The labor world. [volume] (Duluth, Minn.) 1896-current, 1916-06-17
VOTE FOR ORDINANCE "A,,--
VAST SURP|LuS'|N !.
NATIONAL BANKS
Deposits In United States Show
Tremendous Increase Of 0vsr
Two Billion In Year.
NEW CURRENCY LAW s.
PROVED BIG SUCCESS
Wage Farmers and Farmers Shara
In General Prosperity, Says s
Secretary McAdoo.

ooeAe etdiy McAuoO, IN a speech OF
unusual power and significance, de-
livered at Raleigh, NJ c., recently
presented incontrovertible evidence
OF the country's prosperity and sta
blllty, as the result of measures
adopted by the Democratic adminis-
tratlon. When the country was on
the verge of appalling panic, at the
outbreak Of the European war in
1914, it was, he said, the decisive and
adequate measures taken by the gov.
ernment at Washington that pres
vented this panic and laid a secure
foundation for the great prosperity
we now enjoy. -.>-,s E*=55ss.==
What a contrast this is,'' said the
secretary, ''to the ineffectiveness of
the Republican administration at
Washington during the panic of 1907.
which left the country PROSTATE for
many. ears and brought immeasur..
able disaster upon the American >peo>
ple." = :. .-.s@
Reserve Act Leading Factor. :.
A leading factor in all this 11aa:
been the Federal Reserve Act,
which is now generally conceded to.
be the most constructive measure
placed upon our statute books in q
half century, Continuing, the Sec
retary said: s4s.
Nothing is more Indicative of the
amazing growth of the country than
the condition of the banks. The
comptroller of the currency states
that in March, 1916, the resources Of
the national banks amounted to -$1s,.s
S3S, 100000, exceeding by ); $780,
100000 the greatest resources ever
shown in the history of the National
banking system. The resources Of the
National banks were $2,271,0O0, 600
greater in March, 1876. than in
March, 1915. z=s@.@: So.
<. This marvellous .fs ncEea1ef In one
year exceeds. ,the comp llar tates.
the entire resourtes Of the Reichs-s
bank of Germany, as reported : In
February, 1916. q. Z. i: 5z..s. :=sz
"The aggregate resources of tho
National banks of the United States
now exceed by approximately IS, ,O00,-
100000 the combined resources OF
the Bank of England, the Bank OF
France, the Bank of Russia, the
Reichsbank of Germany, the Bank OF
the 'Netherlnds, the Swiss: National
Bank and the Bank of Japan The
total deposits of the National banks
in March, 1916, amounted to. $1o,-
790,000,000, an increase in. three
months of SAIL, 100000, and an in-s
crease over March, 1915, Gone year).
of $2,198, 100000.
these figures are so prodigious al
to be almost unbelievable. They res
fleet infallibly the degree Of. pros
perity as wide and deep as It Is s
amazinz and gratifying: One can not
speak of this record without superla-
tives. Even the infallible and Isancti-
fled Republican: party could not have
done better" -. -. 81.
All Share in Prosperity. 49,
The secretary pointed out that
prosperity j is pernleating> every corr
ner of the country and every class
Of the. American people. Labor Is
employed throughout the land at the
highest wages ever known. The din-.
ner pail is .overflowing: The farmers
Of the. United States never in their
history have enjoyed such splendid
rewards for their toll. sszs
1.-THE Rural Credits Bill" he said.
Continued ON Paxe z sEs*