Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1903-09-30
GOLD RESERVE
IS IMMENSE
United States Treasury Has Nearly
Four Times as Much Gold as the
Bank Of England.
NATIONS PROSPERITY is SECURE
Treasurer Roberts Presents Some In
~teresting Fieues Regarding Finan-
cial Conditions.

Washington. d. c.. Sept. 25.-Ellis
II. Roberts. treasurer of the United
States. who is attending a joint con-
vention OF the Maryland and District
of Columbia Bankers association,
which is being held on board a steam.
boat on the Potomac river. tonight de-
livered the following address before
that convention:
"The current financial discussion
deals, in much larger paIt, with ma.
tional bank notes. They constitute
less than one-sixth of our stock OF
money. s4ls.5S7,O75 out of 2,7Os, $685.
663, and no legislation can change
that ratio very materially. Gold, on
the other hand, furnishes sl.267,7SS,-
949. or hard on TO onc-half of our
stock. and it grew nearly $l2,0OO,00
last month.
Let me be content TO stand on the
rock bottom of gold. OF the $685.
9U2. IFS In circulation. gold in coin
and certificates is 81 OF ,5SO,07S. Bank
notes are less than Si00,0 00, 900. And
again, look at the treasury holdings
Gold there is today the largest sum
ever recorded. $685.. 100000. Our treas
ury holds three and nine-tenths times
the amount OF gold belonging to the
Bank of England. which is sl6G,S56,
900. II is more and three eighth.
tenths that of the German Imperial
Bank. which is Sl70,37l, 900. or very
nearly three times that Of the Austro
Hungarian bank, which is 1921, 404 900
II lacks only $751; 900 OF being equa
to that of both of the Banks of Eng
land and France, which latter holds
s954,506. zoe and it exceeds the amount
of Russia, Germany, Belgium and thu
Netherlands combined.
This is not the whole case. Thes'
foreign treasures are practically thu
sole basis OF the finances OF the re
spective nations. On the holdings 0
the Bank of England rests the credi
both public and private of the British
empire. With us besides the gold II
the national treasury, the banks, ma
tional and otherwise. wi 1922, 40S
571 and this is more than aly centra
institution holds, save those of Franc
and Russia.
More vital yet, Is the growth o
the official treasury OF the severa
countries. In five years the bank o
France has gained 1927 $4,000 an
Austro-Hungarian $79,120,000. In tn
same period the Imperial Germa
Bank has lost S3s, 6S3 900, the Ban
of England 81, PCS 900 and Russia 1882
24O, 900. Good fortune has added [
the gold in the treasury vaults of tn
United States from the close OF Aut
ust, 1898, to the first day of the Gu
rent month $685., $3.50. 295. or very neal
" $50, 900, 900 a year on the average
|, Let us get a little to the bank vault
and TO the pockets OF the people. Col
!, coin and certificates In %circulatio
D September |, 1899. was $3.50, 1861
was IL per cent of the total. By II
first of the present month this factc
I should become Sl,014,53 ,O7S and 4
I per cent of the whole. Here In tn
} gold currency Of the land is a ga
Z of $34S, 1854. $40 within five years. Tn
1 is the strength of our circulating m
! dunn and the crown as well as II
I corner stone of our financial system
Certain timid souls look on OF
\ real money as a Samson whose loci
l some time may be shorn by a Phil
! tine Delilah and its strength clippe
2 away. Now this Delilah takes Il
form of a rush to the treasury OF Il
y United States notes. Again she a
4 pears in the garb of a secretary OF Il
\ treasury using silver for official pa
= ments. And finally. she Leaomes co
= gross. indulging in wild lcgislatlo
. II mathematics are good for anythin
they prove that g~reenbacks car n
be produced in volume enough to
. more than a spray beating on Gibr'
. tar. Every secretary will find that S
yer Is less within his control for
tual use than gold is; he can not ma
silver current for large payments.
a Tor congress-. its power Is vast, b
le with an inflow of 100000 a We
of gold into the treasury no act Of IL
i~slation q stop the majestic fort
But. and there is a but. credit
based on our gold, and 1t Is possii
to initiate and exploit 1t to a dang
GUS degree. Recent chronicles are I
'lthout illustrations. This process
attenuation and its rapidity and
tent, present the real problem of {
situation. Wisdom cries aloud, a
will be heard sooner or later. and I
sooner the better. that IL Is n o s;
to lift credit so mountain high that
ing machines will be needed to op
ate in its thin atmosphere. In
meanwhile, and. | believe. for a 10
time, the nations prosperity rests
a steadfast foundation"