The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1910-11-22
Treasury Management
Involves Uncle Sam
(contInued from page One. J

nounced that this policy would likewise
be followed in meeting army expenses.
AS a result, the author states, consols
fell from liO in March. April, May,
1899, to 1OS in June, lO6 in July, and
105 in August.
The war with the Transyaal, which
broke out In October, brought them
only to 1903. More immediate injury,
the author believes, was therefore done
10 British credit by the financial policy
which preceded the war lhan by the ac-
tual outbreak OF the war. But for the
prolongation Of the war after the occu-
patton of Bloemfontein and Pretoria he
is OF the opinion that the price of con-
soils would have been little affected.
Mr.. Hirst holds the belief that a treaty
OF peace with guarantees and indem-
nifty, following upon these military sue
ceases, would have avoided the Longest
and most costly period Of the war. The
policy OF annexation was adopted, how
ever, and British consols fell from l0l
to 81 "a, the lowest average monthly
point touched during the war From
G35, 900. 900 pounds IN 1899, the lowest
point since the Napoleonlc wars, the
debt rose TO 798 100000 pounds in 1908.
The national savings Of thirty-six years
OF peace were swept away by national
borrowings during three years OF war.
by March 81. 1909, the debt had been
reduced 10 75i 100000 pounds. The
price OF consols. however. has still
gone down. Their fall is attributed by
Mr. Iiirst TO the state Of the interna.
tional money market, the heavy issues
Of colonial government securities, and
municipal stocks In competition with
consols, and the annual emission Of
some FIVE millions of Irish land stocks.
He has no doubt that but for the an
nual appropriation the sinking fund
the "a per cent consols would have
fallen well below So
The debt OF the-German empire has
risen from 2g7 100000 marks in 1851
to 1858. .50o,O 600 in 1908. The debt OF
the various states has increased in the
meantime from 5,244.300.OOO 10 1882.
100000 marks Communities with more
than 10000 inhabitants have had an
increase OF from T7l 100000 10 $685..
100000 marks. Though most Of the lo-
cal debt and great part Of the state
debts are more or less for reproductive
purposes. the imperial debt is consid.
cred by the author as In he main. a
dead weight debt The empire has
Of late years pursued a policy Of
issuing treasury bills 10 cover its de-
fcits. This unfnnded debt at times
very large. has been a source OF anxiety
In German banking circles.
France has debt larger than that Of
any other country. lis capital value on
January i. 1908, was 30,16l 900. 900
francs. This is sixteen times that Of
the English debt. Alienation may be
looked for from the reyersion Of the
CHIEF railway lines TO the state be-
tween 1850 and 1860. The average
price of the French per cents has
risen from 1851 in 1877 TO 1888 In
1897, to fall TO 96.i5 IN 1903.
In the last part OF the monograph the
author deals with the debt Of the
United states. tracing It's history from
the beginning Of the nation to the pres
ent time. The methods Of redemption
followed at different times. the market
price and net yield of the bonds, and
their use al deposit for national bank
note issues are among the subjects con.
sidered BY the author
Trade Balance Of the United States.
In the article entitled THE trade
balance Of the United States" an ex-
PLANTATION Of the factors which 90 10
make up a country's balance Of trade
prepares the way for an analysis Of
the trade balance OF the United States
lIr. Paish also reviews the countrys
gold imports and exports In his opin'
ion. the monetary siringency at the
time Of harvest could be much relieved
by the establishment Of a central in
stitutlon Of the nature OF the Bank OF
England.
The term trade balance the author
explains, is generally used to indicate
the excess value Of country's export.
OF or the excess value Of a country'i
imports OF merchandise over the value
Of it's exports OF merchandise An ex
cess balance OF exports over imports \
said to be a favorable trade balance
IN the sixteenth, seventeenth an'
eighteenth centuries favorable trad
balance was matter of great concer
TO statesmen and to iinanciers. Al tha
time Il was supposed that any countr
which imported goods Of greater yalu
than the goods It exported would b