Show DOUBT AS TO THE FUTURE Gold continues to seek Mek refuge abroad and there is some apprehension in the tM minds of ot financiers as to the future The Wall Wail Street Journal takes note of exist existing existIng existing ing conditions as follow On July 1 the stock of money In the United States was or the largest of or the year and substantially more even than the high figures follow following following ing the panic of ot 1907 Of this amount the national bank no notes tee in circulation formed 1956 1086 11 per cent This Is the high highest est eat e t percentage since March 1908 and represents an Increase of nearly since August of that year It is in fact the highest figure since January eighteen months ago Coincident with Junes Junell further in increase Increase increase crease of nearly In bank note circulation there has been a correspond corresponding ing log decrease of practically the same amount In gold coin What is happen happening happenIng happenIng ing obviously Is that bad money is driving out good at a time when it should be all to our interest to encourage encourage encourage age an exactly contrary movement This is the price we pay for our indefensible currency and sooner soo er or later there will wll willbe willbe be a heavy reckoning to meet meetA meetA A further increase In the national bank note circulation seems inevitable The national banks will wll almost certainly utilize the bonds released by the calling of treasury deposits It seems probable probable probable able indeed that at the present rate of expansion we shall even exceed the high figure reached after the crisis of or 1907 We need to pray earnestly that nothing will happen to tighten money In the fall The fact that Senator Aldrich who has already alreed bedeviled the tariff reduction reduction reduction tion movement t will reform the cur currency currency currency rency laws will wll not lull anyone Into a sense of security Long years ears of or Republican Re Republican publican rule have left the country In such a condition that even the harvest harvestIng harvestIng Ing lug of or worth of crops Is no insurance against a financial crash With a partial failure of crops nothing could prevent a more disastrous panic than the one which marked the closing days of or the Roosevelt administration Prosperity is advancing slowly over the rough places and may arrive some time I In the dl t and distant future when the Republicans live up to their platform promises or are turned out to grass |