dBooks desire

The Treasury Department therefore offered to purchase during
November $25,000,000 of the 5 per cent loan of 1904, or the 4 per cent
funded loan of 1907, at the current market price. The amount offered
and purchased during November was $18,408,600. The premium paid by
the Government on such purchases was $2,263,521 and the net saving
in interest was about $2,885,000. The success of this operation was
sufficient to induce the Government to continue the offer to purchase
bonds to and including the 23d day of December, instant, unless the
remainder of the $25,000,000 called for should be presented in the
meantime for redemption.
Increased activity in industry, with its welcome attendant--a larger
employment for labor at higher wages--gives to the body of the people
a larger power to absorb the circulating medium. It is further true
that year by year, with larger areas of land under cultivation, the
increasing volume of agricultural products, cotton, corn, and wheat,
calls for a larger volume of money supply.


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