The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1903-10-23
STABILITY OF THE CURRENCY
The United States Has stronger
Gold Reserve Than Any Other 4.
Nation.

HOD0ICS, I0aSNAO "a - VA 49, - :
States. was the orator Of honor at to
days meeting of the American Bank
ers Association in convention here
EFFECTS of the Influx of Gold" was his
theme, and he began by dwelling upon
the tremendous results that have been
brought about in the world of finance
,by California through her production
of gold. In 1S47 only $sss. 900 worth
OF the yellow metal was produced n
the United States; In 1902 our mines
produced so ,O00,003 How appropriate
1t is that the American Bankers as
sociation, representing over fourteen
billion dollars Of resuorces, should
meet here on the Paclnc coast with
the. .shcame 1heplserds a. tho golden
deece." II tbs nter-ak tha
beginning OF the month of October. The
gold in the stuck ct money was a. ,277,
S62,651; the amount held BY the treas
ury was $654, ,s1l, lis; md m circplat
ton In coin and cegtafcates wa
31,O16, ,64S,693.
III this association" sid MI. Rob
erts, could order thas stock brought
before 1t, and could get the metal here
in q solid mass, we should have cube
OF nearly sixteeu feet, Weighing 2.36a
tons and requiring 147 freight cars to
move It. Were aa coined into eagles
and placed edge to edge, the line
would be 2.116.S4 miles long, say from
New York to sixty mfles west Of Colo
rado Springs. OF the worlds produc
: ton In 1902, amounting to $3.50, 900 900
the United States furnished $80, ,000,,
900. In gold stock, In circulation and
In o1nclol holdings, our country sur
passes every other nation. -
Before this year ends, " the speaker
said, '1f our present rate Of Increase
continues, our stock Of gold wMl ex
ceed that Of all the European countries
which have = combined population o.
Hve times that Of the United States
Adding the holdings of our national
banks, which amount to 1922, ,O00, ,O00
and the treasury, which has $655, ,000.
600, our financial system is based on
nearly . billion Of dollars In hard vel
low metal The public and private
credit Of Great Britain rests on $685..
$4,000 In the Bank Of England; Of
Germany on $17O,371,O 900 in the I'm.
perihl German bank; Of Russsia on
$404. .396, 900 In the Imperial bank; Of
France on $494, SOC, 900 in the Bank oa
France. The plethora of the precdou.
metal in our country presents three
problems-what il to be the effect on
our currrencys What on prices and
wages? What on our worlds rela.
uons? a49
"Our currency rests absolutely solid
on its rock-bottom Of gold," exclaimed
Treasurer Roberta. 'Some gAost.see
ing Macbeth may dread the rush ol
United States notes for redemption;
may suspect that some secretary ot
the treasury will use silver for o6icdal
payments; may tremble at the hazard
Of world legislation.
'tHe forgets that $160, ,o0OyO 900 Of the
United States notes are of deuomin
ations Of SO and below. The people
need all small notee and clnanor fos
more. They are beyond the reach BY
any secretary for large payments. The
power of congress is vast but It can
not climb Niagara, nor can n owe,
come tho majestic force Of thin yellow
food Of $s0, 900 900 q year.
"Our yellow metal passes In st
Petersburg and Fekin, IN HING Kous
and Toxic, and the United states nots
and silver certificate march with It II
equal favor. The AmeCcan people
were urged to make nat money be
cause 1t was cheap, ana to coin sdlvel
at is to I becanss It v1s cheap. TIE,
tose shove the temptatjuu end De
caared not once but twice and alwsy,
that they want not choau mohey bu