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About The morning Astorian. (Astoria, Or.) 1899-1930 | View Entire Issue (Sept. 14, 1904)
PAGE FOUR. ASTORIA, OREGON, WEDNESDAY, SEPTEMBER 14, 1904. ClK morning Jlstori an ESTABLISH ED 1873 PUBLISHED BY ASTORIAN PUBLISHING COMPANY. RATES. By mail, per year $0 00 By mail, per month ; ' 50 By carriers, per mauth CO THE SEMI-WEEKLY ASTOHIAX. By mail, per year, in advance $1 00 THE RUSSIAN LOAN. The announcement that Russia is negotiating with German bankers for a loan of $230,000,000, raises several interesting questions. Why should hnssia be now confronted with the necessity of raising so large a sum as $250,000,000 from the outside mar ket when it was only a few months ago that over $150,000,000 was borrowed in France. The answer to this question is found not in the enormous cost to Russia of the war it is now waging, but in the etior mous volume of its national debt and the extent to which this debt is held abroad. The national debt of Russia is niore widely dif iha Adit, nv other nation. It is approximately 6.629,000,000 rubles, or, roughly, St3.300.000.000. Most of this debt is in the form of 4 per cent loans. In addition, under the policy of M. de Witte, Russia has guaranteed the bonds of various railroads, and the mortgage bonds of land credit institutions. The amount of these guarantees is somewhat less than $1,000,000,000. If this is counted in the debt it aggregates $4,300,000,000. This debt, considering the resources of Russia, does not appear unduly large. It is about the size of the national debt of Great Britain and considerably smaller than that of France. The national debts of Great Britain and France, however, are held largely by home investors. The national debt of Russia, on the other hand, is widely diffused. 'It is perfectly safe to say that of the ' $3,300,000,000 national debt of Russia at least $2, 500,000,000 is held abroad. Of this amount about $1,600,000,000 is held in France, perhaps $500,000, 000 in Germany, while the rest is scattered in other European markets, with a trifle of about $20,000,000 'in the United States. On $2,500,000,000 at an average interest rate of 4 per cent the annual interest requirements would . amount to $100,000,000. Russia has to provide for the payment of this amount of interest to foreigners every year. At the opening of the war Russia had a foreign balance, most of which was deposited in Paris and London, amounting to $85,690,000. Out of this sum Russia had to meet its foreign interest payments as well as pay for the war supplies which it purchased mainly, from outside markets. The re sult was that by the opening week in April the for eign balance had shrunk to $37,000,000. This was only a little more than enough to meet the next quar terly interest payments which amounted to $25,000, 000. The Russian government could have replen ished its foreign balances by exporting gold from its supply at St. Petersburg, but preferred to bor row money abroad and a loan for more than $150, 000,000 was floated in Paris. This loan largely increased Russia's balances abroad. Since then one quarterly interest payment has fallen due and been paid, and another quarterly interest payment will shortly fall due. In addition, large purchases of war supplies have been made The result is that Russia's foreign balance has again begun to dwindle. Russia does not desire to export gold to replenish its foreign balances, as its gold supply is needed as a reserve against its note issues which have largely increased since the opening of the war. The result Is that Russia has opened negotia tions in Germany for a loan of $250,000,000. Unless the war proves to be a most prolonged one Russia should not be again forced to borrow abroad to re plenish its foreign balances. 'SHAW ON FINANCE. While all business men feel confident of the safe and sound condition of tlie country, it is a further ad dition to their feeling of security to have it affirmed by the able secretary of the treasury in his political and his non-partisan addresses, says the San Fran cisco Call. In his talk to the business men of all parties who gave him a banquet here on Monday night, lie showed that, with the largest volume of circulating currency in the world, the most money per capita of any nation, and .every dollar equal to gold, the standard for it all, we are in a position to avoid any business vicissitude by having the re sources to meet it and avert it. The gold standard has so increased our stock of that metal that we are able to sustain in circulation $300,000,000 of greenbacks, pure fiat money, with no value except for redemption in gold, and can also carry a silver dollar circulation of $300,000,000 less in its intrinsic than in its nominal value. Our gold stock is capable of carrying all this, and the gold standard makes every dollar worth a hundred cents. But the secretary appreciates, as do all financiers, the desirability of doing still better in the future, by substituting some other and better form of cur rency for the fiat paper and the over-valued silver, It is believed, and there is much hnaneml experience to justify it. that a gradual elimination of the fiat paper would result in supplying- its place by gold As the treasury retains $150,000,000 reserve gold to redeem the fiat money, that siun would be released at once, and it is easily thinkable that gold certifi eates as a convenient paper currency would soon take the place of the rest of the fiat notes. Some time this.part of the problem must le approached, dealt with and solved, and when it is, fiat currency wil he a thing of the past. Maintenance of the present volume of standart dollars in silver is not exactly the same as support of fiat paper, because each silver dollar, having one leg to stand on, is only half the burden on a gold dollar that a fiat dollar is. Yet the time will eomo that standard silver will disappear from our circula tion, largely by conversion into subsidiary coin, and thus will be realized the purpose of the coinage act of 1S33, a democratic measure, the purpose of which was declared to be a sufficient supply of subsidiary silver to serve the public convenience in small trans actions, leaving gold the standard and the currency for large transactions. In respect ot these two measures tne currency question, greatly advanced toward a settlement sine 1S96, awaits a scientific conclusion. Another feature in our currency system was referred to at length in the banquet speech of the secretary. The Call has been insistent in arguing for a more flexible banking system, that will enlarge the volume of currency in such commercial emergencies as the annual move ment of the crops, and contract it again when the necessity is past. Without suggesting it.as the only plan, or going to the extent of an official indorsement, the secretary said: "Suppose the national banks are permitted to issue a certain volume of currency, either based upon the capital of the bank, or upon the amount of bond secured currency, and are charged not less than 5 per cent interest during the time this currency is out. Certainly such currency will spring into ex istence whenever money is scarce, and if the banks are compelled to pay 5 per cent interest thereon, they will retire it as soon as the pinch is over. It can be retired by the deposit of an equal volume of cur rency at any of the sub-treasuries. It will not be necessary to redeem each individual bill. The vol ume would be contracted as much by the deposit as by the destruction of the bank bills. The interest charged would vastly morp than cover any possible loss. I desire to go upon record as being opposed to the issue of any kind of currency the government does not guarantee, and I am equally opposed to the gov ernment guaranteeing bank currency without first being amply secured." , Our California bankers have not been hospitable to the proposition for an emergency issue. Perhaps this is because they feel the pinch less than it is' felt in the financial center, New York. But the sentiment of one part of the country arising in its local sit uation should not stand in the way of a measure for general relief which may safeguard the whole coun try against a currency pinch that may degenerate into a panic. As we have often pointed out, the problem is not one so much of volume as of distribu tion of currency. An emergency issue will reinforce distribution, by appearing where the necessity is and disappearing when it is over. ' G.orr Dro Cortrlrom. Georite Uruct Cortolyou showed such jMllty ns private secretary to the prea Mont Unit Mr. Koosevelt took him Into his cabinet n first secretary of the de partment of cum 1 nicrco mid Inbor. A A year and a bntf of work lu thnt ottlw i't demonstrated thnt j he hnd tine power of organisation, and It was decided tc j" S chairman of the He nub lean national committee, a post tlon hold by the Into Senator llanna. Secretary Cortelyou U not quite forty two year old. and less than ton yearn ii-o ho wan working an a shorthand re porter, belim stenographer t that time to I'rratdent Cleveland. Mr., Joka A. Loffaa. Mrs. John A. Logan, artinu president of the Hod Cross Society of America. wan horn In IVtersburif, Mo., lu her father bolug Cnptalu James M. 1 P. A. STOKES "The Store That Does Things" Below is a cut of our four button sack "The Arvon" ,mado by Crouso & Jlrandegoe. It has a broad filioul ; dor, broad lapel and is altogether a "top notchcr" with the swell dresser. Sold P. A. STOKES way, "Money Back If You Want It" ! . - ' N 1 hi v Y ! . , v. ; r, : lulu mmm .an. mirtfti litatmrntmr Cunningham, a native of Tennesae and a soldier of the Mexican war. She married General Logan, then a rising young attorney and politician. In 1853. Through all the struggles and dnngon and successes of his career she was till devoted helpmeet. A W!d DrtTta Automobile. John Scuundtzck, a fanner living near Le Sueur. Minn., has a remarkable automobile. He Is the owner of an ap paratus attachable to an ordinary bug gy whereby, through a series of horns similar to thnt on a grsphophone, the wind Is gathered and by concentration on eccentrics the wheels nre made to revolve. In a trial from his home to Belle Tlalne, a distance of nine miles, peed ot forty mUes an hour was tosUr nslnUlned. Buck ten's Arnica Salvs. Has world-wide fame for marvellous cures. It surpasses any omttr naive, lotion, ointment or balm for cuts, corns burns, bolls, sores, felons, ulcers, tot ter, salt rheum, fever sores, chapped hands, skin eruptions; Infallible for piles. Cure guaranteed. Only 25c at Chas. Rogers', druggist. DOYOUBELCH ALL DOUBTS VANISHING. Of the success of the St. Louis fair as an exposi tion of the world's "wonders there was never anv doubt, but of the financial successof the affair there were many doubts and they were grave for a time, But they are vanishing. Of the government loan of 4.C00,0(X) more than one-half has been paid off an discharged. Secretary Shaw no longer looks upon himself as a possible receiver for the enterprise, and it .a. i. 1 . e .1 it ,.. mere is a uaiance on me rigrn, siue oi me ledger a Her providing for the installments on the loan and tin per tliem expense oi !)S;,()uU All ot which is not only gratifying, but a strong evidence of excellent management and of attractions unsurpassed on exhi bition. rPL - t'i. T . "II. 1 . T'x ... a , ( r . me ni. uouis ujooe-uemocrai says: ls-x no faint-hearted community ever take on itself the re sponsibilities of a world's fair." There is in that statement a suggestion for increased attendance. Not only will no faint-hearted community take on itself the responsibilities of a world's fair, but no stout-hearted community for there will be no event worthy of commemoration by a world's fair unli the coming of July 4, 1876 the bicentenary of the hiith of the United States of North America. Mother nature herself evidently fights on the side of the gallant little Japs, as shown in the discovery at this opportune moment of a productive gold mine in the island empire, said to be worth $500,0X),Ul)0. As material for supplying the "sinews of war," to wit, golden yen, that mine will come in handy. Or have Heartburn after your meals? If so, you know how miserable you feel, You're afraid to ent this or that and as a result you become thin and rundown. Take our advice and try a doze of Hos tetter's ! Stomach Bitters before each meal. You will notice an Improvement from the very first dose, and when taken regularly always cures u Weak Stomach, Weak Kidneys, Poor Appe tite, Nervousness, Indigestion, Dyspep sia and Malaria. HOSTETTER'S STOMACH BITTERS A The PACIFIC LUTHER AN ACADEMY AND BUSINESS COLLEGE. :: This school is designed to meet the wants of those whose opportunities for schooling are limited, and who wish to make the most of the time and means at their dispossl. Prepares thoroughly for any first-class college or school of science in the shortest possible time, It also maintains a strong course in the Commercial Branches and in Short hand, and. Typewriting.. A. special course has been provided for persons whose early education hss been neg lected. Eleventh year opens October 4, 1904. Write for our catalogue. Address DEPARTMENT B, PACIFIC LUTHERAN ACADEMY. Parkland, Wash. 117 $MfiS$vr ATsvw We are also showing young men's garments in three button stlycs with front slightly rounded, vent in back. This garment appeals to the young man. A glauce in our center win dow will put you wise to what is proper in clothing. :: :: :: ' Sold P. A. STOKES' way, "Money Back If You Want It" P. A. STOKES The Store That Does Things" AN ASTORIA PRODUCT Pale Bohemian Beer Best In The Northwest North Pacific Brewing Co. tmmHiiiimnm Staple and Fancy Groceries FLOUR, FEED, PROVISIONS, TOBACCO AND CIOARS. 8upplies W All Kinds at Lowest Prices for Fishermen, Farmers and Loggers. Branch;Uniontown, Phones, 711, Uniontown, 713 A. V. ALLEN, Tenth and Commercial Streets. ASTORIA, OREGON. PLUMBING and TINNING C3'3OO0000$00000SO0OOOO$Og o o o o 8TOCK. ONLY THE BEST. 8TEAM HEATING, GAS FITTING, ROOFING AND REPAIRING BAin l UBS, SINKS, CLOSETS AND OTHER FIXTURES IN CALL AND GET OUR PRICES 429 Bond 8treet Phone 1031 O90000000503000000000000 J. A. Montgomery THE LOUVRE A First Class Concert Hall . - Finest KoWt In The City ADMISSION FREE ATTRACTIVE PROGRAM CHANGE WEEKLY Seventh and Astor Streets CHARLES WIRKKALA, Prop.