Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-10-02
Dim SHELTON WILLIAMS
THINKS EUROPE WILL PAY
ciarcs Situation Reversed 100
Years Ago With America in
Financial Distress.
EAKs TO AMERICAN BANKERS
mptrollcr Of Currency Tells Finan-
ciers World Is Their Field and
That Their Means Are Commcnsu-
rate With Opportunity.
inv As,ocInted prc.,.l

tBy Associated Prcss.l
ST. LOUIS, Oct. 1.-Optimism for the
ture OF Europe and the financial con-
Ion OF the world. despite the terrible
essed before the national bank sec
pm Of the American Bankers Asso-
ttion here today by John Shelton
illiams. Comptroller OF the Cur
ncy.
Ninety-eight years ago Europe was
nsidering Us as We now consider
iropc." MI. Williams said. .'Of
ursc. the situation was on n small
ale as compared with the present
areas. populations and capital then
ere small as compared with now. We
fed Europe $32.00o.O00. and had no
~ to pay it. Balances of trade were
Fpeiessly against US. Not only our
tional and Stale bonds. but our real
arrants were held abroad to secure
Indebtedness to the banks. mer-
ants and exporters Of England and
ance.
Dismal Summary In 1921.
In 1921 the Ways and Means Com
'rt- quoted approvingly by the then
cretary Of the Treasury OF the
nited States gave this brief dismal
mmary OF the situation:
Few examples have occurred OF
stress SO general and severe as that
niied States
Gentlemen. II we could pay Europe
en- and clear up debts Europe can
y what she now owes us. In the
duced our national debt from $40 per
'pita TO Fl cents per capitalize low
OF our history as people. Yet
e, have pessirnists who tell us VIC
.H In century. What the people
ninety-cig'ht. ninety and eighty
&c years ago did. with the compare
We crude and scanty means at their
sposal We ca far more than do now.
though our debt is vastly more per
pita than was theirs
Bought More Than He Sold.
All students OF the conditions o:
e time seemed to agree that the ma
on was poorer In 1920 than it had
zen in 1890. thirty years before. Eek
anations OF the causes of disaster
SO accorded substantially. We had
zen doing then voluntarily wha,
urope has been forced TO do. We had
5ouEht moro than we sold. After We
ad made peace with Great Britain in
1sI4 the internal vars Of Europe con.
nued. Prices scared. Everything VIC
1 ere making could be sold abroad a,
reat profits. brief period of frantic
Istravasnncc resulted. Gentlemen. the
7sports and comments Of that time,
|ea.!y century ago. read almost Tx.
history Of the last two years. There
las this difference: The American peo-
lie of then developed madness for
Iur imports Of sugar. molasses. rum
31d coffee were enormous for the popu-
|ttion. Then came peace in Europe,
|icreased production there and de-
|.eased demand for our products.
Finances of Nation In 1921.
II shall dwell on this little because
re may, In. measure. judge OF pros
|ects in Europe and OF our own out
,ok from developments OF that former
|eriod OF trial and distress. our ma
h, 1915 u rose 10 s2soooooo In 1871.
dropped TO s2i 900. 900: in 1920 10
20 900. 600. There vas deficit OF So
10000 for the ordinary expenses OF
he actual money IN the Treasury was
|f7s.Ssl. From which" said the Sec
etary OF the Treasury TO the Ways
Ind means Committee. must ne de-
ucted the amount ~ the deposits in
ne Bank or Vinccnnes. which IL can
ot pay. s2I4,SOS.' Tha, was brief
lunt statement OF an unpleasant fact
ali the cash assets Of the United
tes government in a broken bank
Certainly the statesmen and hnan-
'erssof that moment had not cheer
III Situation. The estimated income
pr 1921 was $4,000. ooo. With popu
oo n lnh si wfsh gave Se
tile promise OF becoming before
antury should pass the Atlas able to
ear on its shoulderS the weight of
ne world. Yet We have attained to
nat statue and strength in less than
30 years. in which time we have
pught three foreign wars and a civil
Measurement Of time make story
most inconceivable and unbelievable.
Public Debt OF 100 lcnrs AGO.
,ates in ISL was sss.ooo.ooo. c carry1
,g interest at >. and per cent,
ne most OF il the last two figures.
:eports to Congress said that while
ne population had increased one-third
rom 1890 and crops were abundant
'calth actually had diminished. The
urrency in circulation had been re-
uced from 100000 900 to $4,000. 900.
r about s4.75 per capita. because
congress debated at length proposal
D forbid the banks from Issuing notes
{ less than s. SO that the metal cur
ency would be forced into Circulation
UGH Of it as had not been sent abroad
;ss being boarded. Omcial reports
aid that Europe had taken to secure
ur Rdebtedness bank stock, public
took. book debts. notes, bonds judE-
rents and OBSERVATION-DISCLOSURES
nat could be utilized TO represent value
r security. The national dobt per
apta was 1914. These figures seem
rival to us now. with national wealth
re. useful for comparison. In nine
cars the per capita debt Of the
;nited States was reduced from $40
n 1921 TO 1917 in 1890 and our dent
n - eua - IN n $50