Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-06-23

has wrought out beneficient results.
On November 1, 1899 the interest-bear-
| ing debt of the United States was ST.
| 046,049,020. On May 1 last the amount
Of that debt was $685., ,440, a reduc-
ton Of s150S91, $50. By refunding the
annual interest has been still more rap
idly reduced from s4O,347,sS4 on the
first of November, 1899 to $24,176,745
on the first of June, 1904, an annual
saving of over $16,000,O00. When the
financial act was passed the thinly
settled portions of our country were
suffering for lack of banking facilities
because the banks were in the large
towns, and none could be organized
with capital of less than $4,000. I'm
der the provisions of that act, there
were organized down to May / last, l.,
296 small banks of $4,000 capital fur
nishing. under all the safeguards of
the national banking system, facilities
to the small communities of the west
and south. The facilities made pos
sible by that act have increased the
circulation of national banks from
1884 ,402,730 on March IA, 1900, to
$445,9oS, 565 on the LIST of June, 1904
The money of the country in circula-
ton has not only increased in amount
with our growth in business but 1t has
steadily gained in the stability of the
basis on which it rests. On March 1,
1897, when the first administration of
Mckinley began we had in the country
including bullion in the treasury, ST.
S06 ,272,O76. This was $23.14 per cap
ita for our population and of this
3S.S93 per cent was gold. On March
/, 1901, when the second administra-
ton OF Mckinley began the money in
the country was $2,461 ,295,22S. This
was $2S.34 per capita and of this,
45.273 per cent was gold. On May 1,
last the money in the county was ST.
S14,9S5,446, which was $31.02 per cap
tia and of it 48.02S per cent was gold.
This great increase of currency has
been arranged in such way that the
large government notes in circulation
are gold certificates while the silver
certificates and greenbacks are of
small denominations AS the large gold
certificates represent gold actually on
deposit their presentation at the treas
ury in exchange for gold can never in
fringe upon the gold reserve. AS the
small silver certificates and green
backs are always in active circulation
no large amount of them can be accu-
INFLATED for the purpose of drawing on
the gold reserve; and thus, while ev-
cry man can get a gold dollar for ev-
cry dollar of the governments cur
rency, the endless chain which we
were once taught to fear so much has
been effectively put out of business
The secretary of the treasury has
shown himself mindful of the needs of
business and has SO managed our fl
nances as himself to expand and con-
tract our currency as occasion has re-
CURED. When in the fall of 1902 the
demand for funds to move the crops
caused extraordinary money stringen.
cy, the secretary exercised his lawful
right TO accept state and municipal
bonds as security for public deposits
thus liberating United States bonds
which were used for additional circula-
ton When the crops were moved and
the stringency was over he called for
a withdrawal of the state and NUM-
cipal securities and thus contracted
the currency. Again in 1903 under
similar conditions he produced similar