The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-05-24
UNITED STATES
FINANCIAL GIANT
6OuTELL EXPLAINS MONEY
STRENGTH or NATION TO
DETTROiT BANKERS.
SPOKE AT BIG LUNCHEON
&r n x8 et
Tells How Tariff Revision Can be
Taken Out of Partisan Politics
Says Payne Law
Good One.
Detroit MAY 23.-The financial

bCllOlt, hS hhhAASA~'
strength of the United States was de-
clared and explained by Representa
tive Henry S. Boutel OF lllinois4n a
speech tonight at the annual dinner
OF the Bankers Club of Detroit. This
nations credit, he said is the strong
est in the world
THE fourteenth Of March 1900,'
said Mr.. Boutelt marks the begin
ming of new era In the history OF
our National Banks. On that day
President Mckinley signed the great
financial act that fixed gold as our
single monetary standard, made all
forms of money Interchangeable, pro-
yided for the refunding of our bond
ed debt at 2 per cent and authorized
the establishment of National banks
with a capital below $4,000. Since
the passage of this act the develop
ment of the national banking system,
astonishing as it seems. has only kept
pace with the wonderful progress that
has been made in every part OF the
country in every line of industrial ac.
tiy'ty.
While the number of National
banks and the amount of deposits
nave doubled during the past ten
years the circulation OF the banks
has trebed, While the amount Of
money in the country per capita has
increased 33 per cent the volume Of
gold has advanced co per cent. There
has been an increase of only 20 per
cent in the number of silver dollars,
but the amount of subsidiary silver
has been doubled Although there
has been a great Improvement in the
currency 1t is still far from perfect
We still have the greenbacks $3i6,-
100000 of fiat and 564,000,090 In sill
yer half fiat. The obliteration of all
the fiat money in our. money should
be one Of the first objects Of currency
reform.
IF the circulation of the national
banks should be doubled in the next
ten yeats it would amount to 81 800,
100000 But this circulation Is based
on government bonds. If the annual
requirements of the Sinking Fund
law should be compiled with the
bonded debt of 1920 will be less than
5000, 100000 And we are distinctly
debt paying nation. The cancella,
tion of $2,500,000000 of Indebtedness
in the twenty-five years following the
Civil war is the finest chapter in the
history of national iinanciering.
Some other basis of circulation
therefore must be provided for our
national bank issue"
Mr.. Boutell pointed out that the
United states with an Indebtedness
of only $40 per capita with 80 per
cent of this debt funded at 2 per
cent and with $112,000,000 of Panama
bonds authorized but unissued to
meet expenditures already made, had
the strongest financial credit of any
nation in the world.
The present favorable condition OF
our national finances, our unimpaired
credit, our fruitful revenues, and our
wonderful national resources" he
concluded, "are largely the result of
faithful adherence to the principles
OF the financial policy laid down by
the first secretary Of the treasury.
"As we trace the course of our ma
tonal debt from its origin In the
struggle of the colonies for independ.
ence through more than a century OF
national development, and note its
rapid augmentation whenever the i'm.
|perious necessities Of war have
called for sudden and unusual ex
|penditures, we contemplate with
|pride the faithful discharge of our ma
tional obligations in the past, while
we are impressed with the belief that
| in the future the firmest bulwark ofl
our. nation s. asafet. must always be-
thsIsstrength Of our 'l-.,onal credit
Tts Spoke at Luncheon.
Mr.. Boutell spoke in support of the
item In the Sundry Civil Appropria.I
tion Bill appropriating $250.000 for
securing information bearing upon
the tariff and outlined the change in
the Parliamentary procedure inl
congress that must be made by al
point rule before 1t will be possible
to make specific changes in the tar.
If.
Every one must 4concede," said
Mr.. Boutell, that. Judged solely as
revenue increase, the sayne Tariff
Act has justified the opinion Of Pres
ident Taft that It l. the best tariff
law that has ever been passed.
THE charge that the Payne tariff
has been the cause Of the increased
cost OF living Is found on investiga.
lion TO be without the slightest
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