The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1900-06-27
NEW FINANCIAL ERA.
UNITED STATES TREASURER ON
THE GOLD LAW.
How OurBonds@C Compare with Those
of Other Nations-PledGe of Gold In
terest Branded on Our Currency-La-
Dor and Wealth of People Behind 1t.

Washington-Ellis III. Roberts, treas
urer Of the United States, speaking on
the new era in our finances and cur
rency, as established by the act of
March IA, 1900, said:
THAT law makes q unique rate of
interest on government bonds, and so
affects the earnings Of capital in all
uses. It fixes, except for a small per
cent, the denominations of silver GER
tificates at $40 and below, and Of
United States notes at $40 and above,
while 1t does away gradually with
treasury notes and puts silver certif-
lcates in their place. 1t opens the door
wide for increase in the notes Of ma
currency. On the face of all our money,
paper and coin, white and yellow, on all
our bonds, all wages, all trade, all bank
ing, 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 "a
per. cent orr British consOls. This is
to run until 1903, and then to be PA
per cent. On only part Of the debt
of Germany, France and Russia is the
rate as low as 3 per cent, and Italy no
less than 5.
''The average bank rate for money
in the European centers, in the year
ending with June last, was 30 per cent,
in Amsterdam, 2.7 in Paris, 3.17 in
London, 4.59 in Hamburg and Berlin.
From July 1, 1899, to March 2, 1900,
the average in Paris was 1924, 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 3.65, and FOR prime paper
3.34 to APO. For the months from July
1 last to March 2 the average in New
York was for call money 1852 to 6.51,
and for prime paper 475 to 5.S7.
'"The changes every day in New York
are greater than elsewhere; but the rec
Ords 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
cat the market price during March
last our per cent. bonds of 1925
earned to the investor an average of
2.149 per cent. year; the As Of 1907
earned, 1.543 per cent, the 3s earned
1888 and the IS only O972.
For April, on the same basis, the av-
hn Of
1925, 2.244 per cent; As of 1907, 1851;
IS, 1.73S; IS, 1.452.
"The contrast with foreign loans is
most marked. The German 31a per
cents. sell at 961a to 81, and the IS at
Sc to S615, so that their earnings to the
states. The premium on British con-
soils is about 1 per cent, and on the
French rentes 1 per cent, or slight
fraction more, and their earnings vary
a little above the fact interest Theiat-
est allotment of British treasury bills
was at 98.19 per cent for three months
and 96.9 for twelve months. Thus
money Is cheaper with us than any
where else among men.
'"The labor and wealth of the Amer1-
can people undelie 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 it's corn and
cotton, hay and tobacco, it's farm ami
mails. The maize which the red men
gave us, which saved John Smiths
colony from starving, turned out last
year crop $500, 21O, 10 in value, and
that exceeds the capital Of all the ma
tional banks. The worth of farm ami
mails by latest figures is $780,, O1O, 467,
very nearly equal to all the money in
circulation in the country.
''And yet no less than our agriculture,
our manufactures create an Eel Dorado
richer than the early navigators sought,
and their growth expands with each
new year. 1t is not enough that the
American people have long led all ma
tons in this broad field-the rate of
increase exceeds that of all the world.
If the earth is already giving us it's
maximum crops, Imagination fails to
limit the products Of forge and mill,
of factory and laboratory. Take pig
iron as the index of manufactures:
The increase from 1897 to 1899 was Al
per cent The product is now at the
rate of 15,2S0,O00 tons a year, more
than so per cent greater than that of
Britain. Our exports of manufactured
articles for the ten months ending with
April were $349, 100000 indicating for
the year over $45O,OOO,0O 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. coo, 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 SLIP, 736, 6S5.
Comparison with Great Britain cannot
fairly be made, for she is trader more
than producer, and is way port for
the worlds commerce. We sell what
we raise and make; our foreign trade
springs from our home industries. Our
net balance Of trade belongs to our own
IL