Last week Treasury statisticians issued a significant report: money in circulation on Sept. 30 was a record $8,151,000,000, up $850,000,000 from a year ago; 70% over 1929's $4,819,000,000. Money in circulation has increased steadily since 1934. It now equals $61.58 for every U. S. man, woman and child. Excluding minors, per capita circulation is over $100.
An ordinary citizen, pulling a few crumpled bills, odd change and trolley tokens from his pocket, may wonder who has all this money. Bankers (holding about $1,200,000,000 in currency, about 15%) wonder too. Some possible explanations: 1)...
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