The Washington times., 1915-05-19

twice the wealth of any other country
In the world, and that Its credit is the
best and its resources vastly the big
gest. Among all the countries that
have real developed wealth. none has
anything like the proportion OF unde-
veloped commercial and financial op-
portunity. Moreover, no country In TIT
world has so much gold in It's physical
possession as the United States at this
time.
Tho problem of the war. as the tinan-
ciers view It, Is to make the gold supply
do the work of the world, and the
United states, at peace, with bigger
stock of gold than any other nation, Is
being asked from all quarters to con-
tent itself with the gold stores 1t al
ready has. and to extend its credit to
others who would buy from 1t. Europe
Ia asking this. and the South American
financiers who will be here in few
days are coming to make the same pc
tition on behalf of their home necessi-
ties.
Opportunities Opened.
our whole relationship with the
worlds foreign trade Of the future may
be changed according as we handle our
selves in this time" said a man who Is
part OF the most potential fiscal organi-
cation OF the Government: very i'm
portant part too. The new banking
system of this country has opened the
way for us to make every dollar OF our
wealth. of our credit, and of our gold,
been able to do In the past The out
side world knows this. 1t seems to know
It rather better than we seem to realize
THE United states would have had a
financial panic such as the world never
saw. before this time. II the emergency
currency act and the Federal reserve
law had not been passed. With those,
we went through the troubles incident
to the beginning of the war easily
In the United States alone of all the
important commercial countries in the
world. How soon will our people realize
their new abilities. and the opportuni-
ties that are opened to them?
Organization of Credit.
Some time ago the Reserve Board
authorities made an inquiry as to the
State OF Kansas, which developed in
formation suggestive OF the power of
the new financial organization of the
country. The reserve bank for the
Kansas district was asked for informa-
ton as to how much money, under the
new system, could be made available
| In that State without appeal to the out
side banking interests: also as to how
much had ever been provided to 1t. in a
| time of financial stringency in the past
1
| a strong demand for money. Kansas
| could today. under the new system. Sc.
cure seven times as much, without 60
| ing outside, as II has ever in the past
been able to get either at home or from
! the outside! II that Is true of Kan,
| sas, II is true OF the rest of the coun.
| try, in a general way at least. 1t shows
| just how much the reorganization anG
| consolidation of national reserves ant
| credits means to this country"
| Position of Power.
| This Kansas illustration was EN-
] ployed by way of elucidating tn,
lpoint that the country really pos
sesses today a measure of financia
power which 1t does not realize o.
appreciate; a power that the Who'll,
| world needs. and that Is big enough
to place the United States in a posi-
| tion of the worlds great creditor ma
course of the next few years. Soutl
used in its behalf. in order that It
disjointed business may be restore'
and the needs OF peace times met
Europe is asking for. all the help
can get to carry forward its grea
war. The conference next week !
going to consider all these elements
and try to calculate how best the ney
financial power anC the newly-dis
covered resources OF the United State
may be utilized for the advantage o
the Americas first, Of the Who'll
4 world afterward.