Republican news item. [volume] (Laport, Pa.) 1896-19??, 1900-08-02
THE NATIONS FINANCES
UNITED STATES TREASURER ROB
ERTS ON THE GOLD STANDARD.


Banks-Labor md Wealth.
Washington, D. Cells III. Roberts
Treasurer of the United States, speak
ing on the new era in our finances and
currency, as established by the act OF
. March ii, 1900, said:
This - makes a unique rate of in
terest on government bonds, and so af
fects the earnings of capital in all uses
1t fixes, except for a small per cent.
the denominations of silver certificates
at $40 and below, and Of United States
notes at $40 and above, while it does
away gradually with Treasury notes
and puts silver certificates in theiI
place. 1t opens the door wide for in
crease in tile notes Of national banks
1t gives parity to all our currency. Or
the face of all our money, paper anc
coin, white md yellow, OH all oul
bonds, all wages, all trade, all banking
all business, it brands deep and sure
to be read of all men for all time, the
pledge of gold interest abroad and Il
home.
"The lowest rate of interest borne
by the bonds of any foreign nation is
two and three-quarters per cent. OF
British Consols. This is to run until
1908, and then to be two and half pei
cent. On only part o. the debt i
Germany, France and Russia is the
rate as low as three per cent. Den
mark borrows at the same rate. Aus
tria pays no less than four per cent,
and Italy no less than five.
1.-The average bank rate for money in
European centres, in the year ending
with June last was 2.6 per cent. in
Amsterdam, o. in Paris, 3.17 in Lon
don, 4.50 in Hamburg and Berlin.
l. ON July l, 1899 t, March 2, 1900.
the average in Paris was 3.24, in Lon.
don 440. in Berlin and Hamburg 5.57.
In the year ending with June last. the
average for call money in New York
was 2.3G to 3.G5, and for prime paper
334 to 4.2O For the months from
July 1st last to March I'd the average
in New York was for call money 3.52
to G.51, aid for prime paper 4.75 to
5S7.
'The changes every day in New
York are greater than elsewhere; but
the records show that the rate for
money is less ir our country than in
any point in Europe, except Paris, and
often lower than ON that bourse.
"At the market price, during March
last, our four per cent. bonds of 1925
earned to the investor an average of
2.149 per cent. a year; the fours Of
1907 earned 1.543, and the fves only
.O972.
For April on the same basis. the
average earnings were: For the fours
of 1925. z.l44 per cent; fours of 107,
1851; three, 1.73S; fives. 1.425.
The contrast with foreign loans is
n half per cents. sell at 06R to o., and
the threes at Sc to S612, so that their
earnings 10 the buyer are more than
the interest stated. The premium on
British Consols is about one per cent,
and on the French rente; one pc. cent,
or n slight fraction more, and their
earnings vary little above the face
interest. The latest allotment of Brit
ish Treasury bills was at 9S.19d for
three months. and 9G9d. for twelve
months. Thus money is cheaper with
us than anywhere else among mer.
"The labor and wealth Of the Ameri-
can people underlie the law of March
IA. 1900. To them "a d~e the results
of which we are thinking. More potent
for riches than cen the yellow metal
is our agriculture, with it's corn and
cotton. hay and tobacco, its farm ami
mails. The maize which the red men
gave us, which saved John Smiths coll
Ony from starving, turned out last
.ear a crop $629.21O,11O in value, and
that exceeds the capital of all the ma
tional banks. The worth of farm ami
mails by latest figures is $1,007 ,O1O,-
467, very nearly equal to all the money
in circulation in the country.
''And yet no less than our agricul-
ture, our manufactures create an Ell
Dorado richer than the early naviga-
tors sought, and their growth expands
with each new year. 1t is not enough
that the American people have long
led all nations in tLis broad field-the
rate of increase exceeds that of all
the rest of 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 r. III. factures: The increase
from 1897 to 1890 was forty-one per
cent. The product Is now at the rate
of 15,2S0,00O tons year, more than
fifty per cent. greater than that of
Britain. Our exports of manufact-
ured articles for the ten months end
ing with April were S34S. 100000, in
dicatin. for the year over $3.50, 600 900,
and that is more than our total exports
as late as 1871. The product of our
manufactures this year will hardly be
less than threo times the total assets
of all the nat oval banks, $4,000, 900,
600.
"Our products flow outward into all
the world. in gulf stream ever rising.
Cur total exports for nine months end
ing with March were S1,172, ,736, ,GS5
being $135,94S,S57 more than for the