The evening times., 1900-06-11

Ellis II. Roberts Treasurer OF the United
States. declared yesterday that the act OF
March IA. 1900. has established new era
in American finance and currency. Among
other things Mr.. Roberts said;
This law makes unique rate Of inter
est on Government bonds, and so al
fects the earnings OF capital in all uses.
1t fixes, except for 2 small per cent. the
denominations Of silver certificates at $40
and below, and OF United States notes at
$40 and above while il does away gradu-
ally with Treasury notes and puts silver
certificates in their place. 1t opens the
door wide for increase in the notes OF ma
tional banks. 1t gives parity to all our
currency
The lowest rate Of interest borne by the
bonds Of any foreign nation is S-4 per
cent. on British consOIs. This is to run
until 1903. and then TO be 2 IL per cent.
On only a part of the debt of Germany.
France, and Russia is the rate as low as
per cent, and Italy no less than 5.
The average bank rate for money in
the European centres in the year ending
with June last was 90 per cent in Am
sterdam, "a In Paris, 3.17 in London and
459 in Hamburg and Berlin. From July l,
1899, to March 2, 1900, the average in
Paris was 324. in London 4.40, and in Ber-
liz 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 40. For the months
from July 1 last to March 2 the average
In New York was for call money 3-52 10
s51 and for prime paper '.75 TO h.S7.
The changes every day in New York Ire
greater than elsewhere, but the records
show that the rate for money is less In
this country than in any point in Europe,
except Paris and often lower than on thai
bourse
AT the market price during March last
our ( per cent bonds Of 1925 earned to the
investor an average of 2.l49 per cent a
year: the As of 1907 earned 1-543 per cent;
the IS earned 1888, and the 5s only .O9Iz-
For April. on the same basis. the average
earnings were; For the As of 1925, 2-2ii
per cent; As Of 1907. 1.S51; IS. 1.73S; 5s.
1452
The contrast with foreign loans is most
marked The German 3Ia per cents sell at
e6Ih to 81, and the IS at Sc 10 S612, so that
their earnings to the buyer are more than
the interest states. The premium on Brit
ish consols is about per cent. and OF the
French rentes l per cent. or slight frac-
tion more and their earnings vary little
above the face interest. The latest allot-
ment of British treasury bills was at 9S. lSd
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
and its farm animals. The maize which
the red man gave us-whleh saved John
Smiths colony from starving-turned out
last year a crop S629 .21O.110 in value, and
that exceeds the capital OF all the national
banks. The worth Of farm animals by lat
est figures is 81. .997 .01Q 467-nearly equal to
all the money in circulation in the country,
and yet. no less than our agriculture
our manufactures create an Eldorado rich
er than the early navigaJoTs sought. and
their growth expands with each new year
IL is not enough that the American people
have long led all nations in this broad
6eld-the rate of increase exceeds that oi
all the world. II the earth is already Civ
Ing US its maximum crops, Imagination fal .
80 limit the products OF forge and mill
of factory and laboratory. Take pig iron a:
the index OF manufactures: The increase
from 1897 to 1899 was IL per cent The
product is now at the rate of Is $50. .00C
tons a year-more than so per cent great
er than that OF Britain. Our exports O
manufactured articles for the ten months
ending with April were s34S. 100000 indi
eating for the year over $3.50. .OO0. 600. anC
that is more than our total exports as lat,
Rs 1870. The product OF our manufacture
this year will hardly be less than three
times the total assets of all the natiOna
banks-$15 000. .OO0, COO.
Our products flow outward into all tn
world in gulf stream ever rising Ou
total exports for nine months endin;
with March were 81 172. 1866 5. being S135,
s4S, ,S57 more than for the same period las
year, and indicating for this year 81 400,
BOO, coo and balance Of trade of $3.50 600
800. Comparison with Great Brit2in canno
lairly be made, for she is a trader NOR
than a producer. and is a way port 70
The worlds commerce. We sell what W,
raise and make; our foreign trade spring
from our home industries Our net bal
irce Of trade belongs to our own people.