Show THE its importance ln the transaction of business ah of the amount of in circulation in the united tf the extent of bank iab it Is a common thelise th elife pt the american people our foliga i critics and we abo often are capt to give a jacif asben to the charge but awhile in reality the accusation of being a a nation to the pursuit and capture of dollars is manifestly unfounded there are certain elements in our social condition which would tend to give at least in the eyes of those a i cf cu me real conditions of our social existence tee ignited spates takings a writer in once a ee the most radically in people in the world in no other jand is idleness counted such a sin and nowhere else docs the force of example and the pressure of publia opinion unite with such force make every man even every woman said a worker our millionaires social life may imitate the customs oi the aristocracy of europe but even the actors and goulds are workers they do not aa is the case with the wealthy classes of europe committe comm ithe charge of their vast possessions joithe care of stewards and agents they give their business interests dose personal and it is the rule to find in tho abird and fourth generation of american families of wealth energetic successful and busy men of af fairsT eliminate the offensive ensa contained 13 or better still translate it to its eal significance that lousiness alleged accusation is is something of which our people can be proud but leaving aside this exceptional fact in our that have really no leisure class and for cae there are some curious stances in the relations of the americal Ame people to this article of money we talk about it a great deal and wo of course are forced to use it at every turn ol 01 the existence of each individual mongus but after all it is only j it is the measure with which things of value are compared and the symbol which represent cal status money is the counters with which the great and game jf business is played ono hears of the agonoy laar Lct and learns from time to tune atiat commodity it deals in is plentiful JOT the reverse it is even urged that there is not enough money to satisfy the actual requirements of tho country and congress is called to meet the need by providing money but the fact re from its use in retail business for the immediate requirements of our vast population not the largest item ina the world of business the largest transactions are uniformly effected by another set of counters 1 which depre as money iSLa caher ci her intrinsic or based on the atred it money of all kinds metal lie and paper in circulation in the united states at ahls near billion sc dollar sj af this states treasury gen ja ally holds about two bunare d and fifty million asi reserve i and for other purposes whiled tb ebanks and her nn ancial outi the auntry toehold probably double that amount the actual money ia circular tion uti the shands of the people would to bo close to a round allowing for the rency among fifty minions of people the amount seems very small m comparison with the aggregates aggregate i value of the busi neifa transactions of the country the real fact of the matter Is thattie th atthe bulk of our business is carried the highly medium afforded by the use of banks and the facilities in the drafts and checks every ansual un sual t pay amounts of over fc few dollars in actual 1 l all commerce 1 and speculation are banks tricy furnish the earby money i economized and the limited amoun fot available car cu lating medium is made to perform many times the work t by itsell there is a means jho extent athis work can be in all citi the bank shave formed associations known as clearing houses A greaff ea ot their business naturally consists onu deposit of checks drawn on other shanks kiwy kcf collect such checks in would in volve endless necessitate transfer of vast amounts house is an agency tho banks of city aroble toh compare the amounts of checks m their bandstand to effee t settlement pett lement of the balances only Statistics are therefore available from all the clearing houses to show ithe amount f such exchanges the figures from forty cities show that last year the totals exchanges of checks amounted to over acty billions of dol lars while the balances paid in cop lection with them foot up over six bal athis shows a masso business transactions fifty times jarger than the available supply of 1 ar currency it does not W elude the checks drawn directly on 3 banks nor a vast volume of bus ness through drafts and other commercial methods that supplement hei economy in use of money displayed by the clearing would dot seem booe overestimating the mattor to put the total volume of the conn arys business somewhere close hundred billions in amount and it can be little of this bisno through the actual handl nig of money igei ig fi y |