Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-01-07
FAVOR SHAW
Iowan Makes a Good impress
sion at Washington.
DOUBTS ARE DIsPELLED
Suspicious Eastern Financiers Are AS
sured That New Secretary of the
Treasury Will Not Upset Existing
System-WiIl Follow Safe Course.

system-WiII Follow Safe Course.
Washington, Jan. 6.-Governor Shaw
has made decidedly good impression
at the national capital. The most i'm
portant fact that has developed during
his conferences with President Roose-
velt and Secretary Gage is that the
new secretary of the treasury has
come here without any schemes, with
out any pet plans to put ino operation,
that his administration of the great
financial department is not to be mark
ed by any experiments, and that he
will endeavor to continue absolutely
unbroken" the policy of his predeces-
sor.
If anyone has any doubts as to the
conservatism and wisdom of the new
secretary of the treasury he need
doubt no longer. 1t is strange fact
that eastern men are proverbally sus-
plcious of western financiers, especial
ly western men who have had no met
ropolitan experience. This innate sus-
piciousness attached itself to Governor
Shaw and was aided by the part of the
press who sought to create the i'm
preston that he was David Harum-
Scarum ruralite, financiar from the
prairies. Hence the assurance now
given in authoritative fashion that as
secretary of the treasury Mr.. Shaw
will fn1l0W hn alr
may relieve some anxiety in the east;
no such assurance was needed in the
west.
Already Governor Shaw has grasped
the salient features of his new task.
One good equipment he has for the job
is his thorough realization of the fact
that it is big job. Most people are
likely to be startled, as Governor Shaw
was startled, when informed that the
treasury department has $4,000 en-
ployes throughout the United States
and the insular territories. The ram
ification of this great octopus-like de-
partment are found throughout the
government. A simple list Of the var
ious bureaus and special organizations
responsive to the call of the secretary
of the treasury makes a formidable
catalogue.
In the old days the personal and po-
litical aspects of this great army en-
crossed the attention of new secre-
tary of the treasury. 1t was the Office
of greatest political power. Conven-
tions were to be manipulated through
the chief stipendiares. Presidents
We're to be made or unmade by the ac-
fiyifv of traa c,,.x, oronInyoc +bic
is past, and the best evidence that it is
past is found in the fact that the com
ing of a new secretary of the treasury
is not likely to cause any changes
whatever in the personnel of the de-
partment
Governor Shaw realizes that his sue
cess as secretary of the treasury is
not to be made as an executive, but as
financier. He is content to take the
great machine as he finds it, and to let
it run on in the old way. 1t is now
thoroughly organized, in excellent con-
dition, and to attempt changes either
of men or methods would only invite
trouble. Assistant Secretaries Spauld-
ing, Taylor and Ailes will be asked to
retain their places. The first named
may retire on account of i'll health but
the matter is under his control.
The new secretary appreciates the
fact that his success is to be won in
the financial operations of the de-
partment. AS our fiscal system is now
organized the treasury department is,
in effect, a great national banking es.
tablishment. 1t is forced into the
closest relations with commerce and
banking. 1t is a sort of barometer of
confidence and prosperity.
The greatest responsibility resting
upon the secretary is as to the man
ner in which he regulates the flow of
money in and out of the treasury
judgment, his most jealous attention
are required. 1t is in this way that he
has a great power for help or harm to
the business interests of the country
Where to deposit the surplus, when to
withdraw deposits, when and to what
extent to buy bonds-in other words,
when to put out money and when to
draw it in-are the most delicate and
serious problems with which secre
tary of the treasury must deal and up
on which his success or failure must
depend as long as the American fiscal
system remains as it now is.
Governor Shaw has grapsed this
point, and he is studying these prob
lens. He is gaining therein the ben
eft of the expert counsel of Mr.. Gage.
The outgoing secretary and the incom-
ing secretary have gone over this
question most thoroughly | am able
to say that Mr.. Shaw acknowledges
his debt to Mr. Gage and his very
great admiration of that financier's
ability: while on the other hand Mr.
Gage is delighted with the quick
grasp, sound sense and steady con-
servatism of his successor, for whom
he predicts a successful career. In
other words, American business men
and bankers may start their opera.
tions for the year without looking ask,
ance in this direction. The United
States treasury is all right. and so is
it's new chief.
The Visible Supply.