The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-26
More Gold Possessed Than by Any
Other Nation. but There Is Danger
I'm Undue Imitation of Credits.
DIVIDEND ON AMERICAN CAN
INJUNCTION SOUGHT TO PREVENT
THE REGULAR PAYMENT
Fraud Alleged i'm the Organization of
the COmpany-FaiIure of a Big
Massachusetts Shoe Firm.

WASHINGTON, Sept. 25.-Enis II. Rob-
attending a joint convention of the Mary
land and the District OF Columbia Bankers
Association. which is being held on board
steamboat the Potomac tonight de-
livered an address. in the course OF which
he said
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, 975, out OF
2,7OS,6 93663. and no legislation can change
that ratio very materially. Gold, on the
other hand. furnishes 1887 S3S, 949 or hard
on to one-half of our stock and il grew
nearly sl2.OOOcoo last month.
Let me be content to stand on the rock
bottom of gold. OF 81 ,l7S money in
circulation. gold in coin and certificates is
81, 0l4, 5SO,07S; bank notes are just less than
$500, 100000 And again, look at the treas
ury holdings. The gold there is to-day the
largest sum ever recorded, $685., OO0, OOO Our
treasury holds three and nine-tenths times
the amount of gold belonging to the Bank
of England, which is 1885, $50, 600; 1t is more
than three and eight-tenths times that of
the Imperial German bank, which is $780,
31,OO0, or very nearly three times that of
the Austro-Hungarian bank, which is s221, -
10000; 1t lacks only s., 200. 900 of being equal
to that of both the banks of England and
of France, which latter holds $i94, SOC, 900,
and it exceeds the amount or Russia, Ger
many, Belgium and the Netherlands COM
bined.
This is not the whole case These for
eign treasures are practically the sole
basis of the finances of the respective ma
TONS On the holdings Of the Bank OF Eng
land rests the credit, public and private,
of the British empire With US, beside the
gold in the national treasury, the banks,
national and other, We own 1922, 40S,571, and
this is more than any central institution
holds, save those of France and Russia.
More vital yet is the growth of the
official treasury of the several countries
In five years the Bank of France has
gained Sl27, 40,o00 and Austro- Hungary $79-
German bank has lost s3s 6s3 600. the Bank
of England 81, 265,0 900 and Russia Sl32 24O 90.
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 1895, $50, 49, or
very nearly sS0,c0O.oOO a year on the aver
age.
LET us get a little TO the bank vaults
and to the pockets of the people. The gold,
coin and certificates in circulation Sept /,
1898. was s666, loo los, which was 81 per cent.
of the total. By the first OF the present
month this factor had become slOli, 53l ,O7S,
and AZ per cent. of the whole. Here i'm the
gold currency of the land is "a gain of
s34S, 36l.910 within five years This is the
strength of our circulating me-
dunn and the crown well as
the cornerstone of our financial
system. Certain timid souls look on our
real money Samson whose locks at
some time may be shorn by a Philistjne
Deliah and it's 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 a sec
rotary of the treasury, using silver for Off
cial payments. And finally she becomes
Congress indulgfng in wild legislation If
mathematics is good for anything IL
proves that greenbacks cannot be procured
| in volume enough TO be more than a spray
beating on Gibraltar. Every secretary will
find that silver is less within his control for
actual use than gold is: he cannot make
| silver current for large payments. As for
Congress its power is vast but with an
| inflow of $S0.000,0O0 a year of gold into the
| treasury no act of legislation can stop the
| majestic force.
"But-and there is a but-credit is based
! on our gold. and IL is possible to initiate and
| exploit 1t to a dangerous degree Recent
! chronicles are not without illustrations
| This process of attenuation and it's rapiditv
| and extent present the real problem of the
| situation. Wisdom cries aloud and will
| be heard sooner or later, and better soon
than late, that ii is not safe to lift credit
/ so mountain high that flying machines will
| be needed to operate I'm its thin atmosphere
In the meanwhile. and / believe for long
time, the Nations prosperity rests on a
Steadfast foundation"