Bisbee daily review., 1917-09-02
CURRENCY WORTH MORE DURING WAR
 THAN FOR YEARS
New York Statistician De- clares That the Currency of the World Has Jumped 80 Per Cent Since the War

World imitation. as one of the causes of world advance in prices is discussed in the current issue of The Amercas.i issued by the National City Bank os New York. The author of the article. O. P. Austin. the banks statistician. after referring to the generally accept ed theory that imitation causes an ad- vance in prices states as a fact that world money and world promises to pay" money have enormously increas- ed during the period in which prices have been so rapidly advancing.
 World currency. he says. has in- creased so per cent since 1913. world national obligations 142 per cent. and world population only ? 1-2 per cent. while prices of commodities show ad- vances ranging from 50 to 100 per cent in the same period.
 The statement showing the increase In world currency and and national debts, is accompanied by index num- oers representing prices of principal commodities, as compiled by three leading authorities, the London Statist. Bradstreet's and the Bureau of Labor, for the years 1900. 1913. and 1917. The Statist index number shows an ad- vance from 75 in 1900 to S5 in 1913. and TO in 1917; Bradstreet's from 79 in 1900 to 92 in 1913 and I61 in 97. and the Bureau of Labor an advance from 65 in 1900 to s1 in 1913 and I3O in 1917.
 The following presents the figures of W Orld currency. national debts and population in 1900. 1913 and 1917:
 Gold Money-S4.565, ,O00.O 900, Ss,O2l.- 00O.0O0, Os2, ,56O. O.OOO, 900.
 Silver Money-$S.6 .679, ,OOO. .OOO. $2.s6O.- 100000, s2.6OO. 100000.
 Uncovered paper-S2, ,756, ,O0O. 900. s2.- 799,OO0.OOO, s13.5OO. .OOO,OO
 Total Money-s11.s .sO1. .OOO, 900. SI3,- 6SO.OO0,OOO. s24,66O, ,0O0.O 900.
 National Debts-s31. 200, ,OOO. 900, S43,- $40. .O00, 900. $106, ,OOO. 100000
 World .543. .OO0, ,00O, l. 652. .00O, 900. 1.69O. .OOO, 900.
 Mir. Austin's article goes on to show that the worlds money, as classified by accepted authorities. is gold. silver. and uncovered paper. and that the world national obligations. while not currency in the accepted sence of the term. do pass current among financiers and are always available for obtain ing currency when passed across the counter of bank.
 In the 13 years preceding the war. 1SOO-1913, the currency of the 40 prin- cipal countries of the world-gold. sil- yer and uncovered paper combined increased 25 per cent, and national debts 40 per cent. while population was increasing only 10 per cent The av- craze prices as indicated by index numbers of leading authorities show advances in the 13 years preceding the war ranging from 15 to 25 per cent.
 With the beginning of the war per Tod. however. both world currency and national indebtedness increased with great rapidity and with this came also a rapid advance in prices. The increase in the short 1913-17 period in world currency was so per cent. of world in debtedness 142 per cent, and world population only 1-2 per cent. while the advance in prices in the 1913-17 period ranged from 50 to 100 per cent.
 The increase in world currency dur ing the war period occurs chiefly in paper. This large increase since 1913 occurred chiefly in the at war. The uncovered pa- per of the United kingdom in 1913 was s115.00O. 900. and in 1917. s660 0,OO00OO; Germany. in 1913. s262 900 900. and in 1917. s1.6130OO.0OO: France. in 1918. S326. 6.00O. 900. and in 1917. S2.90O.O0O- 900: Italy in 1913. s1S2. 2.OO0.O 900. and in 1917. s661. 900. .OOOO: for Russia no fig ures are available for 1913. but for January 1. 1915. the total is sS04.0O0.- 900. and in July. 1917. s4.2S5.000. 900. Most of the s62. .OO0 900 900 increase in national debts. from 1913 to 1917. has also occurred in the countries at war.