The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-06-28
WILLIAMS LIKES

10 move and the best collateral went
SbogEing. The effect OF this has been
b Increase and harden constantly and
Istesdily the concentration Of financial
power On a few places and a few
hands.
Il think ! can promise you further
that with the currency and banking
laws as they are being considered and
~ they probably will be enacted
there viii be no possibility Of poiiti-
cal, social or personal influence. The
purpose Is that these laws shall work
naturally and automatically, as free
from outside pressure or Individual
considerations as any we'll set and
well Reared machine. They will be
made TO avoid glut or famine; TO sup
ply and make safe honesty, energy and
sA4ncity. and righteous and legitimate
needs: to force crookedness, dishon-
esfy and folly to surrender and get
out OF the way before they rob or
destroy. ] believe we are about TO
secure a solid basis of currency with
which we can face the world and
which will make an american cur
rercy note as good and as thoroughly
trusted and as readily acceptable
anywhere on this planet as the gold
dollar physically In hand"
Our Gold supply.
Secretary Williams then took up
the recent contradictory statements
OF the president and vice president
OF the same New York bank, in
which one expressed great alarm at
the financial outlook and the other
the brightest optimism, and pointed
out the fallacies in the pessimist' s
pamphlet. The vice president of the
bank expressed the fear that during
the next year or two we will be una
bic to hold our stock OF gold the
basis OF cur credit, but Mr.. Williams
disagrees with him.
Not only have our credit balances
against the rest Of the world in
creased 10 huge f1gures-helping. in
cidentally. TO give assurance OF peace
but our stock OF real. present. solid
gold has grown almost beyond com
prehension. The United States has
gained IN these seventeen years In its
stock OF gold an average of eighty
millions a year. Great Britaiu's sup
ply has gained Ave millions a year
for the same period. Our gain is flf-
4 teen times as much as that Of the
7 Empire, long rated as the richest on
the planet. In this connection. It Is
well 10 take note that the world S
production of gold. since the begin
ming Of 1900, thirteen years ago. has
Y been 6ns har the prediction OF the
Z 400 preceding years, and the actual
production of gold for the current
year is likely to exceed that OF any
year in the worlds previous history.
Balance Of Trade Favorable.
The balance Of trade In our favor
far toe fiscal wear ending next week
va he greater than we ever have
knoasn. adding another great block OF
millions 10 what the world owes us.
Our internal commerce shows con-
\ dtttnns equally Encouraging, Bank
cieArings for the month of May for
the country outside OF New York City
show gain IF per cent over the
same month Of year ago; for the
five months ending June LIST an In
s crease OF nearly 4 per cent. The de
crease In New York city cleartngs 4.
4 not discouraging because IL indicates
decrease Of speculation. The in
q crease outside the metropolis means
" Increase 81 actual business. The sur
u illus reserve Of the clearing hous'
Nj Marks OF New York city last Satur
ri lny exceeded $40. 900 900, and is tn
nreat&st known at this season in hf
SeeMa years. with two years excepted
The world ia prosperous and In
DSo9perity Of the world at this tim
means solidity and assurance Tor u
bAcauae the world owes US We knNy
n en- pay. Germany's exports 10
tha four months to May 1st show 2