Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-10-04
Address by Ellis H. Roberts
On Finance.
INCREASED CIRCULATION
Repositories Number 44o and Are
Found in Every State Except Mis-.
sissippi and Nevada-The Balance
of Trade.

olou VI LuS AluellCdu bduheTS dSSO
| citation this morning was devoted
largely to the call of states as to the
conditions of business. Response was
made from three fourths of the states
and the reports weremost encourag-
ing. The United States treasurer
Ellis Roberts addressed the conven-
ton on "The Treasury and the Mon
ey Market
''The American Bankers association
represents in it's resources $10,0OO,-
100000, which is more than double the
banking power of any other country in
the world.
THE attitude of the governments to
the money market has been, in all
lands, in the large majority of cases,
that of the borrower, often the needy
borrower, whose effrontery and per-
sistence have on occasion become bold
beggary, and more than once arrant
robbery
If proof were needed that the time
is past when a single bank is needed
to place government bonds, the Span
ish war loan of 1898 affords it album
dainty. The deal of the banks in sub
scribing for that loan five times over
deserves all praise for their loyalty
and devotion. But the offers in small
sums from individuals were twice the
amount called for. The floating of
that loan without discount and at a
cost Of only one-fifteenth of one per
cent, for printing and distribution, re-
cords both the patriotism of the plain
people and the excellence of the work
OF the treasury.
For two years our financial prob
lens have related to the surplus. The
Spanish war cost much less than the
estimates. General prosperity has
given large revenues. The secretary
of the treasury has had to decide whit
to do with $173, 100000 of unused
funds, for the treasury was able to
spare SO much from fixed resources,
and yet to retain about $4,000, 900
in its own vaults. The task was to
serve the government, and to respond
to the frequent and somewhat urgent
appeals for the relief of the money
market.
'As a consequence of the provisions
OF the new financial law. the bonds
pledged for national bank circulation
ran up from $239,947,27O on March IA
to 1926, 172,S80 September Is. The
whole volume of bank notes including
those secured by money, increased be-
tween the same months by $112,445,-
05S and became 1851, SS0936, which is
more than ever before afloat.
"a greater addition to the available
resources of trade and industry was
the deposit of public funds in the ma
tional banks. This was not new de-
vice, but an enlargement of we'll
established practice
''The repositories number 440, and
they are found in every state except
Mississippi and Nevada, and every ter
ritory except Arizona and the Indian
Territory. The amount September 1S
was $96,414,49S. The banks holding
$4,000 or less are ITO; from $50 900 to
100000, ninety-three; from $4,000
to 100000, eighty-seven; from $780,
900 to $780, 900, sixty-one; from $780,
900 to $1,0OO,000, nineteen; over ST.
100000, ten.
''The balance of trade in our favor
for three years averages s569,946, 1896.
To our stock of gold every year since
1896 has been added more than $780,
100000 on the average record never
before known among nations. The
gold in circulation, including certifi-
Gates, has reached $831,0S4,O25, which
is more than all our currency prior to
1880, and is $10.63 per capita of our
population, which is higher than the
total circulation in 1862.