The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-10-20


Following this came the annual re-
port of the treasurer, John J. Fulkroj
of Philadelphia. The repor; is append
ed.
Philadelphia. oct. 16, 1899.
To the Pennsylvania Bankers Assn.
Gentlemen:-Your treasurer presents
the following report of the receipts and
disbursements OF the past wear:
Balance on hand Nov. IL, 1928. 81, ,S0S.77
To dues from 2S5 mem
bers at $1,000 each. 2,S50.00
To dues from 115 mem
bers at $500 EACH. $500
Total dues ............... 3,425.OO
Total receipts .............s5288.77
BY payment as per accompany
ing vouchers ,...,............. 2,1l9.00
Balance on hand ........$3, 114.77
Respectfully submitted.
JOHN J. FOULKROD,
Treasurer.
What was .he feature of the con-
vcntion, the address of Hon. Ellis II.
Roberts, treasurer Of the United States
next occupied and edited the dele
gates. Mr.. Roberts had as his theme,
THE Treasury and the Currency" and
he treated it i'm a most interesting and
exhaustive manner. by many his ad-
dress was viewed as an administrator
utterance. 1t is given hers complete:
TREASURER ROBERTS ADDRESS.
Your vocation as bankers and NY
position in the treasury Of the United
States determine the theme which we
shall consider. Your invitation implied
that shall speak to your of the treas
ury and the currency. Plain as the
hnG lee at to- IL
grass Of the lawn, the meadow and
the hillside is commonplace, vet glim-
merinC in the sunshine il may we'll
rival the Eau1iest garden. Out Of the
rugged and ugly ore comes the yellow
metal which adorns. beauties, on
riches home and thcater, exchange and
cathedralS. We are to make the best
of the theme which the occasion sets
before us. Certain relations exist be-
tween the treasury and the CirCulat-
ing medium, and these it may be we'll
TO define. Tho questions will follow
whether these relations are such as
they ought Ia be, and II they are not,
what remedies are needed and how can
they be applied?
The currency situation has some fea-
lures of real and robust strength. In
the first place, as the corner stone of
all our money rests a volume Of gold
in the treasury larger than ever be-
and the hands of the people the yell
low metal is held beyond all precedent.
The gold coin in circulation increased
during the year ending September ist,
by A22S9,92G. and during September,
including gold certificates, by a further
sum of S3.612, ,566.
The tide of gold has flowed steadily
into the business of the country
through the mints and assay officers,
through customs and the general re-
ceipts of the country For many
years until March 1893. the customs
were paid almost wholly in paper,
with many months showing not frac-
ton Of gold. In the fiscal year 1898.
the percentage of customs paid in New
York in gold was 20.4, in the fiscal
year 1899, II was 1875, and from July
to October I. 1895. was S42 For all Of
September Just past this percentage
rose to 91.5.
The contrast in the use of gold in
the general trans actions of the gov
ernment in the fiscal years 1893 and
1899. is noteworthy. In .he former, out
of receipts of s2,o7G, 1851 1902 per
cent. was in gold coin. and of $685.
973,Ol3 disbursements. 1lSS ner cent .
while in the latter year Of receipts
amounting n s2293 1913, "a. 37.6 rer cent.
was in gold coin. and Of $?.37t. 2s3 62q
Disbursements 2537 W0s in gold coin
In the quarter from July to October Of
the current year. the percentages Of
gold were still larger.
SOME BIG FIGURES.
The result has been that the treas.
urY held the first Of October 1898 in
gold 27S,69l,45e gross, and this became
S353OO2,3I9 at the opening Of the cur
rent month. on the 18th of October
the gross amount stood at 1913 915,
the largest sum before the present
year being S92 ,EI ,3o6, while the maxi
mum net was reached October II at
S20SOHl,j65. The gold certificates which
explain the difference between gross
and net had not been issued for sew
eral years and had long stood at from
So 600 to S2S, 100000. Since August
Z, when the Issue was resumed. gold
certificates have been put out to the
amount of s119.A61. 80 and stood Oc-
tober II at S117,906,GS0.
Stalwart health is shown by the fact
that Of the total money in circulation
at the beginning Of this month rs q
per cont was in gold, including gold
certificates The strength of govern
ment paper Is proved by the guara ntee
held against the legal lender of co.
per cent. in gold. excluding gold GER
tiflcates which stand dollar for dollar
of the yellow metal.
Another factor of strength in the
currency is the strict limitation in the
volume Of government paper. The sta
tute prescribes that the United States
notes shall not go beyond S34G, ,6S1 ole
The silver certificates can not exceed
the standard dollars against which they
are issued. The treasury notes re.
stricted to tho amount Of bullion pur-
chased for them, are retired when re-
deemed in silver dollars. The gold
certificates can only stand dollar for
dollar of gold coin. These limitations
are like the dilSes Of Holland. n de.
fense against a threatening sea which
might otherwise sweep over land and
city. farm and home.
While these dikes endure the inda-
tion in demand obligations other thar
gold is prevented. peril u kept at the
minimum and the whole volume OF
currency is maintained at a level sr
that no dollar is worse than the best
But these limitations permit no elias
ITCHY Under the practice of the
treasury. denominations are exchang,
ed. small for large and the reverse, bu
not one kind of currency for another
In the absence of legal restrictions
government paper could only be pu