Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1904-10-14
THE SUPPLY OF MONEY
increase OF $4,000, 900 Since Jan.
Land $4,000, 900 Month for Eight
Yeara

Increase OF $4,000, 900 since Jan.
Land $4,000, 900 Month for Eight
Years.
The total stock OF money in the Uni
ted States increased from $2,1O3. H.
326 on January ! OF this year to -, $780,
273,316 on September l. or more than
$66.00O.000, and the money in actual
circulation, which was 81, 466, 345.SI9 Mt
the beginning of this year, rose to ST.
55S,219.9S4 on September l. an increase
of nearly $112OO0.00O. 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 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 Murdered 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 clearinghouse
banks Of New York City increased dur
| ing the eight months ending August 81,
$343, 900, 600 as one result of the pie
| thora of money, and money on call loan
| ed as low as one-half of one per cent
A recent bulletin issued by the con-
| troller of the currency calls attention
| to the enormous increase Of 105 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 l, 1903,
| the outstanding national bank note cir
culation was SALT .346. 4S7 BY January
| /, 1904, 1t had reached $425. 163. 900. and
on September /. $452.516,O0O Since
August, 1902, the national bank circu-
ation has been higher than at any form
err period. Previous to that date the
maximum point was $685., 100000 in
1862. and the minimum was $167 SIT PA
| in 1891. National bank note circulation
| is approximately $300.000,000 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 controllers
call for statement OF condition on Sep
TENDER 6, showed total deposits Of $780,
| 570,660, as against $2S5. 69S,S20 ON June
of this year and against 1862, 1917 1886
on December 10. 1901. Chicago State
| bank deposits on September We're
$277, 059, 403 as against 266,302, CAB on
| June 10 Of this year, and as against
500, 794.S27 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
and the present unsatisfactory industrial
conditions Of the country, seem to de-
mand political change"
| If there were such Apprehension"
could deposits increase in this remark
able way? AS a matter of fact, 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
$l,014, 716,561; annual increase, $780,
S39,570 increase for each month dur
ing the last eight years, $10,569, 1870; an
increase for each day during the last
eight years of 1852, 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 S352,304 for
each day Of Republican administration.
or more than $10,0O0,000 for each month