The Owosso times. (Owosso, Mich.) 1897-1926, 1903-10-02
STANDS ON ROCK BOTTOM OF
GOLD
Treasurer Roberts Talks of Stability
Of Currency.

Treasurer Roberts Talks Of Stability
of Currency.
| Washington, Sept. 25.-Ellis H.
Roberts, treasurer of the United States
who is attending the joint convention
of the Maryland and District of Column
bia Bankers association, which is being
held on board steamboat on the Pc
tomac river, tonight delivered the fol
lowing address before that convention:
Current financial discussion deals,
in much the larger part, with national
bank notes. They constitute less than
one-sixth of our stock of money, $41S,.
5S7, 976 out of 81, 7OS, 693, 1858, and no ex.
change can change that ratio very ma
terially. Gold on the other hand, fur
nishes 81, 1867, 1888, $40, or hard on to one
half of our stock, and it grew nearly
$12, 900, 900 last month.
| "Let me be content to stand on the
rock bottom of gold. Of s., 3ss, 902, 17s
money in circulation, gold, in coin and
certificates is $1,014, 530,O7S; bank
notes are just less than $40O, 900, 900.
Or, again, look at the treasury holdings.
The gold held by the United States is
today the largest sum ever recorded
$653, 600, 600. Our treasury holds three
and nine-tenths times the amount of
gold belonging to the Bank of England,
which is $166, $50, 900; it is more than
three and eight-tenths times that of the
Imperial German bank, which is $17O,-
81, 900, or very nearly three times that
of the Austro- Hungarian bank, which is
1921 ,404, 900; it lacks only 80, 900 of
being equal to that of both the banks
of England and of France, which lat
ter holds $494, SOC, 900, and it exceeds
the amount of Russia, Germany, Bel
GUM and the Netherlands combined.
THIS IS NOT THE WHOLE CASE.
''This is not the whole case. These
foreign treasures are practically the
sole basis of the finances of the respec-
tive nations. On the holdings of the
Bank of England rests the credit, pub
lie and private, of the British empire.
With us, besides the gold in the national
treasury, the banks, national and other,
own 1922, 403, GIL, and this is more than
any central institution holds, save those
of France and Russia
"More vital yet is the growth of the
official treasure of the several coun-
tries. In five years the Bank of France
has gained 1927, $40, 900 and Austro.
Hungary $40, 100000 In the same
period the Imperial German bank has
lost $3S, 1858, 900, the Bank of England
So, 265, 900 and Russia 1882, 24O, 900.
Good fortune has added to the gold in
the treasury vaults of the United
States from the close of August, 1898,
to the first day of the current month,
1898, $50, 295 or very nearly $50, 600, 900 a
year on the average.
GROWTH IN GOLD CURRENCY.
LET us get little nearer to bank
vaults and to the pockets of the people.
The gold, coin and certificates, in circu-
lation, September l., 1898, was $685.
1866, 165, which was 81 per cent of the
total. BY the first of the present month
this factor had become $1,O14, 531 .O7S
and ~ per cent of the whole. Here in
the gold currency of the land is gain
of S34S, 364, $40 within five years. This
is the strength of our circulating me-
dunn and the crown as we'll as the COR
nerstone of our financial system.
Certain timid souls look upon our
real money as Samson, whose locks at
some time may be shorn by Philistine
Delilah and its strength cropped away.
Now this Delilah takes the form
of rush to the treasury of the Unit
ed States notes. Again she appears
in the garb of secretary of the treasury |
using silver for official payments. And |
finally she becomes congress indulging |
in wild legislation.
AS TO GREENBACKs.
If mathematics is good for ANYTHING il |
proves that greenbacks cannot be pro-
cured in volume enough to be more
than spray beating on Gibraltar. Every
secretary will find that silver is less
within control for actual use than gold |
is; he cannot make silver current for
large amounts. As for congress, its
power is vast, with an inflow of $780,
900, 600 year of gold into the treas
ury no act of legislation can stop the
majestic force.
"But-and there is a but-credit is
based upon our gold and it is possible
to initiate and exploit it to dangerous
degree. Recent chronicles are not with
out illustrations. This process of atten-
uation and its rapidity and it's extent
present the real problem of the situa-
ton. Wisdom cries aloud and will be
heard sooner or later and better soon,
for it is not safe TO lift credit so noun
tain high that flying machines will be
needed to operate in its thin atmos-
phere. In the meanwhile, and ! believe
For long time, the nations prosperity
rests on sure and steadfast founda-