Los Angeles herald., 1906-02-14
UNCLE SAM HAS HALF
WORLDS BANK FUNDS
United States Treasurer Treat, Addressing Los
Angeles Chamber of Commerce, Tells of the
Glowing Prospects of His Country

Hon Charles IT. Treat, treasurer OF
the United States, was rendered n cor
dial reception In the directors room OF
the chamber OF commerce last night,
when he was greeted and warmly wei
coined by a large essemblage Of citi-
zens, all of the banking institutions of
Los Angeles and many suburban banks
being represented.
During the reception hour President
Washburn Of the chamber made the
presentation OF callers, assisted by
Secretary Virgins and members Of the
general committee.
The formal greeting to the dis
tinguished guest of the evening was ex-
pressed by J. o. Noepfli ex-president,
who spoke Of Mr.. Treat as one of the
strongest and greatest authorities OH
finance in the United states, asserting
that his remarks would be Of national
Importance, especially since this was
to be his first public utterance since
entering upon his duties as secretary of
the treasury.
Cosmopolitan Strength
Mr.. Treats address was devoted
largely TO a clear and comprehensive
discussion of the immense financial re-
sources of the country, but in the be-
ginning he spoke in glowing terms of
Los Angeles and Southern California
as a wonderful section, there being, in
his opinion, abundant reasons on every
hand for the faith OF the people in the
future of the southland.
The cosmopolitan character Of the
population he said, with the blended
strength and energy of the people of
the community suggested to him the
full scope Of the future greatness of
this section, measured i'm large part by
the wisdom to be displayed by the
people that would inspire other people
of this and other lands to unite with
them in the full development of the
country.
Plunging into public affairs, Mr..
Treat said in part:
1.-THE money in the treasury of the
United States taken over by me from
Treasurer Roberts on his retirement
from Office was 81, 259, sos, ,27S.5S 2-3, being
$4s3, 100000 more than Mr.. Roberts re-
ceived from his predecessor.
PLEASE do not forget that the amount
of money agreed with that called for
by the books to a penny. What bank
ing institution could have made a more
correct showing? 1t shows not only the
efficiency but the fidelity Of your pub
lie servants.
Satisfactory Condition
'"The financial officials at Washington
regard the financial conditions of the
country as in a very satisfactory and
comfortable condition. We have $145,-
100000 working balance in the treasury
cash in the till, including $55, 900, 900
deposits In national. banks and to the
credit Of paymaSters for payment to
the army and navy and other matters
in different parts of the world.
1.-The revenues of the country are
increasing beyond all expectations. On
June 80 last we had expended for the
previous year $4,000. 900 more than
our income. Some of the papers said
it was a deficit, while at that time we
had 139,000000 working capital in the
treasury vaults. 1t simply meant that
we had expended that much more that
year than we had collected in revenue.
In the last seven months we have coll
lected $22, 900 900 more from the customs
houses, and SIC, 900, 900 from the internal
revenue than for the corresponding
months last year. This wipes out what
some thought was great deficiency,
Internal Revenue
1.-THE popular idea is that the main
source Of government revenue is from
the customs house dues, or tariff from
other countries. The facts are that the
internal revenue collected last year
was within $40, ,000, 900 as much as was
collected through the customs houses,
so the apprehension felt by some may
be also directed to the internal revenue
department as we'll as the customs
house.
considerable change in revenues
from the internal revenue department
has been made since the Spanish
American war; The resources derived
| for the war expenses amounted to
| $106, ,0000 900.
"You will recall the fact that the
| stamp taxes during that war were laid
to defray the expenses of the war, and
the party in power, with the approval
of patriotic Democrats, approved this
| taxation, and no pledge was more faith
| fully kept than when at the close of
| the war the tax was removed. We re-
deemed the first year per cent and
the following year we cut out the bal
ance. the aggregate being s106, 200, 600.
No other nation on earth could accom-
plish such a remarkable feat without
fear Of bankruptcy.
Half Worlds Capital
"The banking power of the world is
some 4O0O, 600. 900, of which the United
States has $4,000 100000; all other for
eign countries $4,000, 100000. We have
not only more than half the banking
capital of the world, but we have more
than half the railroad milege OF the
world, more than half the public
schools of the world, one-half of the
libraries, one-half of the hospitals and
| charitable institutions We are in no
| danger of decadence; we are just be-
ginning a remarkable career of prog
ress and development.
I'VE have the largest stock of gold in
the world, s1,34S, 100000; France, $685.
|