The Washington times., 1903-10-23
BURST BUBBLES
Of WALL STREET
ARE NO MENACE
Shrinkage of Inflated Sc
curitieS No Calamity,
Says Roberts.
TREASURER IS OPTIMISTIC
Tells Bankers That Ameri-
cans Will Ever Reject
Cheap Money.
TREASURER is OPTIMISTIC

SAN FRANCISCO. Oct. 23.-EIlis II.
Roberts. Treasurer of the United States.
was the principal speaker at today S
meeting of the American Bankers As
sociation, in convention here. Effects
of the Influx of Gold was his theme.
Mr. Roberts began by dwelling upon
the tremendous results which have
been brought into the world of
fipaace by California, through her pro-
duction of gold. In 1s47 only sSS9,O0
worth OF the yellow metal was pro-
Cuced ir. the United States: In 1902 our
mines produced $50, ,eOo. 900. In the United
States at the beginning of this month
of October gold in the stock OF money
was s., ,2T7, 1862, ,651; the amount held by
the Treasury was 1854 Sill 716, and the
amount In circulation IN coin and GER
tificates was 81. .0i6. 64S. .693.
IF this association said Mr.. Rob
erts, could order this stock brought
before 1t and could get the metal here
in a solid mass we should have cube
of nearly sixteen feet, weighing 1883
tons. and requiring III freight cars TO
move it. Were all coined into eagles
and placed edge TO edge. the line
would be 2,1ls.s4 miles long-say. from
New York 70 sixty miles west of Col
orado Springs.
Rejection of Cheap Money.
eour currency rests absolutely solid
on IL, rock bottom of gold" exclaimed
the speaker "Our yellow metal passes
I'm St. Petersburg and Pekin, in Hong
kong and Tokyo, and the United States
note and silver certificate march with
It I'm eaua' favor. The American people
were urged tc make fiat money, because
Il was cheap. and 10 coin silver at SIX
teen 10 one. because IL was cheap. They
rose above the temptation and declared
not once, but twice. and will always,
that they want not cheap money. bus
the best in the woVld- They have II, and
the annual inflow OF $50. 10000 assures Il
20 them, and rewards their wisdom
How far and in what direction is the
vast inflow OF the yellow metal carry
ing US? The blind may see that in the
past Eve years business has been ex-
panded in some directions in an unpar-
aileied degree. Credit has naturally been
multiplied at least to four times the
amount Of cash added to our supply. The
exploitation of gigantic industrial ccr-
pOrations ran on at a dangerous speed.
fortunately to exhaust itself by it's own
cxcesses Promotion or stocks and bonds
is not industry: il is speculation. and
that finds help and impetus in infia-
4 tion.
Not a Calamity.
Those who have climbed too high
into the realm of credit must come
Gown The promoter who has failed to
distribute his stocks and bonds may be
punished. and those who have petted
his schemes may suffer But "A shink-
ing OF Inflated securities 20 their true
value is not a public calamity. Our
financial system cannot totter, much
less be wrecked.
Our surprising wealth in gold has
placed our national credit on q plane
above that of all other countries and
never before held by that OF any gov
ernment. British consols. bearing 21s
per cent interest. long the foremost type
OF credit. have recently sold below ST.
while consols of the United States. bear
ing only per cent. range from l0S 10
10 Only unbridled folly. not conceiy-
able can shake this solid structure.
America in Old World.
I'VE invade the old world with our
manufactures by reason Of the skill
and energy Of American labor and tho
methods devised by American genius.
We run electric roads beside the pyra-
mlds: we furnish harvesters for Rus
STA; we build bridges in the Soudan and
in Burmah; send locomotives 70 farthesi
Manchuria; help Germany to load coal
sell shoes to Austria scatter sewing
machines everywhere. and our watches
keep time on the Danube. the Nile. and
the OrinOco.
"If the American people are prudent
will let their common sense and cold
reason govern. they will see that the
prosperity they enjoy is the earnest OF
more 20 come. Of material achievement
beyond the scope OF prophecy. deserving
TO be adorned with moral and spiritua
flower and fruit which shall glorify hu'
manity."