The Elbert County tribune., 1904-10-13
THE SUPPLY OF MONEY
increase o. $4,000. 900 Since Jan.
Land $4,000, 900 u Month for Eight

l
| Land $40 1000, 900 u Month for Eight
Years.
The total stock of money in the uni
ted States increased from S2,763, 49,
326 on January of this year to $2,s29.-
213.3lG on September ]. or more than
G.OO0,O0O. and the money in actual
circulation. which was S2.4G6, 34J,SI9 at
the beginning of this year, rose to ~
55S,279,9 S4 on September l, en- Increase
of nearly S112,0000o0. On the latter
date the per capita circulation bad 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-
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.
-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,
S313, 100000 as one result of the pie
tbora of money, and money on call loan
ed as low as one-hnlf of one per cent
A recent bulletin issued by the con-
troller of the currency calls attention
to the enormous increase of 1O5 per cent
la 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 !, 1908,
the outstanding national bank note cir
culation was S417. 3iG,4S7. BY January
/. 1904. it had reached S425. 1863 600. and
on September l, $452,516.0O0. Since
August, 1902, the national bank circu-
lation has been higher than at any form
err period. Previous to that date the
maximum point was S362, 100000 in
1852, and the minimum was S16T.577, PA
in 1891. National bank note circulation
is approximately $500, 100000 greater
to increase further.
The total deposits of Chicago banks
on September o and Z were the largest
in their history. The Chicago National
banks. in response to the controllers
call for statement of condition on Sep
TENDER @. showed total deposits of $780,
5TO.660. as against S2S5, 69S. $40 on June
o OF this year and against S262, T97 1876
on December 10. 1901. Chicago State
bank deposits on September were
S2II, 059, 400, as against S266,392,G CAB on
June 10 OF this year, and as against
500, 704,S27 on July "a. 1902.
Henry G. Davis said in his speech
accepting the Democratic nomination for
Vice President: 1.-The apprehension
which now prevails in business circles
and the present unsatisfactory industrial
conditions of the country, seem to de-
mnnd political change
II there were such apprehension"
could deposits increase in this remark
able wayl As a matter of fact, a 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
S1,0l4,T16,561; annual increase, $780,
S39,5T0: increase for each month dur
ing the last eight years, S10.569, 1870; an
increase for each day during the last
eight years of 1882, 304.
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 $352,304 for
each day OF Republican administration,
or more than S10.000,0oO for each month.