New-York tribune., 1900-10-04
AMERICA HOME OF GOLD.
ELLIS H ROBERTS TELLS AMERICAN
BANKERS ASSOCIATION OF THE
TREASURY AND THE MONEY
MARKET

l.
Richmond Va. Oct S.-The session Of the Amer
icsn Bankers Association this morning. was largely
devoted call Of the States as to the conditions
Of business. Responses We're made from three
fo1lrths Of the States. and reports were most en-
coursgine.
Ellis II. Roberts United States Treasurer. ad-
dressed the convention on The Treasury and the
Money Market" saying in part:
II proof were needed that the time is past when
the spsnish war loan of ISIS afords Il abundantIY
The zeal Of the banks in subscribing for that lean
five times deserves all praise for their 10y atty
and devotion. aud the praise should be extended
sums FROM individuals We're twice the amount called
for The floating Of that loan without discount ana
printing and distribution records both the patriot
ism OF the plain people and the excellence of the
For two years our apsnsal problems ae have uch rs3
less than the estimates General prosperity per- S has
given large revenues The Secretary of the Treas re as
ury has had decide what to do with a7S0N00
snare 50 much from quick resources and yet TO
refsin aout so COO 69o in its own vaults That is
about tho cash kept by the British EXcMhe9uer me que IN
month Besides, our Government needs large
spond 10 the frequent and somewhat urgent ap-
Prs1s ,,r1ent ef inieresi ,onld be only transient
measure bondholdeTs shovel showed no desire to accept
stronger measures We're adopted and were sue
Ssv s % s'f in 6d onrs oG and yes at the prices
then current. and purchases were made OF SsSvO,- M
gave no1ice that the Of the funded loan ot
oS @ Seqlq s9pp on on sla a a Aue9ss Is BY that SIS
SsL7s9 had been paid Of the totsl s-TS1;S
sr sre. ssPiifSsg Fl iaFsTest . '4''' renamed
Tas largest contribution of relief however, was
hy the act OF March H. 1890. That provides Tor tne
t . rer cent during the six months which
have elapsed such exchange has been made 20 me h
9nnt t's 9f u s S s q o sc Of these redemp
son 700 aS so ia 90 thres m od foaP 9siPs Z per cent
Of that class and $53 $50 in ves, being IS 81 2er
cent OF their total last March IN the e s1i5e
of S. AIS 205 was made to the Government IN me me
transactions. while there was no increase OF ''e
The Tressury September a. held Of bonds IDS sp5- :p6
s7s0so for deposits For these new consols may be
p m era d If that m t %sr dome oRey 6ReE with
payment in premiums Of Sioooo,OoO = 49,. ,.,,
hnarciai law the bonds pledged for National bank
eIIcgIst;en ran up from on dSFin one t Of
banknoes ncluding those secured ID By By, m91ey n md
SscsTe sssissoaas, which IS more than ever before
saeat.
NATIONAL BANK DEPOSITS.
greater addition the ayaable. resources % tS Of
in the % National banks This was device.
bur an enlargement Of "a TeI Vel an With
proper security while the surplus permitted and
Ienevs 9Ses 50 paced were at their maximum on Febu
@ 70 @ at @ neEding gesd the fo GTsdiS q oiS By
September Is The repositories number 40. and
ard Nevada, and every Territory except Arizona
nd the Indian fro m m @ 6aHks so @ s from
$40 S eS o s 6 l 81 from from ;Sooo to ST. from
s On sy az e. to prepare for payment Of old twos
can was made on these repositories pro rata, and
assrgate a Ssas Of qss 10 single 5 institution no
@ @ y With 4Gee e en RSf fhan did hsse 10 all
over the country II THIS is the plain story OF the
current expenditures.
severe contraction woald have followed Gov
ernment operations running deose without such care
and vigilance; The funds were LETT to dr1ctify IN
emergency. the business Of the country had the
beneSt Of them. The full force of the National
wealth was turned upon all the enginery Of indus
b o. cponicie is 6rief but the facts are impress
sive and the results are conspicuous. Except for
the aurries in November and December. 1899, which
tations for cali money have not been above + to
per cent. and then for ellly short period, while
from s TIE " 10 - per cent Prime eom@sTcial paper
quotation been above AZ though occasionally
touching per cent
world, have brought Russia and Britain to bor-
row from u.s. and Japan and Sweden 70 seek loans
money. New-York has become one of the two
financial centres Of the world. Without the outflow
from the Treasury all this would have been i'm
PRIDE IN OUR EXPORTS
We all rejoice at large exports Of wheat and
corn and meat products. We each feel personal
pride in American mastery in iron and steel manu-
selves When The London Tines says that
America makes better locomotives than the Eng
1ish, hearts beat quicker. In the export of
S20eo0,000 worth of coal this year each claim
share. Russia buys from US in one lot 5000 fat cat
tie, and farmer regrets the trade. We count 1t
tour manufactures $432 2S4 366 last year, which is
more than the total of all merchandise export
led late 1870. The balance of trade in
favor for three years averages 1858 1886 To
stock OF gold year since 1896 has been added
more than sl0000l0O0 on the aVerage-a record never
before known among rations The gold in circula-
ton including certificates, has reached $SSl 0S4O25,
and is $40 o per capita of our population, which is
higher than the total circulation in 1862.
In spite of the outiows, the gross gold in
the Treasury Is the largest it held. $37 2 191
tsnd i is growing. Except the abnormal hoard of
$50 100000 of the Bank of France likely to be
lTeduced, there is nowhere else IN the world so
inuch OF the yellow metal under single coutrol. If
this flow of gold shall satisfy the appeal for
money. how healthy our currency will be!
The wealth Of people by the census will
not fall below $50 600 100000, and their annual
production is at least g 100000 This wealth and
this growth beyond parallel in human annals.
They explain why the world comes TO US to borrow.
But those who borrow from us must pay with In
terest II is just healthy for to export gold
as II is 10 export coal or iron or cotton grain
or pork beef. except as more labor enters into
these articles.
In such facts letters. American bankers hang
out their sign like planet in the heavens: Money
70 lend to the Nations: gold galore to spare" But
fair notice is served that the yellow metal must
back for Of all countries now and hereafter,
this IS the home OF gold
EAST RTTER BRIDGE PROJECT HEARING