Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-01-26
WEALTH OF THE WORLD
UNITED STATES SAID TO OWN
PRACTICALLY HALF.
Address Delivered by United States
Treasurer Treat Before Chapter
Of Bank Clerks.

The United States has practically one
half Of the banking power of the world,
stated Charles H. Treat, treasurer of the
United States, in an address before the
Washington Chapter of the American In
stitute of Bank Clerks last night. The
banking power of the world is s3s, 1000 OOO.-
900, and of that the United States has
SIG, 900 100000 and Great Britain has So
900, OO0, 900.
1.-The story of the United States cur
rency issues is as interesting as a novel;
declared Mr.. Treat at the conclusion of his
address on the history of the currency.
He pointed out the straits to which the
government was put in 1851 and the few
years following. during the war Of the
rebellion. in raising money with which to
meet the expenses of the. country. The
first United States notes, which were issued
in 1861, were interest bearing. At first
the rate Of interest was per cent, and
after that for a few years it varied from
3 and 1865 to and 7.3 per cent. Every
scheme to make the people satisfied with
the notes of the government was devised.
because, said Mr.. Treat. the government
was poor and it could not do as 1t wanted
to, but as it was compelled to do.
Grows Better.
From that time to the present. he stated.
the credit of the United States has been
growing better. Now no such schemes are
resorted to. The government can even sell
it's bonds, bearing per cent interest, at
104, a premium, without trouble. When it Is
also noted that the British government
sells its bonds, bearing per cent. at IS,
the immense credit of the republic of WASH
ington is realized and appreciated.
Mr.. Treat made plea for a unification of
the currency issues and for the payment of
he md nf ba INF Tha
amount of such notes, it was stated. Is
limited to $346, 900; and by retiring &c.
100000 a year the government could soon
pay all its creditors. What to put in place
of them, he said. must be determined by
some modern Alexander Hamilton. The
bank notes OF the national banks, he
thought, are not issued In sufficient guam
tity and he advocated that this privilege be
extended to state banks. trust companies
and similar institutions. provided they are
covered by securities in the United States
treasury.
Address by MI. Ambrose.
Attorney w. e. Ambrose spoke Of the re-
lation Of the banker to jury duty. He
pointed out how necessary it was to have
men Of business on juries, because so many
questions involving business transactions
and business methods come up In the
course Of trials before juries. The jury. he
declared. is the protection >ef the business
man and the fnapcial man against all the
sharks" that try to operate in the world
of finance; and for that reason bankers
should not be backward in their jury
service.
1t was announced at the meeting that
the intercity bank clerks debate will be
held in Philadelphia Saturday evening. Feb
ruary 16. The question will affirm that
the adoption of a system Of postal savings
banks would be for the best interests of
this country" The team representing
Washington, Scranton and Baltimore will
resenting New York, Brooklyn and Phila-
delphia will take the negative. F. B. Dew
ereux is the Washington member of the af-
firmative team.
The annual debate with the chapter of