fntim a ion tn at the party
in power is predisposed to increase or
in any manner undu1y to extend the
bonds of the Government. Under the
administrations of that party we have
Witnessed the reduction of the inter-
e.t-bc airing public debt from $685.
O33.315 at the close of the civil war to
S585.O37,1OO at the close of Harri-
.on,e Adm in istration, and with the re.
duction Of the principal has gone q
reduction of the interest upon what
r~m.in id ,'-Senator Fairbanks In the Sem
Il :