The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1900-06-20
NATIONS FINANCES.
UNITED STATES TREASURER ON
THE GOLD STANDARD.
Our Bonds Paying a Lower I-te of
Interest = More Money in Circu1a-
tion-Increase in the Number of Ma
tionaI Banks-LabOr and Wealth.

Washington.-Ellis III. 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.
1t fixes, except for a 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. 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
1908, and then to be two and a half per
cent. On only part of the debt of
Germany, France and Russia is the
rate as low as three per cent. Den
mark bOrrOWG 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, 3.17 in Lon
don, 459 in Hamburg and Berlin.
From July 1, 1899, to March 2, 1900.
the average in Paris was 3.24, in Lon
don 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 800, and for prime paper
3.34 to 400. For the months from
July LIST last to March I'd the average
in New York was for call money $50 to
6.51. 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. a year; the tours of
1907 earned 1.543 per cent; the threes
earned 1.593. and the fives only .0972.
For April on the same basis, the av-
erage earnings were: For the tours of
1925, 2.244 per cent; tours of 1907,
1851; three, 1.73S; fives, 1852.
''The contrast with foreign loans is
most marked. The German three and
a half per cents. sell at 961a to 81, and
the threes at So to S61a so that their
earnings to the buyer are more than
the interest stated. The premium on
British Consols 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 9S.19d for
three months, and 96.9d 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, its 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 $629, 21O, 10 in value, and
that exceeds the capital of all the ma
tiolal banks. The worth Of farm ami
mails by latest figures is 81 1897 ,010, 4G7,
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 III IuIS DIOdu TILT rue
of increase exceeds that of all the rest
of the world. If the earth is already
giving us it's 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 1899 was forty-one per cent. The
product is now at the rate of 1920, 600
tons a 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
S348, OOO, 900, indicating for the year
over $45O,OOO,O00, 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. SID, 000,000,00
'Our products flow outward into all
the world, in gulf stream ever rising.
Our total exports for nine months end
ing with March were SLIP, 1876, 6S5,
heino S125 O40 S57 more than for the