Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-10-03
|HE MONEY MARKET
United States Treasurer Roberts Ad.
dresses the Convention Of Amer.
lean Bankers
Relation Of the Government as Bor.
rover and the Banker as
Lender.
Bankers Still See Danger in Pos.
sjble Election Of Silver
Candidates.

mating sentiment was developed at the [
first days session of the American
Bankers Association, it being the dan
ger still lurking of this nation being
placed on a silver standard. President
Walker Hill in his annual address
sounded this warning:
Having provided for the possible is-
sue of 1898, 0O0, 600 of gold bonds, common
prudence demanded that our gold re-
serve should be strengthened, and this
the act Che new currency law has
done. BUTT falls far short OF establish
ing the gold standard in this country,
and does not secure US against the poll
cy of a president or secretary OF the
treasury hostile to gold.
Nirginius Newton, president OF the
Richmond Clearing HaYse Association,
in his address of welcome, said:
We are aware that the secretary OF
the trea sury has sought to minimize the
criticism levied at this abortion OF COM
promise, yet his warmest partisa ns may
gather up higher assurance from his
view than the hopes that we have no
cause for fears 80 long az one partial to
gold, or Of his sound financial views, adj
ministers the office of secretary Of the
.treasury.'''
The Hon. Ellis II. Roberts, treasurer
Of the United States, delivered an adj
dress entitled. THE Treasury and the
Money Market" He said in part:
THE American Bankers Association
represents in resources S10,0000 900 900,
which is more than double the banking
power of any other country in the world.
The attitude of governments to mon
ey markets has been in all lands. in the
large majority of cases, that of the bor-
rover, often the needy borrower, whose
effrontery and persistence have on oc-
casion become bold beggary, and more
than once arrant robbery.
If proof We're needed that the time is
past when single bank is needed to
place government bonds, !. the Spanish
war loa. of 1898 affords it abundantly.
The zealsof the banks in subscribing for
that loan five times over deserves all
praise for their loyalty and devotion.
But the offers in small sums from indi-
viduals wera twice the amount called
for. The floating of that loan without
discount and at a cost of only one-fif-
tenth of ! per cent. for printing and
distribution, records both the patriotism
of the plain people and the excellence Of
| INT NDTh Oh tile treasury ".
!. For two years our financial problems
| have related TO the surplus. The Span,
| iah war cost much less than the esti-i
mates. General prosperity has given
large revenues. The secretary of the
Treasury has had TO decide what to do
i with slIs,oo0 900 of unused funds. for the
4 treasury was able to spare 80 much
4 from fixed resources. and yet to retain
I about $4,000 900 in ito own vaults. The
4 task was to serve the government, and
1 To respond TO the frequent and some
4 what urgent appeals for the relief of the
4 money market
4 After referring to the purchase Of old
4 a and per cent bonds. Mr.. Roberts said
4 the. largest contribution Of relief was by
4 the act of March IA. 1900. providing for
4 the exchange of IS, 5s and old 4s for new
conaoIs at 2 per cent. During the six
q months which have elapsed, such ex-
4 change has been made to the amount OF
S332, llI.S50, which is 1851 per cent of the
a bonds eligible ss39,146,34O.
a As a consequence of the provisions
Of the new financial law, the bonds
pledged for national bank circulation
ran mp from s239,947,270 on March IA II
$296, IT, $50 Sept. l5. The whole volume
: of bank notes. including those secured
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