X 645-655 FINANCIAL MARKETS AND INSTITUTIONS

Series X 410-419. Money Stock—Currency, Deposits, Bank Vault Cash, and Gold: 1867 to 1970
[In billions of dollars. Annual averages]

Deposits adjusted, commercial banks Mi Mj Deposits at nonbank

Currency Money Money thrift institutions
held by supply supply Bank vault Monetary
the (currency (Mi plus cash gold stock
Year public plus demand time Mutual Savings and
Total Demand Time deposits) deposits) savings loan
banks associations

410 411 412 413 414 415 416 417 418 419

1970 47.69 353.61 162.30 191.31 209.98 401.29 6.48 11.28 68.87 13&.62
1969 44.82 340.34 156.94 183.40 201.77 385.17 6.06 10.37 66.03 113.60
1968 41.97 319.66 148.47 171.19 190.41 361.60 5.76 10.71 62.42 127.16
1967 39.37 292.39 138.38 164.01 177.77 331.78 5.38 13.02 57.74 118.96
1966 37.48 270.56 133.58 136.97 171.05 308.02 5.02 13.46 53.62 111.46
1965 35.26 260.64 128.54 122.10 163.79 285.89 4.62 14.26 60.72 106.46
1964 33.49 231.25 123.74 107.51 157.22 264.73 4.24 16.46 46.74 96.08
1968 31.55 217.60 119.74 97.87 151.28 249.15 3.95 15.74 43.02 85.59
1962 30.09 203.83 116.91 86.92 147.00 233.92 3.67 16.36 39.78 74.93
1961 29.10 192.14 114.82 77.31 143.93 221.24 3.40 17.38 37.32 66.06
1960 28.99 181.68 112.62 69.08 141.59 210.67 3.07 19.01 35.42 57.90
1969 28.90 181.19 114.38 66.82 143.27 210.09 2.90 19.95 34.39 61.00
1958 28.37 172.75 109.98 62.77 138.35 201.12 2.77 21.67 32.81 44.66
1957 28.26 163.56 108.48 55.07 136.75 191.82 2.71 22.49 30.75 39.29
1956 27.98 158.89 108.05 50.85 136.02 186.87 2.68 21.81 29.02 34.61
1965 27.63 156.06 106.79 49.25 134.44 183.69 2.69 21.69 27.22 29.62
1954 27.62 149.64 102.75 46.89 130.27 177.16 2.49 21.89 25.32 24.98
1953 27.78 143.41 100.64 42.85 128.34 171.19 2.43 22.42 23.52 20.98
1952 26.70 138.22 98.52 39.70 125.22 164.92 2.34 23.25 21.73 17.57
1961 25.53 130.92 93.67 37.22 119.23 156.45 2.25 22.03 20.35 14.89
1950 25.05 125.76 89.08 36.67 114.14 150.81 2.10 23.91 19.75 13.26
1949 25.50 121.96 85.67 36.30 111.16 147.46 2.02 24.43 18.87 11.72
1948 26.07 122.04 86.24 35.80 112.31 148.11 1.98 23.51 18.12 10.36
1947 26.58 119.42 85.22 34.21 111.79 146.00 1.84 21.3F 17.38 9.15
1946 26.48 112.25 79.98 32.27 106.46 138.73 1.90 20.29 16.14 7.96

1946 25.33 101.30 73.90 27.40 99.23 126.63 1.71 20.25 14.36 6.84
1944 21.22 86.60 64.12 21.48 85.34 106.82 1.62 21.21 12.45 5.90
1943 16.35 73.66 66.89 17.67 72.24 89.91 1 54 22.37 11.12 5.22
1942 11.54 69.62 43.82 15.80 55.36 71.16 1.40 22.73 10.40 4.81
1941 8.40 54.11 38.12 15.99 46.52 62.51 1.37 22.54 10.58 4.50
1940 6.76 48.44 32.89 15.55 39.65 55.20 1.24 19.85 10.58 4.22
1939 6.04 43.23 28.11 15.12 34.15 49.27 1.10 16.08 10.39 4.10
1938 5.55 39.96 24.97 14.99 30.52 45.51 1.02 13.26 10.19 4.08
1937 5.69 40.09 25.32 14.77 30.91 45.68 .94 12.15 10.11 4.14
1936 5.23 38.25 24.32 13.93 29.56 43.48 .95 10.58 9.93 4.22
1936 4.80 34.27 21.08 13.19 25.88 39.07 .84 9.06 9.78 4.36
1934 4.63 29.73 17.23 12.50 21.86 34.36 .78 7.74 9.63 4.60
1933 6.09 27.13 14.82 12.31 19.91 32.22 .73 -4.35 9.65 5.04
1932 4.92 31.13 16.19 14.94 21.11 36.05 .75 4.24 9.89 5.62
1931 4.16 38.53 19.98 18.55 24.14 42.69 .83 4.70 9.81 6.11
1930 3.73 42.00 22.03 19.97 25.76 45.73 .85 4.47 9.09 6.27
1929 3.90 42.70 22.74 19.96 26.64 46.60 .90 4.28 8.83 6.00
1928 3.89 42.53 22.49 20.04 26.38 46.42 .91 4.21 8.53 6.39
1927 3.98 40.75 22.12 18.63 26.10 44.73 .93 4.56 7.97 4.70
1926 4.00 39.68 22.18 17.50 26.18 43.68 .95 4.45 7.44 4.09

1925 3.96 38.09 21.70 16.39 25.66 42.05 .93 4.38 7.02 3.48
1924 3.96 34.62 19.71 14.91 23.67 38.58 .92 4.44 6.59 2.89
1923 3.96 32.64 18.97 13.67 22.93 36.60 .90 4.06 6.18 2.42
1922 3.69 30.03 17.98 12.05 21.67 33.72 .87 3.80 5.72 2.09
1921 4.04 28.81 17.47 11.34 21.51 32.85 .90 3.29 5.48 1.85
1920 4.48 30.32 19.25 11.07 23.73 34.80 1.02 2.88 5.16 1.60
1919 4.02 26.99 17.77 9.22 21.79 31.01 1.01 3.13 4.71 1.39
1918 2.76 23.97 16.20 7.77 18.96 26.73 1.01 3.16 4.39 1.27
1917 2.17 22.20 14.91 7.29 17.08 24.37 1.40 3.11 4.33 1.16
1916 2.17 18.68 12.53 6.15 14.70 20.85 1.55 2.48 4.13 1.06
1915 1.93 15.66 10.55 6.11 12.48 17.69 1.46 2.00 3.91 .98
1914 1.91 14.48 16.39 1.62 1.88 3.84 .89
1913 1.89 13.84 15.73 1.55 1.88 3.73 .82
1912 1.82 13.31 15.13 1.53 1.82 3.68 .74
1911- 1.76 12.36 14.12 1.45 1.76 3.43 .67
1910 1.74 11.60 13.34 1.43 1.66 3.30 .61
1909 1.71 10.97 12.68 1.35 1.65 3.14 .56
1908- .. 1.76 9.68 11.44 1.15 1.64 3.02 .53
1907 1.72 9.88 11.60 1.14 1.49 3.02 .49
1906. 1.63 9.46 11.08 1.04 1.35 2.91 .46

1905- 1.50 8.74 10.24 1.01 1.24 2.74 .43

1904 1.44 7.80 9.24 1.00 1.21 2.60 .42
1903 _ 1.42 7.26 8.68 .87 1.14 2.50 .41
1902 1.34 6.83 8.17 .85 1.07 2.39 .40
1901 1.27 6.21 7.48 .84 1.02 2.26 .40

1900 1.21 6.39 6.60 .77 .93 2.13 .40

1899- 1.10 4.99 6.09 .73 .87 2.00 .41
1898- . 1.00 4.26 6.26 .70 .74 1.87 .42
1897 .92 3.72 4.64 .65 .60 1.78 .42
1896 . . _ . . .89 3.46 4.35 .58 .53 1.69

1895 ... .91 3.52 4.43 .61 .53 1.66

1894 .93 3.35 4.28 .67 .56 1.57
1893 1.00 3.26 4.26 .68 .56 1.55
1892 . . . . . .96 3.47 4.43 .68 .60 1.62
1891 .96 3.12 4.08 .52 .62 1.43

1890 .93 2.99 3.92 .48 .64 1.37

1889 .87 2.73 3.60 .49 .64 1.30

992
 M O N E Y SUPPLY A N D GOLD X 410-423

Series X 410-419. Money Stock—Currency, Deposits, Bank Vault Cash, and Gold: 1867 to 1970—Con.
[In billions of dollars. Annual averages]

M2 Deposits M2
Currency Deposits Money Bank Monetary at Currency Deposits Money Bank Monetary
held by adjusted, supply vault gold mutual held by adjusted, supply vault gold
the commercial (Mi plus cash stock savings the commercial (Mi plus cash stock
Year public banks time banks Year public banks time
deposits) deposits)

410 411 415 416 417 418 415 416 417

1888- 0.85 2.55 3.40 0.48 0.65 1.24 1877 0.54 1.11 1.65 0.24 0.13
1887 .83 2.48 3.31 .46 .61 1.18 1876 .53 1.15 1.68 .24 .10
1886 .78 2.32 3.10 .44 .56 1.12
1875 .54 1.18 1.72 .25 .09
1885- .80 2.07 2.87 .45 .54 1.07 1874 .54 1.11 1.65 .27 .12
1884 .84 1.96 2.80 .37 .51 1.03 1873 .56 1. 06 1.62 .24 .11
1883 .87 1.93 2.80 .32 .50 1.00 1872 .55 1.06 1.61 .24 .12
1882 .84 1.79 2.63 .32 .47 .95 1871 .54 1.50 .25 .14
1881 .78 1.66 2.44 .31 .44 .92
1870 .54 .81 1.35 .23 .16
1880 .67 1.36 2.03 .29 .33 .81 1869 .55 .73 1.28 .22 .15
1879 .58 1.08 1.66 .24 .23 .75 1868 .54 .73 1.27 .24
1878 .54 1.04 1.58 .24 .18 .78 1867 .58 .70 1. 28 .25

Series X 420-423. Currency Stock and Currency in Circulation: 1800 to 1970

[In thousands of dollars. As of June 301

Currency outside Currency outside

Treasury Treasury
Total Currency Total Currency Total Currency
currency held in currency held in currency held in
in U.S. i Treasury 2 In Federal In Year in U.S. i Treasury 2 In Federal In Year 4 in U.S. i Treasury 2
Reserve circulation Reserve circulation
banks banks

420 422 421 423 420 421

57,416,085 117,164 2,947,949 54,350,972 1922. 8,276,070 2,515,005 1,297,893 4,463,172 1874. 950,116 86,510
54,019,573 292,960 2,790,688 50,936,024 1921. 8,174,528 2,001,446 1,262,089 4,910,992 1873. 903,316 65,065
61,138,815 496,863 3,001,489 47,640,463 1872. 900,571 71,361
48,126,693 799,071 2,615,178 44,712,443
1920. 8,158,496 1,675,026 1,015,881 5,467,589 1871. 894,376 100,220
46,641,417 320,797 3,766,598 42,554,022
1919. 7,688,413 2,001,139 810,636 4,876,638
1918. 6,906,237 1,668,557 855,984 4,481,697 1870. 899,876 124,909
3 56,689,683 14,411,477 2,554,020 39,719,801 1917. 5,678,774 796,005 816,365 4,066,404 1869. 873,759 133,118
55,450,634 12,760,173 4,956,767 37,733,694 1916- 4,541,730 299,127 593,345 3,649,258 1868. 888,413 116,529
53,334,680 13,010,106 4,854,775 35,469,798 1867. 1,020,927 161,567
52,194,980 13,720,548 4,704,904 33,769,527 1915. 4,050,783 348,236 382,965 3,319,582 1866. 1,068,066 128,388
51,947,136 14,818,780 4,723,662 32,404,694 1914. 3,797,826 338.391 3.459.434
1913. 3,777,021 358,329 3,418,692 1865. 1,180,197 96,657
53,070,922 16,608,562 4,397,741 32,064,619 1912. 3,701,965 366,744 3,335,220 1864. 1,062,841 55,226
53,260,402 16,994,973 4,351,256 31,914,173 1911. 3,606,989 343,935 3,263,053 1863. 1,010,747 79,473
54,058,080 18,642,860 4,243,480 31.171,739 1862. 629,452 23,754
55,363,063 19,887,518 4,393,632 31,081,913 1910. 3,466,856 318,172 3,148,684 1861. 488,006 3,600
54,008,743 19,060,827 4,232,727 30,715,189 1909. 3,451,521 302,695 3,148,826
1908- 3,423,068 343.913 3,079,155 1860- 442,102 6,695
53,308,618 18,989,892 4,089,403 30,229,323 1907. 3,158,111 344,248 2,813,863 1859. 443,307 4,?
53,429,405 19,234,197 4,273,259 29,921,949 1906. 3,109,380 334,690 2,774,690 1858. 415,208 6,398
54,015,346 19,729,629 4,160,765 30,124,952 1857. 474,779 17,710
53,853,745 20,610,303 4,217,518 29,025,925 1905_ 2,919,494 296,164 2,623,340 1856- 445,748 19,901
50,985,939 18,979,646 4,197,063 27,809,230 1904. 2,838,023 285,117 2,552,906
1903. 2,717,646 317.914 2,399,732 1855. 436,952 18,932
52,440,353 21,464,308 3,819,755 27,156,290 1902. 2,593,910 314,796 2,279,114 1854. 445,689 20,138
53,103,980 21,736,254 3,874,816 27,492,910 1901. 2,511,472 308,275 2,203,198 1853. 424,181 21,943
62,601,129 20,769,375 3,928,896 27,902,859 1852- 375,673 14,632
60,599,352 18,538,131 3,763,994 28,297,227 1900. 2,366,220 284,989 2,081,231 1851. 341,165 10,912
49,648,011 17,539,072 3,863,941 28,244,997 1899. 2,190,094 286,022 1,904,072
1898. 2,073,574 235,714 1,837,860 1850. 285,367 6,605
48,009,400 17,517,449 3,745,512 26,746,438 1897. 1,906,770 265,787 1,640,983 1849. 234,743 2,185
44,805,301 18,489,163 3,811,797 22,504,342 1896. 1,799,975 293,540 1.506.435 1848, 240,506 8,101
40,868,266 19,676,674 3,770,331 17,421,260 1847. 225,520 1,701
35,840,908 19,937,577 3,520,465 12,382,866 1895. 1,819,360 217.392 1,601,S 1846. 202,552 9,126
32,774,611 19,781,266 3,380,914 9,612,432 1894. 1,805,079 144,270 1,660,809
1893. 1,738,808 142.107 1,596,701 1845. 185,609 7,658
28,467,960 17,124,764 3,485,695 7,847,501 1892. 1,752,219 150,872 1,601,347 1844. 175,168 7,857
23,764,736 13,271,527 3,436,467 7,046,743 1891. 1,677,794 180,353 1,497,441 1843. 148,564 1,449
20,096,865 10,132,397 3,503,576 6,460,891 1842. 163,734 230
19,376,690 9,475,429 3,454,205 6,447,056 1890.. 1,685,123 255,872 1,429,251 1841- 187,290 987
17,402,493 7,800,438 3,360,854 6,241,200 1889.. 1,658,672 278,311 1,380,362
1888.. 1,691,441 319,270 1,372,171 1840. 189,969 3,663
15,113,035 8,398,521 1,147,422 5,567,093 1887.. 1,633,413 315,874 1,317,539 1839. 222,171 2,467
13,634,381 6,953,734 1,305,986 5,373,470 1886.. 1,561,408 308,707 1,252,701 1838. 203,639 • 5,000
10,078,417 2,086,971 2,271,682 5,720,764 1837. 222,186 « 5,000
9,004,506 1,513,985 1,795,349 5,695,171 1885.. 1,537,434 244,865 1,292,569 1836. 205,301 « 5,000
9,079,624 2,031,632 2,226,059 4,821,933 1884.. 1,487,250 243,324 1,243,926
1883.. 1,472,494 242,189 1,230,306 1836. 154,692 8,893
8,306,564 2,043,489 1,741,087 4,521,988 1882.. 1,409,398 235.108 1,174,290 1834. 135,840 11,703
8,538,796 1,935,513 1,856,986 4,746,297 1881-. 1,349,592 235,355 1,114,238 1833. 122,150 2,012
8,118,091 1,738,889 1,582,576 4,796,626 1832. 121,900 4,503
8,667,282 2,062,851 1,753,110 4,851,321 1880.. 1,185,550 212,169 973,382 1831. a 109,100 6,015
8,428,971 2,070,588 1,473,118 4,885,266 1879.. 1,033,641 215,009 818,632
1878.. 984,225 164,221 820,004 1830. 93,100 5,756
8,299,382 2,116,582 1,867,591 4,815,208 1877.. 916,548 102,458 814,090 1820. 69,100 •2.000
8,846,542 2,620,299 1,376,935 4,849,307 1876.. 905,238 98,114 807,124 1810. 58,000 • 3,000
8,702,788 2,671,678 1,207,836 4,823,275 1875.. 925,702 91,912 833,789 1800. 28,000 •1,500
1 Excludes gold certificates, silver certificates, and Treasury notes of 1890, since the rency outside the Treasury, and beginning 1934 they are included either as currency
gold and silver held as security against them are included. outside the Treasury or as amounts held in the Treasury for Federal Reserve banks and
2 Prior to 1860 consists of specie only; thereafter includes coin, bullion, and paper agents, payable in gold certificates.
money. Includes the following categories of currency held in Treasury as published in 3 Agrees with source; however, figures for components do not add to total shown.
the circulation statement: Reserves held against U.S. notes and Treasury notes of 1890, * Prior to 1860 the exact date of the figureB is not known.
held for Federal Reserve banks and agents, and all other money. Excludes amount held • Includes total stock of silver dollars and subsidiary silver, 1860-1863; and of gold
as security against gold and silver certificates and Treasury notes of 1890 since the coin and bullion, 1862-1863. It is not practical to present the amounts in circulation
certificates and notes are included elsewhere; for 1860-1933 they are included as cur- separately for the years mentioned. • Estimated.

993