Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1904-10-20
SUPPLY OF MONEY
Increase of sI12. 200, 900 Since Jan. 4, and
$1o,oOo,oOo Month for
Eight Years.

The total stock of money in the
United States increased from 81, 763,-
1o2'326 on Jan. l of this year to ST.
e29,2I3,316 on Sept. l. or more than
S66,OOO,0o0, and the money in actual
circulation, which was $2,466,345, S79
at the beginning of this year, rose to
o5S,2T9,9S4 on Sept. /, an increase
Of nearly $112,O0O,OO0 On the latter
date the per capita circulation had in
creased just 81 since the first of Jan.
uary.
This illustrates how the country liz
continually, and, according to the very
latest figures, gathering increased ben.
etits 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, confidence and real wealth in
crease from wholesome policies that
bring wealth to the country and also
bring the best money of the world
gold-to the country to represent that
wealth. In Democratic 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 Aug. 81,
$343,000,OOO as one result of the pie
thora of money, and money on cali
loaned as low as one-half of per cent.
A recent bulletin issued by the con-
rroller of the currency calls attention
to the enormous increase of 100 per
cent in the deposits of the banks OF
the whole country between 1893 and
1903.
National bank notes outstanding
have also been increasing continuous
ly for more than year, and especial
ly since Jan. /. On Aug. !, 1903, the
outstanding national bank note circu-
lation YVES $417,346,4S7. BY Jan. !,
1904, it had reached $425, 163, 600,
and on Sept. 1, $452,516,0O0.
Since August, 1902, national bank
circulation has been higher than
at any former period. Previous
to that date the maximum point
was $780,, 100000 in 1882, and the
minimum was $167 ,577,214 In 1891.
National bank note circulation is APP
proximately $3OO,OO0,OOO greater than
at the low period, and it is likely to
increase further.
The total deposits of Chicago banks
on Sept. 6 and were the largest in
their history. The Chicago National
banks, in response to the controllers
call for statement of condition on Sept.
6, showed total deposits of $296.570,-
$50, as against $685., SOS, 800 on June 81
of this year and against $500, 797, 1886
on Dec. 10, 1901. Chicago state bank
deposits on Sept. were $277 ,059, 403,
as. against $500, 1892, CAB on June 10 of
this year. and as against 5000, 1884,
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 indus
trial conditions of the country, seem to
demand political change"
If there were such apprehension"
could deposits increase in this remark
able way? AS matter of fact, a con-
dition of business apprehension" will
always quickly be followed by runs
on banks and rapid shrinkage of de-
posits, and the very fact that depos-
it's are now breaking all previous rec
ords proves the utter absurdity Of the
Davis calamity argument.
The total increase in our volume OF
money during the past eight years was
81 ,014, 1861; annual increase, $780,
S39, $40; increase for each month dur
ing the last eight years, $10,569, 100;
an increase for each day during the
last eight years of $352,304.
This statement shows that during
the last eight years, over seven OF
which have been under Republican adj
the increase I'm the vol
ume of the currency has amounted to
$685., 3O4 for each day of Republican
administration, or more than $4,000
600 for each month.