The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-18

restore what they take doid VIII go
abroad but gold exports do not mean
peri: to-day. a drain on the treasury IS
zfnconceiyable. because no gold can so
unless It is paid for in what is really
sgoId The day# has dawned, then, when
snv .andIess chain must have all its
links of gold.
ORR real. WEALTH.
!. the labor and wealth of the American
5uef,ple underlie the law OF, March Il, 1900
To them are due the results of which we
are thinking More potent for riches
man even the yellow metal. is our aSrl-
culture. with its corn and cotton. hay and
tobacco, Its farm animals The maize
which the red men gave US, which saved
John Smiths colony from starving, turn
ed out last year. a crop, sG29,2lO11g IN
#yaiue. and that exceeds the capital of all
the National banks. The worth of farm
animals bv latest figures is $780,. 1Io.467,
very nearly equal to all the money in cir
culat,on in the country And yet no less
than our agriculture, our manufacturers
create an Ell Dorado richer than the early
navigators sought, and their growth eX-
pands with each new year IS not
enough ts?at the American people have long
led all nations in this broad field; lac rate
of increase exceeds that OF all the rest on
the world. If the earth is already giving
us its maximum crops. Imagination fails
10 limit the products of forage and mill. OF
factory ard laboratory. Take pig-iron as
the index of manufactures. The increase
from 1897 to 1899 was II per cent The pro-
duct is now at the rate of l3.2Se,0J0 tons
year more than 80 per cent. greater tnah
that of Britain. Our exports OF 1nafuia
tured articles for the ten months ending
with April were s3iS, 0oo.000. indicating for
tht. wear over $50 900. and that is more
than our total exports as late as 1870. The
product of our manufacturers this year
will hardly be less than three times the
total assets of all the National banks.
S15, 600. C09. 600
Our products flow outward INTO all the
world in gulf stream ever rislns' oui
total exports for ten Inontas eng ms w ~
April were s1172, $3.50, being $lS7siS.S2.
more than for the same period last year,
and Indicating for this year 81, eo,0tv, 60
and a balance of trade OF $3.50 100000. Com
parIson with Great Britain cannot fairly
DE made for she is d trader more tnah
producer, and is way port TOT tsie
worlds commerce. We sell what we raise
and make: our foreign trade springs from
our home industries. Our net balance OIL
trade belongs to our own people
FORCES NOT MATERIAL.
Gentlemen of the Virginia Bankers As
soci.,tton. these fgurcs state only ID part
tn, production OF our people, whose ac-
tivty creates it. and whose progress Is
It's fruit and flower. You are IN your
held its ministers. and it dePendi largely
on your counsel and your AID our mon
etary system is potent factor III .ite
machinery of our Industry and our wealth.
Banks handle. help. The capl'al which en-
plovs labor. and exchanges products at
home and abroad No other tool. no otnef
engine is more necessary TO productions
M vehicle no ship, no locomotive IS more
used in trade.
Above all material forces, is the vital
shark which gives life TO our nation. l ne
mind. the heart. the spirit OF the AIiieftcaii
penrle inspire their prosperity ne stoiS
If their high purpose of their love fof
liberty. for the eleva ton OF All men, 'heit
deeds OF herosm, has no rival IN human
annals We have a right to rejoice that
our Republic is more than ever united
one in aims one in faith in our ihStl'u
tions. one in the assurance OF us gran"
future. one in devotion to the dear Las
of Washington and of his Virginia the nag
of a nation mightier than even MS loiiu-
est dreams. No gauge can iiieaSuts ~
mower no coin or currency can express us
wealth We. Of all the States and OF al!
vocationc io;n hands in holding last 10
IL treasures in strengthening its tounda-
TONS in striving for wise laws. IN ttiahiiiS
SIRE and safe its growth. In cio'hlhS y
ever anew with robes of Righteousness
as the APOSTLE the leader, the chaihi,'osl
of the purest civilization OIL li'e
possibilities of humanity.
PRESIDENTS REPORT.
The report of President M. ;. 'euailes
was then read by him ana "a9 ie'
with close attention oo,-
After speaking Of the prosperous eoii.
si,;ons prevailing, Mr. Quarles takes up
the State debt and says:
,,his we all know was at one TINT d
source of anxiety to us but IS no" GU
forever We have seen our per ceh''
bonds go from soc. on the dollar 10 heal
mar and it is a matter OF record ina %
of them are owned by our OWE CT q 'ZeA's
From every standpoint the outiooh -
oncouraeing to us, both as bankers ana
Virgnians. =
sent out to each bank--Nationai and
Trust Companies and private
b.nl.ers of record in the Bankers ReS-
ister a request for a statement OF con
ditions, and right here | desire to thahh
Won. each and all. for the prompt re-
snonse to that request. | have cofllpi!eu
from these reports, consisting Oh 'hii -
six national banks, 10 trust COMPANIES
and 1O1 State institutions and private
bankers. the following summary, peihS
a comparison of conditions as eAIstilis
January. 1899 and January, 1900 WIN
tho further showing of increase OF CIR
culation by national banks since jaIlu-
ory 1900 TO date of report. say, May ISL
instant:
THE REPORT.
Paid ND capital Jan, 1890 .$h soG,9i2
paid M capital Jan, 1900---.- 10 H,5oo
Increase. ......'T h'''-S''S