Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-05-24
Strongest in the World
Says Rep. BouteII
Al Annual Dinner Of The De-
troit Bankers Club.


strength of the United states was de-
clared and explained by Representa-
tive Henry S. Boutell of Illinois in a
speech tonight at the annual dinner of
the Bankers Club of Detroit. The ma
:ion's credit. he said is the strongest in
the world
THE fourteenth of March 1900" said
MIR. Boutell. marks the beginning Of
new era in the history of our Ma
uonal Banks. On that day President
MCKINLEY signed the great financial
act that fixed gold as our single none
tary standard, made all forms of mon
ey INTERCHANGEABLE. provided for the
reminding of our bonded debt at 2 per
cent. and authorized the establishment
of National banks with a capital below
soo.oO0. Since the passage of this Act
the development of the national hank
ing 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 activity.
Whiie the number of National
hanks and the amount of deposits have
doubled during the past ten years the
circulation OF the banks has trebled.
Whlie TIE amount of money in the
country per capita has increased SO Der
cent. the volume of gold has advanced
~ per cent. There has been an in
crease of only 20 per cent in the num-
Der of silver dollars, but the amount
of subsidiary silver has been doubled.
Although there has been a great i'm
provement in the currency it is still far
from perfect. We still have the green
backs s346,OoO,0O0 of fiat and s564 .0o0.-
OOO in silver half fiat. The obliteration
OF all tho fiat in our money should be
one OF the first objects Of currency re-
form.
III the circulation of the national
banks should be doubled in the next
ten years it would amount to $780,
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 in 1920 will be less than $500. 600 :
ooo And we are distinctly a debt pay
ing nation. The cancellation of 81. 500, :
ooo'ooO of Indebtedness in the twenty
iive years following the Civil War is
the finest chapter in the history of ma.
tlonai financiering
'oohie otner basis of circulation
therefore must be provided for our ma
tlonal hank issue"
Mr.. Bouteil pointed out that the
uflted States with an Indebtedness of
only $40 per capita with so per cent.
or this debt funded at 2 per cent. and
with $112, 10000 of Panama bonds au-
tnorized but unissued to meet oxpendj-
lures already made. had the strongest
nnanc'al credit of any nation in the
world
The present favorable condition of
our national finances our unimpaired
credit, our fruitful revenues. and orr
wonderful national resouces," he con-
clrhed. ARE largely the resul, If a
l"thlul adherence to the PRINCIPLES Of
the financial policy laid down by the
Hfst secretary of the Treasury.
AS we trace the course of orr ma =
tiohal d"bt from it's origin in tho
Struggle OF the colonies for indenen-
deEce through more than a century of
national development. and note it's ran
III augmentation whenever the imperi.
Gus necessities of war have called for
sudden ana unusual expenditures. we
contemplate with pride the faithful
discharge of our national obligations in
the past. While we are impressed with
me peiief that in the future the firmest
'puiwark of our nations safety must
aiw lys be the strength OF our national
credit"