Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1900-06-20
NATIONS FINANCES.
UNITED STATES TREASURER ON
THE GOLD STANDARD.
Our Bonds Paying a Lower Rate of
Interest - More Money in circuIa-
tion-Increase in the Number of Ma

Washington.-ElI Fl. Roberts,
Treasurer of the United States, speak
ing on the new era In our finances and
currency, as established by the act Of
March IA. 1900. said:
This law makes a unique rate of in
terest on government bonds, and so af-
fects the earnings Of capital in all uses.
1t fixes, except for a small per cent,
the denominations of silver certificates
at $40 and below, and of United States
notes ut $40 and above, while it does
away gradually with Treasury notes
and puts silver certificates in their
place. 1t opens the door wide for in
crease in the notes Of national banks
1t gives parity to all our currency. On
the face Of all our money. paper and
coin, white and yellow. on all our
bonds, all wages, all trade, all banking,
all business. it brands deep and sure,
TO be read of all men for all time, the
pledge of gold interest abroad and at
home.
"The lowest rate of interest borne
by the bonds of any foreign nation is
two and three-quarters per cent, on
British Consols This is to run until
1903 and then to be two and a half Fer
cent On only a part Of the debt of
Germany. France and Russia is the
rate as low as three per cent Den
mark borroWs at the same rate. Aus
tria pays no less than four per cent,
and Italy no less than five.
'"The average bank rate for money in
European centers, in the year ending
with June last was 90 per cent. in
Amsterdam, 81 in Paris, ST. in Lon
don, 4.59 In Hamburg and Berlin.
From July l. 1899, to March 2 1900.
the average in Paris was 3.24, in Lon
don 4.40, in Berlin and Hamburg 5.57.
In the year ending with June last, the
average for call money in New York
was 2.36 to 1865. and for prime paper
3.34 to 4.20. For the months from
July LIST last to March I'd the average
In New York was for call money $50 to
G.51, aud for prime paper 475 to 5.S7.
THE changes every day in New
York are greater than elsewhere; but
the records show that the rate for
money is less in our country than in
any point in Europe, ex"ent Paris, and
often lower than on that bouI1e.
"At the market price, during March
last our four per cent. bonds of l2"5
earned to the investor an average Of
2.149 per cent. a year; the tours of
1907 earned 1543 per cent the threes
earned 1893. and the fves only .09T2.
For April on the sane basis. the av-
erage earnings were: f'or the tours of
1925. 2.244 per cent; fours of 1907,
1851; three, 1.T3S; fives, 1452
"The contrast with foreign loans is
most marked. The German three and
half per cents. sell at 96l2 to 81, and
the threes at So to S6Ia, so that their
earnings to the buyer are more than
the interest stated. The premium on
British ConsoIs is about one per cent,
and on the French rentes one per cent,
or a slight fraction more, and their
earnings vary a little above the face
interest. The latest allotment of Brit
ish Treasury bills was at % 19d for
three months. and 969d for twelve
months Thus money is cheaper with
us than anywhere else among men.
THE labor and wealth of the Ameri-
can people underlie the law of March
IA, 1900 To them are due the results
of which we are thinking. More potent
for riches than even the yellow metal.
Is our agriculture, with its corn and
cotton, hay and tobacco, it's farm ami
mails. The maize which the red men
gave us. which saved John Smiths col
ony from starving, turned out last
year a crop S629, 210, 10 in value, and
that exceeds the capital of all the ma
tional banks. The worth of farm ami
mails by latest figures is 81 ,997, o10, 46T,
very nearly equal to all the money in
circulation in the country
"And yet no less than our agricul-
ture, our manufactures create an FL
Dorado richer than the early naviga-
tors sought, and their growth expands
with each new year. II is not enough
that the American people have long led
all nations in this broad deld-the rate
of increase exceeds that Of all the rest
of the world. If the earth is already
giving us its maximum crops. imagi-
nation fails to limit the products of
forge and mill. Of factory and labora-
tory. Take pig iron as the index of
manufactures: The increase from 1897
TO 1890 was forty-one per cent. The
product is now at the rate Of 1880 600
| tons a year. more than fifty per cent,
greater than that of Britain Our cx-
ports OF manufactured articles for the
ten months ending with April were
| S34s. O0O, 600 indicating for the year
over $450000,000, and that is more
than our total exports as late as 1870.
The product of our manufactures this
year viii hardly be less than three
times the total assets of all the national
| banks. $l5.G00.000 0o0.
! "Our products dow outward into all
the world In gull stream ever rising.
Our total exports for nine months end
ing with March were Si1T3.IS6. $50
being SlS3 94S,S5 more than for The
same period last year. ana indicating
for this year Sf4O0.0Gom0. and a bal
ance Of trade of $550Oo0.000 Compare
son with Great Britain cannot fairly
be made. for she is a trader more thar
n producer. and IS a way port for tht
worlds commerce. We sell what We
raise and make: our foreign trad,
| springs from our home industries oul
Iuct balance of trade belongs 10 our owl
| ,,.,.r.y..