The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-09-26
Treasurer Roberts Says People
Should Be Content.
Explains in Address How Yell
low Metal PredOminates.
UNCLE SAM AT HEAD.
More Gold in Treasury Vaults
Than Any Country.
No Act of Legislation Can Stop
Its Majestic Force.


washington. Sept 2s-Ellis H. Rob-
erts, treasurer of the United States, who
is attending the joint convention of the
Maryland and District Of Columbia
Bankers association. which is being
held on board a steamer on the Potomac
river, last night delivered an address
before that convention in which he said:
National bank notes constitute less
than one-sixth of our stock of money
$41s, ,5S7,s75 out of $2.70S. So, ,665. and no
legislation can change that ratio very
materially. Gold has furnished $f267,-
733, ,949, or hard on to one-half of our
stock, and it grew nearly twelve million
dollars last month
Let us be content to stand on the
rock bottom of gold. OF g, ,3ss, ,902, IT'S
money in circulation gold In coin and
certificates is 81, ,104, $50. .07S; bank notes
are just less than $40o eco 900, and again
| look at the treasury holding. The gold
there is today the largest sum ever re-
corded, 1868, 100000. Our treasury holds
three and nine-tenths times the amount
of gold belonging to the Bank OF Eng
land, which is $166, 1856 900; It IS more
than three and eight-tenths times OF the
Imperial German bank, which is $780,
81, 900. or very nearly three times that
Of the Austro- Hungary bank, which IL
$221, 900; it lacks only $1,000 900 of be-
ing equal to that of both the Banks of
England and of France. which latter
holds $494, SOC. .000 and it exceeds the
amount of Russia Germany, Belgium
and the Netherlands combined
This is not the whole case Thes.
foreign treasures are practically the
sole base of finances Of respective ma
tions. On the holdings of the Bank OF
England rests the credit, public and
private, of the British empire.
With US, beside the gold in the ma
tional treasury, the banks, national and
others, own 1922, 408571. and this is more
than any central institution holds save
those of France and Russia.
More vital yet is the growth of the
official treasury of the several coun-
tries. In five years the bank of France
has gained $127. $40 900 and the Austro-
Hungary SIS, ,120. 900. In the same period
the imperial Germany bank has lost $685.
$4,000, the Bank of England 50. .265, 900.
and Russia s1s2,21D, 900. Good fortune
has added to the gold In the treasury
vaults of the United States from the
close Of August, 1885, to the first day of
the current month 1898, $50, 295. or very
nearly $50, 900. 900 a year on the average.
Let US get little to the bank vaults
and the pockets of the people. The gold
coin and certificates in circulation Sep
tember g. 1898. was 1856. 1866 165, which
was 81 per cent of the total. BY the first
of the present month this factor had be-
come 81, Ola, ,531, ,d7S, or 42.0 of the whole.
Here in the gold currency of the land
| is gain of $34S 364, $40 within five years
This is the strength of our circulating
medium, and the crown as well as the
cornerstone of our financial system.
Certain timid souls look on our real
money as a Samson whose locks at
some time may be shorn by a PhIlistine
Delliah and its strength clipped away.
Now this Delliah takes the form of a.
rush to the treasury of the United
States notes. Again she appears in the
garb of a secretary of the treasury
using silver for official payment and
finally she becomes congress indulging
in wild legislation. If mathematics is
good for anything it proves that green
backs can not be procured in volume
enough to be more than spray beating
OF, Gibraltar. Every secretary will find
that silver is less within his control for
make silver currency for large pay
ments AS for congress it's power is
vast; but with an inflow of 100000 600 a
year of gold into the treasury no act OF
! legislation can stop the majestic force
"But-there is a but-credit is based
on our gold and it is possible to in
fate and exploit it to a dangerous de-
gree. Recent chronicles are not with
| ont illustrations. This process of at
| tenuation and its rapidity and extent
present the real problem of the situa-
| ton. Wisdom cries aloud. and VIII pc
/ heard sooner or later, and better soon
than late, that it is not safe to light
credit so mountain high that flying ma
chimes will be needed to operate In its
| thin atmosphere In the meanwhile,
and believe for long time the ma
tion's prosperity rests in steadrase
foundation"