The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-11

Iuts silver certificates in their place II
opens the door wide for increase 4 in the
notes o. national banks. Ii gives parity
10 all our currency. On the face of all our
money. paper and coin. white and yellow.
CT all our bonds. all wages. all trade. all
banking. all business. ~ 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 or any foreign nation is two and
three-quarters per cent. on British con-
soils This is to run until 1903 and then TO
be Two and half per cent. On only part
of the debt of Germany. France and Rus
STA Is the rate as low as three per cent,
and Italy no less than FIVE
The average bank rate for money In the
European centers. in the year ending with
juno last, was 26 per cent in Amsterdam.
81 In Paris, BIZ In London, 459 in Ham,
burg and Berlin. From July 1. 1889. TO
I'm London 40. in Berlin and Hamburg 5.57.
In the year ending with June last, the
average for call money in New York was
20 10 80, and for prime paper 3.34 TO 40.
For the months from July l. last 10 March
2. the average in New York was for call
money 352 TO 62l. and for prime paper
475 TO 5s7.
'"rhe changes every day in New York are
greater than elsewhere. but the records
show that no rate for money is less in our
country than in any point in Europe, ex-
cept Paris, and often lower than on that
bourse.
AT the market price, during Aiarcn last
cur per cent bonds of 1895 earned to the
investor an average of 21i9 per cent.
year; the IS Of 1907 earned 1.543 per cent:
the 2s earned L 593 and the 5s only .09-2. For
April on the same basis the average earn
tngs were: For the Is of 1925. 22if per cent;
As OF 1907, ISL: IS, LIS; SIS. 1.452
TIE contrast with the foreign loans is
most marked. The German 21z per cent.
sell at s61z 10 81. and the IS at SIS to S61z. so
That their earnings to the buyer are more
than the interest states The premium on
British consols is about l per cent, and on
the French rentes 1 per cent. or a slight
traction more. and their earnings vary
little above the face interest The latest
allotment of British treasury bills was at
$3.50 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 American
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 animals. The maize which the red
colony from starving, turned out last year
a crop &29. 30, 10 IT. value, and that ex-
ceeds the capital of all the national banks.
me worth OF farm animals by latest fig
ures Is 1881. 467. very nearly equal TO all
the money in circulation in the country.
And yet no less than our agriculture,
richer than the early navigators sought,
and their growth expands with each new
year. IL Is not enough that the American
PEOPLE have long led all nations I'm this
broad field-the rate of increase exceeds
that OF all the world. If the eartf is al
ready giving its maximum crops
imagination fails to lirit the products of
forge ana mill. of factory and laboratory.
Take pig iron as the index of manufacture.
The increase from 1897 to 1899 was Al per
cent. The product is now at the rate of
15.2SO.OOO tons year. more than so per
cent greater than that OF Britain. Our
exports of manufactured articles for the
ten months ending with April were $685.
c.00O indicating for the year over $3.50. Co.,
600, and that is more than our total exports
as late rs 1870. The product of our manu-
factures this year will hardly be less than
three times the total assets of all the
national banks, SIS. C000 100000
Our products flow outward into all the
world, In gulf stream ever rising Our
total exports for nine months ending with
March were $1.1s2, 736. 6S5, being sl35, 94s S57
more than the same period last year, and
indicating for this year 81. 400, 100000 and a
balance of trade of $3.50. 900 900. Comparison
with Great Britain cannot fairly be made,
Tor she is a trader more than a producer,
and Is a way port for che worlds COM
merce. We sell what We raise and make
t)ur foreign trade springs from our home
industries Our net balance of trade be-
longs 20 our own people"