New-York tribune., 1905-06-08
CASH FOR CROPS NEEDED
Treasurer Roberts Discusses Cur
rencg and the Deficit at Topeka.

Topeka Kan. June Ellis II. Roberts, Treas
urer of the United States, addressed the meeting
of the Kansas Bankers Association tonight on
The LuIl in the Currency Discussion Mr.. Roo-
erts said in
New national banks came into life at the rate of
day during the last TWO years SSl IN lSVt a,o
5n in 1905, 22 during that period IN & me same i
interval the and old banks added TO their cir
culation $50 average of $40 $50 for each
isos oI was @ 81 lsisS a The gain for i've years
been $3.50 ssS57s nearly $40 9oocoo year bane
been large part pledged for circulation The panhs
TO the otfer over So 0n 600 Thus there is steady
increase in bank notes, and the attitude OF plac01
Very notable the advance of the ratdo o of bank
o6T 80 pe 1e een een Sow is m per cent Most Of
the talk about currency has nevertheless peei aoU
As the grand of our money IN circuaiu'Sin ION
the the sense is fd apt TO % o @ dasa 3 9 Gg I t or by
S5l 4s1 22S which is S0S, 600 900 every t"eEe
r qR5 has fnd been 70 carried o ReTSn from e
cept in Treasury notes, which are merged inte the m
every class Of currency The addition OF s7 SOP "a
used as money is the master fact The initiation
is steady the march of the stars IL mas mas na io
tion contribute TO it The products OF our 0""
happens while in 1890 go out 1 Of the the Tnted
stock of gold amounting to $SSo sV16Vo @ oi, of the
worlds stock of s4S410ooOoo. we held q per cedt:
total of $56S5 1eo0oo we had in me t oIua of the
nation and the banks and in the PocKe.s q in
the repoTts of 1890 to little over one-fth 1so0
Amercan people now surely own full fourth of
the stock Of mined gold possessed by manKInu it r
Such nood might we'll be dangerous 81 But ,6or our
country is vast our people SO active ana lIig
opera tons multfartous. productions increasing
so rapidly. that the entire inflow mas peen ''0
With such an abundance of gold and bank notes,
why is there trouble every autumn about cufIeHEs ~
TO put the harvests into market? BY reason OF OF tHe ne
multiplicity of sellers. small bills are required III
payment This is the explanation Of f. the recurring
vii not help him if he wants to settle with
hundred farmers His purpose can be % sfrved onS
is not constant through the year. After the prod
@ large noes 10 pay ms ms . qeots b o. 10 & ny sndIum
OF demand swings from small bills in the crop sea-
son TO large oenominations 10 in in other months - -.
dehomnations m OF G the paper currency including
banknotes sloo2 256. 500 is in SO and below, May
Years by s227 los s6 or 3s2 per cent, by constant
at the ner me n bs form and aTe
doubtless better prepared for the harvest than
s45. 600 600 in sizes convenient for handling the
crops This amount large as it is has has not proved pro %
enough heretofore. Some pressure VIII be Ieit IN
A very Simple change in the law would adjust
approved the suggestion although it has been re
certificates of $ and siO our legsla tors could add
10 rRe TSe fetch g of keepin broad ed open
for silver has stood in the way Of such change Yet
forms cannot render the full service, Why not
yoke in god i IN sa a e yao metal .I e m de1ate 1T
and represented in paper of So and $40. would add
to the strength of system and to the conVen-
fence of farmer and trader, well as of the
banker. Gold is not too good for this service. BY
IFS llse in certificates coin crops could, with less
trouble be placed IN the hands of the consumer.
Make a team of metals and paper. and the work
will go on cheerily as at corn huskfng or
harvest bee
The Treasury does not lack money. The outgo
IS in excess of income. The matter does not con-
Germ the currency; 1T relates to the revenues In
the eleven months of the current fiscal year the
government has paid out $3663S. .42S more than its
off OF income, for in every item on that SIDE there
has been an increase, amounting in ali to $2172S52.
on the other hand. the expenditures have advanced
more rapidly. To June ], compared with the
ike months of last year the expenditures were.
not reckoning payments for the Panama Canal,
then or now S32. los in excess. A year ago
navmeuts were made for Panama TO the amount
Of $50 000 for this thus far they are about
81 000 with obligations TO next January raising
the nearly S9,o00,OOO
The condition is not mystery: the nation is
richer and spends more. following the example of
its citizens The great bills of expense the
navy the rural free delivery of mails. public build
ings and the Panama Canal
Yes there deficit in revenue: but the Treas
urv has nearly $4,000 600 in the depositary banks
and over SO 600 in cash in Its own vaults. which
in actual money the government go on for two
or three years without strtngency, paying every
obligation promptly and in full. Should the outlay
continue exceed the income. the Secretary of the
temporary loans certificates of Indebtedness at
per cent Ito meet public expenditures to the
amount of 800 100000 For any Panama bonds Con-
gress must grant the advantage of lower tax
cents They are likely to be issued until the
change shall be enacted. but with over S100,00O00
in hand, there be excuse for borrowing now
all?