Arizona republican., 1903-07-12

tration of finance. the United States
 excels all other governments. From nearly every part of the world, our diplomats tell us, representatives are sent to learn and study our system of finance. There is under the supervision
 of the general government. scattered over the states and territories for the
 convenience of the people. and to fa- cilitate business, nearly 5000 national banks. To give a fair idea of the mag nitude and compleXity of this great business department. is certainly a diff ficult task. This department is the the
 great central pivot, around which ev- ! cry other governmental interest revol- yes It is the source and the sinews that gives action and strength to eV- cry pulsation of the government. Ip the vaults of it's treasury lies today about 1900 tons of gold, the largest pile
 of the yellow metal ever gathered into one place in the history of the world | Outside of this, there is in general cir 1 cula ton, about an equal amount III | gold coin, making more than 2,500 tons
 of gold in the United states, bearing
 the imprint of our national eagle. Two ! tons to the team. it would make train
 of 1,250 wagons; thirty feet to the team
 would make a train of wagons seven
 miles long to move it. Yet, but a few years ago, many believed if this policy
 was adopted we should see a gold fam
 inc and crushing financial panic.
 The value of this coin. Mr. Fayaut ! tells us, amounts to l ,26O. .000, ,0OO of dol
 lars, and is increasing every day, and | Colorado California. Alaska. Arizona
 and other regions of the west add an-
 nually to the. pile, upwards of S0,000, 00( of dollars The treasury holds in trust ! to cover outstanding gold certificates, l S4O0 0OO, 900 in gold coin. and when you have ten dollar gold certificate you can clap your hand upon your pocket | book and say there is in the vault of the United States a ten dollar gold coin to redeem this certificate. Thus its 1 redeemer liveth.'' We much prefer to
 handle and carry the certificates to that
 of the coin. MT. Fayaut tells us he
 once, in the treasury, picked up gold
 certificates to the value of $500, 900 dol 1 lars. The bundle he could easily have put into his hip pocket. While the coin | 1t represented weighed seven tons. | Think of the convenience of the one
 over the other. and the unquestioned safety of Uncle Sam's money.
 The lirSI thought lndl comes lO OIle
 on thinking, or seeing such hoards of gold coin in bags and steel boxes, is that it is idle money, but such is not | the case, it is all in circulation by proxy, in gold certificates, and when a certificate becomes damaged or badly soiled you can get a new, fresh and 1 crisp certificate in its place from any
 of the national banks. And to meet this demand, and increasing circulation the government presses are at work day and night. The soiled certificates are ground into pulp and new certifi- cates issued to replace them. The same
 is true of the silver certificates. When you have a, dollar silver certificate, re-
 member there is in the great vault a silver dollar in coin to redeem it at any
 time wanted. Although there are $50, O00, 900 outstanding silver dollars and the hints are sending out 100000 dol
 lars a month, there are only about 75- O00, 900 outside of the treasury. The treasury vaults are glutted with them. Fayaut says the space occupied by
 these unused silver dollars would equal tunnel seven feet in diameter, and a