Salt Lake Telegram | 1919-10-01 | Page 18 | Expert Optimistic over Financial Future

EXPERT OPTIMISTIC TI C OVER FINANCIAL FUTURE Comptroller of Currency Gives Views Ion on on Monetary Mone Monc I tary Con Condition 1 I ST ST. LOUIS Mo Ito act ct 1 Optimism 1 for the future lof of Europe and the financial condition n o of the world despite despite despite de de- de- de spite the terrible losses JoSSES occasioned by war was expressed f before the national na- na national na na- bank tank section of the American Bankers Bankers' association 4 here today by John Skelton Williams comptroller of the currency J Ninety eight Ninety eight years vears ago Europe was considering us as we now con- con eider isider Europe Mr Williams said Of ot course the situation was on n a small scale cale as compared with the present but areas populations and capital then were small as a. compared with now v. e owed o Europe e and had no wad wa to tolay pay lay it Balances of trade were hopelessly against us Not INot only our national and state bonds but our real es estate to mort mortgages ages and even ven sheriffs sheriffs' warrants were held abroad to secure our our indebtedness to the banks merchants and exporters of England and France In 1821 the wa ways s and means committee committee committee com com- of the house in its formal report re- re port nort quoted approvingly b by th the then secretary of the treasury of the United States gave this brief dismal summary of the situation Few examples have occurred of ot distress so general and severe as that which has been exhibited in tho the United States States' Gentlemen If we could pay Europe Europe Eu Fu- rope then and clear cear up UD our debts debUlt Europe can pay Day what she now O Q us In the twenty years between and 1840 w we r reduced our our n IJ l debt from 10 per capita to 2 21 is isper per the capita capita tho lowest of our tory or oras as a a. people Yet we the have po tt who ho tell us we s will iii be able to pay our present debt in In century What the people of or ninety eight Ight ninety nine nine- ty tv and five eighty five Je jepta ago did slid with the tho comparatively oly crude and scanty means at their disposal we wo can far more than do now although our debt I is vastly more per capita than was I theirs