Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-24
DOLLAR EXCHANGE
FOR NEAR FUTURE
Director WooIIey of the U. S.
Mint Discusses Subject
at Cincinnati.
END OF THE WAR TO SEE
AMERICA AT THE FRONT
Prediction Made That This Country
Will Become Banker for
the World.

the World.
CINCINNATI, Ohio, October 2s-'The
Gold Movement and Dollar Exchange"
was discussed In speech made by r. w.
woouey, director of the mint, tonight be-
fore the Commercial Club Of Cincinnati.
He said:
Tho next thing with US is dollar ex-
change. Some contend we already have
It. We have 1t with South American
countries, most Of whose bills are now
drawn in dollars instead Of in pounds
sterling. and we have 1t with Europe, so
far as floating credits are concerned. But
Europe still holds about $4,000, 100000
Of our securities, and we pay more than
100000, 900 annually in premiums to her
insurance companies.
When War Is Over.
Furthermore when this terrible war
is over we will once more spend from
$500, o0O, 600 to s500,O00,000 in travelling
and shopping in Europe; that continent
will undertake to flood our markets with
an enormous amount of low-priced COM
rnodities. her ships and her branch banks
will strive valiantly to recover the mar
kets she is now losing elsewhere in the
world through stress of circumstances
and if we take no stock of the morrow
we shall return to the time-honored Gus
tom of paying about one-third OF a Dill
lion dollars annually for Transporting
across the Atlantic our goods in European
vessels Therefore. if You know OF any
thing more pregnant with possibilities Tor
:, brilliant future for this country of ours
than dollar exchange you have the better
of ME.
Never in the history of the world has
there been anything like the second
breath of this nation following the out
break of the European war. From con-
clifton where the stock exchange had to
lose because it looked if Europe was
about to force to buy back in hurry
fully $1,000, 900, 900 of our own securities,
where in few days more than $780, O0.-
600 of our gold was withdrawn to pay
our foreign obligations and New York
city had SSO,00o,o00 in bonds due abroad
in January l, where the markets for
many commodities were chaotic that
wise and brave men feared to predict the
ultimate outcome, where gold pool of
100000, 900 was formed to reaSSure our
foreign creditors, and it looked as If still
another pool would be necessary, We have
so far recovered that our money stock
Of gold is nearly one-fourth that of the
whole world, and We are in state of
potential opulence unrivafed by any other
nation in history.
World Needs Products.
practically every necessary article
Of life that we grow or manufacture
beyond our actual needs is transported
to belligerent and neutral nations alike
as fast as liners or freighters can carry
it, and on the return trip there comes,
in addition to the things Europe has to
sell to US. gold and our securities from
q thousand treasure houses for US to
rebuy
But these shipments Of gold and Sc
curities have proved not nearly SUI
hcient to keep up the payments on the
net balance of trade. which is now
more than S1.50o,o0o,0 900 in our favor
and IS increasing at such a rate that
certain of our banks have recently had
to lend Europe 100000, 900 in order
that she may pay back to US every
penny of it for our commodities
still exchange on New York has not
been stabilized In a manner salts
factory to Europe, and other means of
extending more credit to the old world
are being seriously discussed by her
financial emissaries and our fnanciers
1t may interest you to know that
only this week the New York assay Of
flee alone received more than 10000
900 of foreign gold coin. every penny's
worth of which goes into the melting
pot and In due time will appear as
American gold coin Twenty-Five mil
uoht constituted q Single deposit IueS-
day. the largest of record from abroad
ever made at any mint or assay office
in this country.
To Be Money-Lender.
When this great war is over, no mat
ter which side wins, the demand for
capital. the opportunity for investment
In the old world and the new, and the
need of trained men to send to every
corner Of the world will be unprece-
denied. Then will we lend to Europe
instead of borrowing from her
we can no longer remain within our
four borders and say to the rest Of
mankind. Let LIS alone and we will Let