The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-16
BUSINESS MEN dine
Columbia Chamber of Com
merce at Banquet.
TREAT TALKS ON FINANCE
Treasurer OF the United states Fa-
vOrS AIdrich Bill I'm General Out
line Of the Money SituatiOn-Nice
President CuIP. of the southern,
Also Makes an Address.

Special to The Washington Herald
Columbia. S c., Jan. I-Men prominent
in the affairs of both State and nation
attended the annual dinner tonight Of
the Columbia Chamber Of Commerce. the
affair being the most notable of the kind
that has been held here in recent years.
Among the principal speakers was
Charles II. Treat. United States Treas
urer. who discussed the financial condi-
ton Of the country extensively. After
paying a high tribute TO President Roose-
welt, and referring to the recent furry in
the money market, he said, in part.
1T is my opinion that if the Aldrich
bill be passed. authorizing the issue Of
$25e,00O000. that but small part Of it
viii be used this year for the reason that
we have added TO the stock of money
since the first Of October over s2l4,0Co,VJ0
Of which more than SS60Oo00O is national
bank notes, l2lo00o.J gold, and over
$1,000 eco subsidiary silver coin.
1T would seem, with this addition 10
our currency. that there would be ample
to supply the needs for crop moving
However, the psychological effect Of con
fdenCe that such a large margin OF re-
serve currency could be obtained. cannot
fail to be reassuring.
while the Aldrich bill is not only a
long step toward the perfection of the
national banking system. and meets the
pressing need Of the day. and perhaps on
the eve Of Presidential election, combines
all the amendments that would be ac-
copied by Congress, Yet / feel that the
time is close at hand when we should
consider the entire readjustment of our
banking system, and the unificauon Of
the currency.
Public Il AgitRted.
Public sentiment is again agitating the
dcsirabiity OF utilizing the advantage of
an overlooking National Treasury for the
gradual retirement of United States
notes, OF what are known as green
backs
The maximum sum. S346 10000 has not
been changed since Secretary sherman
was instructed by Congress May 81. 1876,
not 20 retire any more Of these notes. and
when Congress declared that that amount
should remain in circulation Since that
time there has been periodical agitation
/ by bankers ana financial students 10 Sc
cure a revival of the practice Of Secre-
tary Sherman to retire greenbacks when
the surplus Of the Treasury allowed such
a step under the enactment Of January
"a, 1915.
Various objections have been raised 10
this on the part OF some, because IL would
cause a contraction Of the currency; on
the part Of others. because it would
destroy, IN "a measure. the amount Of re-
serve money which was not at all ex-
cessive for banking Ust, and still others.
THAI there would be a saving of interest
The increased supply OF gold would
seem 10 be an assurance that there need
be- no apprehension of a sufficient legal
reserve ia case E0OO0.0o0 or SlO0.Gl00 90 per
aEnum OF gTesnbaeks We're replaced by
gold coin. IL has perhaps escaped popu-
lar attention that we have over Sl50000 oll
/ OF coin and bullion held in reserve against
the issue of S3iG000G00 Of greenbacks
which leaves a currency supply Of Sl5@.-
020.G1 available for circulation.
THE peTmissive circulation OF United
States notes is S346000.000 OF this there is
an average of S36,O009)0 held in the vaults
/ of the Treasury. which. taken from this
/ leaves S320eIJ0)0 In actual circulation
I There is now a reserve fund IN gold for
redemption Of United States notes Of
I $1J10000o Taking this from the S398Q00
/ ooo, leaves only a practical gain TO circu-
lation of United States notes Of Sl70GJe1
! provided that the reserve fund Of $50. r.
Greece was released.
The saving of interest can. therefore.
/ only be reckOned on S70000G00. which at
? per cent would amount To about s. zoo
000 annually. The saving Of interest to
the government is but small item for d
/ circulation Of $17000000"
Mr. CuIp speaks.
J. NJ CUP vice president Of the South
ern Railway spoke of railroads. He said
in part:
For the past year the railway mana
gers of the United States, including those
of the Southern States. have been con
/ fronted by unprecedented difficulties. At
the beginning Of the year the country
was enjoying a high degree Of prosperity.
In some localities the volume Of traffic
/ had grown to such an extent as to tax
existing transportation facilities 10 the
utmost: operating expenses were increas-
| ing on every hand. due to advances in
wages and in the cost of materials and
supplies OF all kinds, and the railways
We're, i'm many of the States, confronted
| with propositions for the arbitrary reduc-
ton of their charges Traffic conditions
We're such as 10 call for the devotion of
/ ever. energy to the most efficient opera
/ ton Of existing plants, and to the pro-
vision Of increased and improved facili-
/ ties
1t was unfortunate that. Just at this
time. as a result Of the tendency or oper-
/ ating expenses to increase faster than
gross receipts. and as result of agita-
/ ton carried beyond the correction of such
| abuses as may have existed In the trans
pOTtation business of the country. the
/ faith of investors in railway securities
/ was shaken.
/ No Funds for Repairs.
THE condition of affairs thus brought
about made it impossible. in many in
stances, for railways TO secure funds for
needed betterments, and compelled rail-