Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1900-06-22
NATIONS FINANCES.
UNITED STATES TREASURER ON
THE GOLD STANDARD.
Our Ponds Paying a Lower Rate of
Interest More Money in Circuln-
tion--Increasc in the Number of M.
tional Banks-Labor and Wealth.

treasurer oil the United States, speak.
Ing on the new era in our finances and
currency, as established by the act of
March II. 1000, said:
This law makes Il unique ate of in
terest on government bonds, and so af-
fccts the earnings of capital in nj! uSes.
1t fixes. except for a small per cent,
the denominations of silver certificates
at $40 and below, and of United States
notes ut $40 and above, while it does
away gradually with Treasury notes
and puts silver certificates in thci:
place. 1t opens the door wide for ill.,
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
sont's all wages. all trade. all banking,
all business. it brands deep and sure,
TO be read of all men for all time. tie
pledge of gold interest abroad and ut
home.
Tile lowest rate of interest horne
by the bonds of any foreign nation is
two and three-quarters per cent, ON
British Consols. This is to run until
1903, and then 10 be two and Il half per
cent. On only Il part of the debt of
Germany, France and Russia IL the
rate as low as three per cent. l)en-
mark horrow; at the same rate. Aus
tria pays 10 less than four per cent,
and Italy 10 less than five.
"Ilie average bank rate for money in
European centers, in the year ending
with Juno last, was &c per cent. in
Amsterdam. 20 in Paris. 3.lT in Lon
don. -i.:D in Hamburg and Berlin.
From July /. 1850. to March :, 1900.
the average in Paris was 3a..24. in Lon
don lao, in Berlin and Hamburg 5.57.
In the year ending With June last, the
average for call money in New York
WAS 2.36 10 3.65, and for prime paper
3.3i To 400. For the months from
July LIST last to March 2d the average
in New York was for call money 8 to
Col. and for prime paper 40 to 5.S7.
THE changes every day in New
York are greater than elsewhere; but
the records show thai the rate for
money is less in our country than in
any point in Europe. except Paris, and
often lower than on that bourse.
A the market price, during March
last. our four per cent. bonds of 1928
earned to the investor an average of
2.l49 per cent. a year; the tours of
1901 earned 1913 per cent; the threes
earned 1888, and the fives only .0972.
"For April on the same basis, the av-
erage earnings We're: For the fours of
1929, 2244 per cent; fours Of 1907,
1.S51: three, 1913; tives, 1.4522.
The contrast with foreign loans is
most marked. The German three and
a half per cents. sell Mt 9Glla to 81. and
the threes at So to S6la. so that their
earnings to the buyer are more than
the interest stated. The premium on
British Consols is about one per cent,
and Oil the French rentes II per cent,
or Il slight fraction more, and their
earnings vary Il little above the face
interest. The latest allotment of Brit
ish Treasury bills was at 9S.1a1 for
three months, and 96.9d for twelve
months. Thus money is cheaper With
us than anywhere else among men.
1.-The labor and wealth of the Amcri-
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 TIL. yellow metal.
is u agriculture, with it's corn and
cotton, hay and tobacco, its farm ami
mails. The maize which the red men
,c ,,l:1I, oo,,.l J~l-, Cs.s:Ayss. -
ony from Starving, turned out last
year a crop $G29.21O,11O in value, and
that exceeds the capital of all the ma
tional banks. The worth of farm ami
mails by latest figures is S1,9o7. O1O,4677,
very nearly equal to all the money in
circulation in the country.
".And yet no less than our agricul-
ture, II manufactures create an Ell
Dorado richer than the early naviga-
tors sought, and their growth expands
with each new ear. 1t is not enough
that the American people have long led
all nations in this broad tield-the rate
of increase exceeds that of all the rest
of the world. III the earth is already
giving is 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 15,22SO,OOO
ons Il 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
$$34S, 100000, indicating for the year
over $3.50, 900. 600, 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, SIS, 900, 100000.
Our products flow outward. into all
the world, in a gulf stream ever rising.
Our total exports for nine months end
ing with March were 81, lie, 736,6Sj,
being $135, 04S,S57 more than for the
same period last year, and Indicating
for this year 81 ,400, OOO,O and a bal
ance of trade Of $550,OO0,OO Compare
son with Great Britain cannot fairly