CanÌƒon City record. [volume] (CanÌƒon City, Colo.) 1883-192?, 1903-09-10
PROSPERITY CONTINUED.
Secretary Of the Treasury Shaw.
Says Business lnAications
Were Never Better
Than Now.

Secretary Of the Treasury Leslie NJ.
Shaw delivered an addre-s before the
National Association OF Merchants and
Trsvelors IT the Auditorium hntel in
Chicago last Thursday night on The
Business Outlook" in The course Of
which he expressed confidence in the
continuation OF prosperity. Contrast
ing the conditions Of 1908 with those Of
1893 he secuted the idea oian approach :
ing panic, says in part:
"As nearly ~ can be estimated the
annual productive capacity Of the
American people is s2l .oO0. .OOO,' : co.
This does not include Implications
This does not include raw cotton and
manufacture cotton; but raw cotton
and the value added thereto in the
port 3, Il 800 600 600, and import 81 .oOo,-
90 900 Of other mer .handise, mainly
non-competitive With our own pro-
ducts. We therefore consume the
equivalent Of 95 per cent of all we
produce. Net while these conditions
continue will prosperity cease."
Compare the following with avail
able statistics covering any former
period and there can be but one answer
to the proposition. Our farms pro-
duce a, 900 900 900. Have these lands
become sterile or their occupants
indolenty Our Joh. 900 factories add
e5 800 ,0o0.0O0 in value to 5000 900 600
Of raw material, and their net output.
exclusive OF Implications, is more than
~ ssoo.ooo.Ooo. Have these hives OF
industry been consumed by the eie-
ment-y Six million operatives in these
factories and woi k-hops annually sign
pay rtlls aggregating % ooO. 600 900.
Have these artisans become paralyz zed
or have their wrges been redocedg
"Our mines, quarries. clay nks and
oil sells yield a 81 ooo. .ooo, 900. Are
these ore-houses of wealth exhausted
or their capacity diminished7 Our two
hundred thousand miles of railway
transports 1000 600 tons OF original
freight. not including Implications, and
pay 500 600 operatives. exclusive OF Of
ic-rs, $4,000. .UoO. Are thrs
thoroughfares If merce IN the
hands OF receivers or are they lake
to bey
Regarding the pending currency leg
i.ia,ioo Mr.. Shaw ssid:
"what is nesded IL no; an elastic dol
lar. but come p DIVISION hy which, au,o-
maiicsliy. the aggregate volume Of dol.
lars shall inc ease whenever and wher-
ever more dollars are needed, and will
as promptly retire when not needed II
! were given an hority to formulate
measure that would provide the re
quisit elasticity to nor present curren-
cy system, think | should add an
amendment permi ting national banks.
with the consent of he comptroller OF
the currency. b. issue volume OF cir
culating noses equal to 80 per cent of
their bond-secured circulation. at a
tax OF o per cent, the same to be retired
at viii or by direction OF the comp
troll-r. by the deposit OF an equai
amount OF lawful money with any
subtreasury.
Three things know. First, this
additional circulation would spring in
to existence almost inst antly whenever
and wherever interest rates advanced
to the point of profit. Second. 1t would
As promptly retire whenever interest
rates became normal Third, it would
he sba'luteiy safe--as good as the
present national bank issue and