Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1903-10-01
THE NATIONS MONEY
Bankers Hold a Convention Aboard
a Steamer on the Potomac.
SPEECHES BY SHAW AND ROBERTS.
The Secretary Of the Treasury Wants Our
rsncy gystem Exohangeabie into Every
Form of Money-Roberts Stands on
the Rock Bottom Of Gold.

the Rock Bottom bf Gold.
Newport News, Va. Sept 26.-Th'
Bankers Association OF Maryland ant
the District OF Columbia, which is hold
ing its annual convention aboard Q
steamer on the Potomac and Chesa-
peake bay, yesterday visited the ship
yard and other points Of interest here
and later went to Norfolk. Among
the special guests on the steamer were
Secretary Of the Treasury Shaw and
daughter, Comptroller Of the Currency
William H. Ridgely and Ellis H. Rob-
erts, treasurer OF the United States.
On the way down from Washington
Secretary Shaw, OF the treasury, made
q speech In which he took decidedly
optimistic view of the business pros
poets Of the country.
The secretary said that we either
must issue more bonds as basis Of
national bank circulation, or provide
some substitute. The present volume
Of government bonds, he said, was In
SUFFICIENT and q recent demand for &c.
100000 of government bonds had con-
seQuently advanced the price Of gov
eminent bonds to figure that made
national bank circulation Improbable.
But, he added, any currency system
adopted must provide for exchangeabil-
lily of every form Of money, so that
our people would never have cause to
look twice at bills presented in regu-
lar course of their business. Speaking
Of the functions of bank he said its
success should not be measured by It's
dividends, but by its solvency, con-
servatism and promptness to respond
to Its customers legitimate needs. Its
reserves, in his opinion, should be
available for use in times OF emer-
gency and were not intended to be
buried and never touched. The recent
deposits of public moneys and offers
to redeem bonds had not been made,
he went on, with any expectation Of
aiding the stock market, but solely to
assure the business men of the coun-
try there would be no money famine
this autumn.
Ellis r. Roberts, treasurer Of the
United States, delivered the following
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,-
587,975 out of $2,7OS,69S, 1858, and no
legislation can change that ratio very
materially. Gold on the other hand
furnishes $1,267, 73S, $40, or hard on to
one-half Of our stock, and 1t grew near
ly $12,000000 last month Let me be
content to stand on the rock bottom Of
gold.
LET us get little to the bank vaults
and the pockets Of the people. The
gold coin and certificates in circulation
September /, 1898, was $666,166, 165,
which was 81 per cent, of the total.
BY the first of the present month this
factor had become $i,O14531 ,07S and
APO of the whole. Here in the gold
currency Of the land is gain Of $348,-
1854, 910 within Ave years. This is the
strength Of our circulating medium
and the crown as well as the corner
stone Of our financial system.
Certain timid souls look on our real
money as a Samson, whose locks at |
some time may be shorn by Philistine
Delilah and its strength clipped away.
Now this Delilah takes the form Of a |
rush to the treasury OF the United
States notes. Again she appears in the |
garb of secretary of the treasury
using silver for official payments.
And, finally, she becomes congress in
dulging inGwild legislation, II mathe-
MATES is good for anything 1t proves
that greenbacks cannot DO procured in
Z volume enough to be more than spray |
beatinsion Gibraltar Every secretary |
ut silver is less within his
control for actual use than gold 10; he
cannot make silver current for large /
payments. As for congress, It's power
is vast; but with an inflow of SS0,000,-
900 year of gold into the treasury no
act of legislation can stop the majestic
force, v..ea
~ "But-there Is a but-credit Is based
\ On our gold and 1t is possible 60 initiate
and exploit 1t to a dangerous degree
Recent chronicles are not without illus
trations. This process Of attenuation
and Its rapidly and extent present the
real problem Of the situation. Wisdom