Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-09-03
Secretary Shaw Showsthe Bene-
fit United States Received
by Prosperity Era
NATION HAS GROWN WEALTHY
Head of the Treasury Department
Speaks at Merchants and Travellers
Banquet in chicaso-some Interest
ing Facts Regarding the Commercial
Development.

the United States richer than it found
it?. asked secretary of the Treasury
Shaw last night. and answered his
question in the affirmative.
He gave figures to prove the claim OF
added wealth and more figures to show
that the Americans are the most pros
porous people on earth.
The secretary was the speaker al tine
banquet OF the National Association Of
Merchants and Travellers, given ut the
Auditorium and 1t was the most sue
cessful Of any of its annual events.
Dover 200 members sat down to the
dinner
John G. Shedd, who presided, intro
duced Secretary Shaw as "a man whose
sterling good sense has won for him
the full confidence OF The merchants
and producers o: the country and es-
pecially of this great central west; ac-
centuated. perhaps, in the business
world by the high appreciation of the
merchants of his successful efforts In
correcting abuses, dishonesty, and
fraud in the customs service of the
country and his unhesitating action
in removing so-called--to put 1t mild
ly--incompetent officials
The secretary was cordially received
when he arose, and his statement about
the wealth OF the country elected more
applause He said on this subject:
Compare the following with avail
able statistics covering any former per-
iod and there can be but one answer.
Our farms produce 400Oo00.00o. Have
these lands become sterile or their oc-
cupants indolent? Our 100000 factories
add 600.000,000 in value to $4,000, 000.-
600 of raw material and their net OUT
put, exclusive of duplication. is moe
than sS,000,O00,000. Have these hives
of industry been consumed by the ele-
ments? Six hundred thousand opera
tives in these factories and workshops
annually sign pay rolls aggrega ting
s300,000,000. Have these artisans be-
come paralyzed or have their wages
been reduced?.
Our mines, quarries, clay banks and
oil wells yield sl,ooo.ooo,oOO. Are these
siorehouses of wealth exhausted or
600 miles OF railway transport 600, o00,-
600 tons of original freight. not ncuIud-
iEg Implications, and pay 10000 opera
tives, exclusive Of officers, s650,o0o. 060.
Are these thoroughfares of commerce In
the hands of receivers, o. are they like
ly to be?
Productive Capacity.
AS nearly as can BE- estimated the
annual productive capacity of the
American people is $1,000, 100000. This
does not include duplio ations. OF this
we export $1,000 coo and import ST.
000,000,00o of other merchandise, mains
ly n-comDetitive with our own prod
ucts. We, therefore, consume the equiv
a.ent of 95 per cent of I'll we produce.
Not while these conditions continue
will prosperity cease.
I'VE are the most prosperous people
in the world because we both produce
and consume more than others. The
little that we sell abroad. about 10 per
cent of our net production, and the lit
tie we purchase abroad, or per cent
OF our net consumption. constitutes no
challenge to the statement that our
prosperity rests with ourselves.
N!uFSsS dpplSHeHsltI petoulGS CPL
demic and ultra conservatism eonta-
gious. the immediate future holds for
Us as much of real good as the inlrne-
date past has showered upon u.s.
Elastic Currency.
Taking up the subject of currency the
secretary advocated the reduction of
the tax on unsecured bank circulation
from 10 to per cent and limiting this
circulation to SO per cent of the Sc
cured circulation. This he held would
give the currency sufficient elasticity
to meet emergencies.
Three things | Know, he said.
First, this additional circulation would
spring into existence almost instantly
whenever interest rates advanced to
the point of profit. Second, it would
as promptly retire whenever interest
rates became normal. Third. 1t would
be absolutely safe, for the government,
amply protected by the per cent tax,
would underwrite 1t.
Secretary Shaw also advocated ship
subsidy bill which would at least serve
to- establish lines to South American
ports not now reached by American
boats.
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