The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1904-06-21
Speech Of ELIHU7 ROOT
TEMPORARY CHAIRMAN OF The REP l)B-
LICAN NATIONAL CONVENTION.

CT that annual burden OF over one
hundred million dollars; and TIE fur
tner accumulation Of surplus which
was constantly Withdrawing the mon
ey of the country from circulation
has been prevented by the reduction
of taxation.
Between the 3Oth OF June, 1900, and
the first of June, 1904, our Treasury
Department collected In revenues the
enormous sum of S2,203, 100000 and
expended s2,o2s,Goo, oc0, leaving US
with a surplus Of over S17O,0Oo000
after paying s5o,ooo,Oo for the Pan
ANA Canal and loaning 100000 to
the ST. Louis Exposition. Excluding
those two extraordinary payments,
which-are investme from past sur
plus and not expenditures of current
il, come, the surplus for this year will
be the reasonable amount of about
s12 600 900.
The vast and complicated transac-
tons of the Urea sury, which for the
last fiscal year show actual cash re-
ceipts of s4,25o, 23O.2G2 and disbtfrse-
ments Of 9,414, have been
conducted with perfect accuracy and
fidelity and without the loss OF dol
lar Under wise management the FL
nancial Act OF March 1ith, 1900,
which embodied the sound financial
prin ciples of the Republican party
and provided for the maintenance Of
cur currency on the stable basis OF
the gold standard. has wrought out
beneicient results. On the last OF Nc
vember. 1899, the interest-bearing
debt of the United States was $l,046,-
O4a.O2O On the last Of May last the
amount of that debt was 1895, 40
"a reduction of $3.50 .S91 $50. BY re-
funding, the annual interest has been
still more rapidly reduced from s40-
347, SS4 on the LIST of November, 1893,
to S2i,17G.745 on the list of June, 1904,
an annual saving of over SIG 100000
When the Financial Act was passed
the thinly settled portions of our
country were suffering for lack of
bal king facilities because the banks
were in the large towns and none
could be organized with a capital OF
less than $4,000. Under the pro-
visions of that Act. there were organ
lied down to the LIST Of May last 1896
small banks of $4,000 capital, fur
nishins under all the safeguards Of
the National Banking system facili-
ties to the small communities of the
West and South The facilities made
possible by that act have increased
the circulation of national banks
from s254,402.37O on the 18th Of
March. 1900, to s445,9SS,5G5 on the
LIST OF June, 1904. The money of the
country in circulation has not only in
creased in amount with our growth
in business but it has steadily gain
ed in the stability OF the basis on
which it rests. On the 1su of March.
1897, when the first admin stration Of
Mckinley began, we had in the coln-
try including bullion in the Treasury,
81. SOG,272 ,O7G. This was s23.14 per.
capita for our population, and OF this
IS. 1898 per cent. was gold. On the LIST
OF March, 1907. when the second ad-
ADMINISTRATION of Mckinley began. the
money in the country was S2,461 ,295,-
22S This was S2S.34 per capita, and
of this 1929 per cent was gold. On
the list of May last the money in the
country was So .S14, 9S5,44G, which was
S3l OF per capita, and of it4S-o2S per
cent. was gold. This great increase
of currency has been arranged in
such way that the large government
notes in circulation are gold certif-
Gates, while the silver certificates and
greenbacks are of small denOmina-
tons. AS the large gold certificates
represent gold actually on deposit.
their presentation at the Treasury in
exchange for sold can never infringe
upon the gold reserve. AS the small
silver certificates and Sreenbacks are
always in active circulation, no large
amount of them can be accumulated
for the purpose of drawing on the
gold reserve; and thus, while every
man can get gold dollar for every
dollar OF the governments currency,
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
him self mindful OF the needs of bust.
ness and has SO managed our finances
as himself to expand and contract our
currency as occasion has required.
When in the fall Of 1902 the demand