Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-10-24
WHITTIER PENDING
Influences Which Make us Pr0i
porous at Home and Lifts OuJ
Credit Abroad.
BETTER TINES TO c ol

SAN FRANCISCO, Calf. Oct, 4
Before the Bankers associations here,
Ellis Roberts delivered profol1At and I
eloquent address, his subiecE being
'eThe Inflow Of Gold" FolloN4ag are
comparatively brief extracts
The discovery Of gold in 01fornia
lifted the production of thN}yelloW
metal in the United States ff0h $685.
600 in 1917, to $60,0oo,000 inAi52. and /
from 1850 to 1860 produced @tsverage
Of s55.o00,000 year. He event
marks an epoch In twert3tone OF
each Of the years since, o4r mines
have turned out less than ND 100000,
while in 1902 they gayex &SO, 100000. |
Out Of this situation pr31lant prob
lens arise which call fbf thought.
What place is more fittH for their
study than just here wh We stand,
where we forgather wi the home
sheperds of the golden eeee? The
American Bankers as aation, rep
resenting over fourteen Million dollars
of resources, and all w activity OF
the nations thrift al enterprise,
meets on the Pacifi 81 NE. We have
from many points crd Led the broad
continent to look upo2 the waters of
the new MediterraneH n the ocean OF
peace. Upon ii thd 5cenes are set
for the grand dram of the future.
The sea which was 13ninated in turn
by the Phoenicianst the Greeks and
the Roman, was Of Waters dyed with
blood: it is d littl& Finland lake COM
pared with the my Ply ocean which
connects the Occid int with the ORR
ent which beats bon America and
Asia and Austral ia. and holds in
its lap ISLANDS upd which nature has
lavished its most$precious treasures.
Since October 1898, the circula,
tion for each p( son in the United
states has run ud4rom s24.25 to s29.75
and the part Of &old in It from $S.7S
to s12.57. VIII nowhere else are
checks and dr It's and like instru-
ments used to b same extent as with
us no other buntry has so much
money per caJ la in circulation, save
france whic claims 1922, where
checks are mi III less used than here
Great Britain as $1S.29, and Germany
s2o.4s. CAM la, $14.39; Russia has
only $3.50. Bee table c at the enc
Of the addrq s). Differing from note.
Of national Banks, gold is money o
fnal reser and redemption, ant
the credit INT upon it is higher ant
broader sdAhat the potential imitation
may be q ried further.
In this intry cash is used for onl.
10 per cd Of transactions; in SOM
localities or less; in others for pei
haps is Ter cent Cries for NOR
money d Ne been often heard In th
land; nd bne has said how much. tn
due lin for circulation has not bee
establis I'D. Alexander Hamilto
quotes estlethwaite as supposing ths
the qu sity for cash necessary is on'
third q he rents to the proprietor.
Or on ninth Of the product Of th
lands This really only names othe
unfxU quantities as the standard. w
have passed far beyond such limi
The heory has been proclaimed this
the circulating medium should kee
exa( pace with the population. Col
dti hs vary in different countries an
at herent periods. In the same LAND
at erI,ds not remote from each otl
or kgs additions to the currency ca
nd fall TO affect enterprise, industi
at commerce, the cost OF living ar
IN prices Of commodities. But Il
cihs~ only one factor bearir
on production and cprsa.ap.!cn y
shall err radically II we treat n
the absolute dictator.
With due allowance. then, for GO
trary influences. how far and in vii
direction Is the vast inflow Of u
yellow metal carrying lis? The blir
may see that in the past five yea
business has expanded in some dire
iIons in an unparalleled degree Cred
(continued on Page seyen.)