The San Francisco call., 1904-06-22


American administration ever dealt more con
siderstely and wisely with questions which
might have been the cause Of conflict with
foreign powers? When have more Just settle
has any administration welded a more power
ful influence for peace and when have we
rested more secure in friendship with all man
kind?
BUSINESS FOUR YEARS AGO.
-Four years ago the business Of the country
was loaded with burdensome internal taxes.
imposed during the war with Spain. By the
acts Of March ., 1901, and April II 1902, the
nual burden Of over one hundred million dol
lars; and the further accumulation Of a sur
Plus which was constantly withdrawing the
money OF the country from circulation has been
prevented by the reductionaSf taxation.
Between the Both Of June, 1900. ana the 1st
Of June. 1904. our Treasury Department col
lected in revenues the enormous sum of 81. 2o3,
0O0, 900 and expended 50 02s. O00. 600 leaving US
with surplus OF over S1TO. 0oo. 600 after paying
the $50, 600 900 for the Panama canal and loan
ing 81. 100000 TO the st. Louis Exposition.
Excluding those two extraordinary payments.
not expenditures of current income. the sur
plus for this year VIII be the reasonable
amount Of about $12 O0o O0O
The vast and complicated transactions OF the
Treasury. which for the last fiscal year show
actual cash receipts Of S4,25O, 29O. 262 and dis
bursements OF 81, 113, 199, Ala, have been con-
Quoted with perfect accuracy and fidelity and
without the loss OF a dollar. Under wise
management the financial act OF March Ia
1900 which embodied the sound financial priu-
ciples OF the Republican party and provided for
the maintenance Of o1r currency the stable
basis Of the gold standard. has wrought out
oenencial results. On the 1st OF November.
1899 the interest bearing debt OF the United
States was S1,o46. o49, 020. On the LIST OF May
last the amount Of that debt was $S93. l5T, 40.
a reduction OF $50 se1, $50 BY refunding the
annual interest has been still more rapidly re-
duced from $4O.347. .ss4 on the Ist of November
1899 TO S24, ,176.7 745 on the 1st Of June 1904
an annual saving Of over SIG. eco COO When
the financial act was passed the thinly settled
rfrau .~1r
OF banking facilities because the banks were
in the large towns. and none could be organized
with a capital Of less than $50. 600. Under the
provisions Of that act there were organized
down TO the 1st OF May last 1896 small banks of
$4,000 capital. furnishing. under all the safe
guards 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 $254. 4O2 73O on the 14th of March
1900, TO $445, ,9sS. 565 Oh the 1st Of June 1904.
The money Of the country in Circulation ha
not only increased in amount with our growth
in business, but il has steadily gained in the
stability Of the basis on which II rests.
INCREASE OF WEALTH.
On the 1st OF March, 1897, when the first
administration OF Mckinley began, We had in
the country including bullion in the Treasury,
81, SOC. .2T2. .o76. This was $23.14 per capita for
our population, and OF this IS. S93 per cent was
gold on the lst Of March, 1901 when the
seoo1d administration OF MciIinIev beesn tbe
money in the country was 81. 46T 295. POS. This
was s2s-34 per capita; and Of this 1928 per
cent was gold. On the 1st OF May last the
money in the country was 81 Si4. 9S5. 446 which
was $31 o2 per capita, and Of II 4s.02s per cent
was gold. This great increase Of currency has
been arranged In such a way that the large
government notes in circulation are gold GER
tifcates while the silver certificates and green
backs are Of small denominations. As the
large gold certificates represent gold actually
on deposit their presentation at the Treasury
IN exchange for gold never infringe upon
the gold reserve. As the small silver certi-
fcsfes and greenbacks 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 a gold dollar for every dollar Of the
Governments currency. the endless chain which
we were once taught 10 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 managed our
finances himself TO expand and contract our
currency as occasion has required When in the
fall of 1902 the demand for funds TO move the
crops caused extraordinary money stringency
the Secretary exercised his lawful right to ac-
cept State and municipal bonds as security
for public deposits thus liberating United
states bonds which used for additional
circulation When the crops were moved and
the stringency was over he called for with
drawal Of the State and municipal securities
and thus contracted the currency Again, in
1908, under similar conditions he produced
for the Panama canal made last month. with
out causing the slightest disturbance in finance,
showed good judgment and a careful considera-
tion of the interests Of business upon which
our people may confidently rely.
REGULATION OF TRUSTS.
-Four years ago the regulation by law Of the