Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1900-06-21
NATIONS FINANCES.
UNITED STATES TREASURER ON
THE GOLD STANDARD. @
Our Bonds Paying a Lower Rate of
Interest = More Money in Circular
tion-Increase in the Number of Ma.
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 unique rate of in
terest on government bonds, and so af-
fects the earnings Of capital in all uses.
It fixes, except for small per cent,
the denominations of silver certificates
at $40 and below, and of United States
notes at $40 and above, while it does
away gradually with Treasury notes
and puts silver certificates in their
place. It 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 AVID yellow, on all our
bonds, all wages, all trade, all banking,
all business, it brands deep and sure,
to be read of all men foy all time, the
pledge of gold interest abroad and at
home.
''The lowest rate of interest borne
Try the bonds of any foreign nation Is
two and toree-quarters per cent, on
british ConSols. This is to run until
1908, and then to be two and half ger
cent. On only part of the debt of
Germany, F'.ance and Russia is the
rate as low as three per cent. Den
mark borxows 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 &c per cent. in
Amsterdam, 81 in Paris, 81 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 4.4O, 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 3.G5, and for prime paper
334 to 400 For the months from
July LIST last to March I'd the average
in New York was for call money 352 to
651, and for prime paper 4.75 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, except Paris, and
often lower than on that bourse.
''At the market price, during March
last, our four per cent. bonds of 1925
earned to the investor an average Of
2.149 per cent. year; the tours of
1907 earned 1.543 per cent; the threes
earned 1893. and the fives only .O972.
"For April on the same basis, the av-
erage earnings were: For the tours of
1925, 2244 per cent; tours Of 1907,
1851; three, 1.738; fives, 1852.
"The contrast with foreign loans is
most marked. The German three and
half per cents sell at 96h to 81, and
the thfees at Sc to S61a, so that their
earnings to the buyer are more than
the interest stated. The premium on
British Ccnsols is about one per cent,
and on tho French rentes one per cent,
or slight fraction more, and their
earnings vary little above the face
interest The latest allotment of Brit
ish Treasury bills was at 9S.19d for
three months, and 969d for twelve
months Thus money is cheaper with
us than anywhere else among men.
1.-The labor and wealth of the Ameri
can people underle 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 crop 1929, 21O,110 in value, and
that exceeds the capital of all the ma
tional banks. The worth of farm ami
mails by latest figures is $1,997, 01O, 467,
very nearly equal to all the money in
circulation in the country.
''And yet no less than our agricul-
ture, our manufactures create an Ell
Dorado richer than the early naviga-
tors sought, and their growth expands
with each new year. 1t is not enough
that the American people have long led
all nations in this broad field-the rate
of increase exceeds that of all the rest
of the world. If the earth is already
giving us its maximum crops, imagi-
natlO0 IalIS TO HINT luo pfOuuclS Ol
forge and mill, of factory and labora
tory Take pig iron as the index of
manufactures: The increase from 1897
to 1899 was forty-one per cent. The
product Is now at the rate of 15,2S0,O00
tons year. more than fifty per cent.
greater than that of Britain. Our ex-
ports of manufactured articles for the
ten months ending with April were
S34S 900, 900, indica ting for the year
over $3.50, 100000, and that is more
than our total exports as late as 1870.
The product of our manufactures this
year will hardly be less than three
times the total assets Of all the national
banks, $15,0OO,O00, 00o.
..Our products flow outward into all
the world, in gulf stream ever rising.
Our total exports for lime months end
ing with March were SLIP, 736, 685,
being $135, 94S, S57 mose than for the
same period last year, and indicating
for this year 81 100000. 900. and bal
e +,,5o = r cSSA 0Al 400 Comnar;