The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-19
7REaSURI,s Plan or RELIEF.
Ready to Deposit with the Banks all tho
Internal Revenue Receipts for 30 Days.

Ready to Deposit with the Banks all tho
Internal Revenue Receipts for 30 Days.
WASHINGTON. Dec. lS.-The Secretary OF the
Treasury announced nt o'clock this afternoon
that the Govern ment had decided to increase
the number OF depository banks and the
amount OF deposits in such banks. with the
hope Of relieving the embarrassed monetary
situation In New York. To this end the entire
receipts OF the Government from internal rev.
enuc taxation for the next thirty days will be
allowed to go to the depository institutions
instead of into the Sub Treasury. The amount
10 bc derived by the money market from this
step will DO from S3O.OO0.OOO to S40.OO0.0OO
Thirty days will pass. OF course. before the full
extent OF the relief can be realized.
Before noon to-day Secretary Gage received
kilograms from New York Announcing the
state OF money and stocks. and these were FOL-
lowed later by advices regarding the panic on
the Stock Exchange. At about 2 O'Clock the
Secretary went over to tho White House and
remained for nearly two hours In conference
with the President. Tho situation was care
fully discussed. and the Secretary made a
proposition intended to relieve the money
stringency and to restore confidence II was
agreed ut the conference that tho Gov
ernment could not. with self respect. make
another offer TO buy bonds. for the offer
made -, several week. ago has re, resulted ni,,,d
Of the amount the. Treasury Department pro-
posed to accent IL was said after the White
buy bonds should ne made. there was no assur.
anco that any advantage to tho market would
fact that the price OF bonds has been forced so
buy them sss5etsry Gage in discussing the
III there are those who will force up tho price
OF bonds at such time as this. so that the
purpose OF the Government to relieve the
monsy market ,s su6yerted It Is useless 70
price asked for the Government bonds which
was larger than at any time in the history G o.
the country. The recourse seems to be to iu-
these banks"
The Secretary said that any bank desiring
under the plan proposed. may do so by the de-
He et he sa tha Sy the fne
plan plan proposed by the Government would afford
Ofriciais Of the Administration express some
Indignation that psrsons who. evidently con-
troll the class Of bond. namel in tho Govern
parontly manipulated the market win doiiD-
er n Intent to cy,prt high price.
nal revenue Tor the ourt"nn huain IRON In.op
tho present month have been Sl6.4i5.07s. The
ss9cer n S i%r "9me time have averaged at least
the New York market will probably realize in
increased circulation very nearly S4O.OOO.OO0
from the Governments offer.
-. The official announcement ms given out Mt
the Treasury Department at o'clock follows:
The Secretary OF the Treasury announced
a. tho close Of business to-day TINT he would
increase the funds in depository hanks now ex-
isllng and womb designate new depository
banks. which may apply and nunlify them
selves by deposit Of United States bonds a. the
lay requires. TO such banks the incoming re-
ccipts from Internal revenue, estimated MT
about one million dollars per day, viii be dis
tr!hutcd. Tn" large balance Ia the Treasury
VIII snanlo the Government 10 deposit a total
be applied for" ""
, The Government surplus for the current
fiscal year is now SlS.22o,3DC.