West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1916-06-08

Secretary McAdoo. IN a speech oi
unusual power and significance, de-
liyered at Raleigh. n. c.. May 81. pre-
sented incontrovertible evidence of the
country's prosperity and stability, as
the result OF measures adopted by the
Democratic administration. When the
country was on the verge of appalling
panic, at the outbreak OF the European
war in 1914, 1t was, he said. the decis-
i've and adequate measures taken by
the government at Washington that
prevented this panic and laid secure
foundation for the great prosperity we
now enjoy.
What a contrast this is" said the
Secretary, ito the inenectiveness of
the Republican administration at
Washington during the panic OF 1907,
which left the country PROSTATE for
many years and brought immeasurable
disaster upon the American people"
A leading factor in all this has been
the Federal Reserve Act, which is
now generally conceded TO be the most
constructive measure placed upon the
statute books in half century" Con-
tinuing, the Secretary said:
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 Natioanl banks amounted TO $13,-
S3S.O00,O00, exceeding by 1870 OOO, 900
the greatest resources ever shown in
the history of the National Banking
system. The resources of the Ma
tional banks were $2,271 200, 900 great
er In March, 1916, than in March, 1915.
This marvellous increase in one
year exceeds, the Comptroller states,
the entire resources OF the Reichsbank
etGermany. as reported in February,
1916
The aggregate resources of the Ma
tional Banks of the United States now
exceed by approximately $4,000, O,OOO,-
900 the combined resources OF the
Bank Of England, the Bank OF France.
the Bank OF Russia the Reichbank of
Germany, the Bank of the Netherlands.
the Swiss National Bank and the
Bank of Japan. The total deposits of
the National banks in March, 1916,
amounted 10 S1O,79O 1000, 900, an in
crease in three months OF SAIL ,0OO, 600.
and an increase over March 1915, one
year OF $2,19s, 100000.
''These figures are so prodigious as
to be almost unbelievable They re-
feot infallibly the degree OF prosper
ity as wide and deep as it is amazing
and gratifying. One can not speak of
this record without superlatives.
Even the infallible and sanctifed Re
publican party could not have done
better"
The Secretary pointed out that
prosperity is permeating every corner
OF the country and ever class OF the
American people Labor is employed
throughout the land at the highest
wages ever known. The dinner pail is
overhowing. The farmers of the Uni
ted States never in their history have
enjoyed such splendid rewards for
their toll
"The Rural Credits bill" he said,
which will soon be passed and ap-
proved by the President, will emanci-
pate the farmer from many OF the
most serious Ills he has so long en-
dured and provide the long time cred
its. at low rates OF interest, so essen
tial to the remunerative and produc-
tive development Of the farming in
dustry,
"Tho prosperity Of the country is
atriklngly reflected in the surplus re-
serves OF the National Banks These
reserves are now so great that they
give the National Banks a further
loaning power of three to four billion
dollars. If we add to this the loanlng
power OF the State banks and trust
companies Of the country, we have an
aggregate apprOximating the astound-
ing total OF six billion dollars. ." .
"An analysis Of the conditions I'm
the United States and Of the possible
economic effects Of the war in Europe
does not. in my opinion, give the
slightest Justification for any fear for
our prosperity A Democratic Con
gress. however out Of Difference TO
any honest apprehension that may ox-
ist Co. ihe minds OF business men. will
enact legislation against the dumping
Of cheap European goods fin our mar.
kets and Will prohibit by law unfair
competition by foreign competitors
with American business men and man
ufacturors While ] do not believe
those measures are essential. 7 favor
them simply as a precaution and as an
assurance to the timid and hesitatng
"Whcn ] contrast the enormous Fl.
nanclal and economic strength of tho
United States and the extraordinar,
sklll and creative genius OF It's peo
BE with the depleted resources anf
the weakened economic power OF IN,
great European nations. and tho de-
atruction Of SO much of their skilie,
labor and manhood. I feel somewhat
ashamed Of tho fright and tlmidit,
manifested py some people Of the Uni
ted States whom we have been accua
toned to regard as really strong.
When peace is restored IN Europ,
the belligerent nations win find them
selves burdened with an almost IN