Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-09-13
FOR RELIEF OF The BANKS.
Secretary Shaw viii Release 100000 Of
Treasury Holdings
No Prospect Of Currency famine Ex-
cept Ia New York, and This VIII
Re Fully Provided Against


Washington. Sent 19-Secv shaw ~
dov ,srod a. e,noa,,',- ...'.''
"i'e s'"'oi"eh''
seoy' shaw mas made arrangements
to release about $4,000 600 OF the treas.
ury holdings Uo has had q lie, ma
-, 'D ii'' PFC
paleu Vi 'hose national banks through
out the country which held free or
pledged bonds NJ the date ~ tboir ias,
renor, ond No., a.. t,,....,-e
v 80 ''''' maui inquiry LOT DINERS
Al'er making allowance for changed
conditions since last report ne expects
this win release nj least "a ooo ooo ua
-, 80 '''VVV'VVu' ne
''"' 'o''Oe W an such mat II they
W"I SEM ihese ponds TO the treasurer
Oh the united states In sums Of $50.
WV oI more they VIII be designated as
temporary depOsllaries and-the face
Yaiue Oh the ponds WIZ be deposited
WIN thenl 10 the credit OF the treas
urer OF the United States. He has
pursued thls course IN preference to
ueslshatihs deposltalies IN the ordinary
way, "hlcn eonpels them 20 buy bonds
III tile market at large premium, thus
paying out more Tor the bonds than
they get IRON the government The
customs receipts are extremely heavy
AT tnis particular season OF the year,
ana the cash Dalahee OF the treasurer
mas srauualiy increased
ne mas also decided to anticipate the
C s,at interest amounting to about
s1'@VVVVo ana WIN inns IN view, orders
haVe oeen ISSUED TO the various sub
treasures 10 cash such coupons as may
ue presented them Tor payment and the
.'eeSuleI VI lhe ohlleu states mas
oeell instructed 70 mai checks Tor in
teIesl Oh lhe registered bonds All this
was ueclueu upon some DAYS ago and
letters ana teIesrams prepared Tor to-
Gay:
me secretary sees IN present condi-
IONS no occasion Tor alarm. He calls
attention TO the fact that there Is no
eNIuehce OF currency tamlne present
OF prospective elsewhere than In New
iork'and even there the rate is not high
lot commercial paper ana for COM
merciaI paper ne has the greater solicit
tude' lie Is well satisfied with his eff
forts to increase circulation which he
decided upon IN the early summer,
when present conditions were plainly
visible, and has the presses busy pre-
pairing to meet an emergency which he
does not expect but which he thinks II
Is wise to provide against Thus far
he has made requests only Of such
banks as hold large deposits and have
very limited circulation, and he is not
asking these to increase to the max
mum, nor TO Increase at all for the
present. He does not desire 20 force
the banks into the market TO buy bonds
at q rate higher than the government
IL willing TO pay. tie does desire 20
make the best possible use OF the free
bonds now held by the banks. Incl
dentally he likes TO encourage banks 10
hold free bonds during the duh months,
believing 1t is much better 10 hold
bonds that VIII yield one half per cent
than TO make call loans at two per cent.
he Is therefore giving the banks that
hold these an opportunity TO use them
70 most excellent advantage. This
method, u pursued by the banks, would
give a slight element Of elasticity TO
our otherwise inelastic currency sys-
TEN.
HIS position as regards increasing
circulation u.s. perhaps best expressed
IN leiler Whlch ne decently wrote n /
banker mat nal already been bu-'ng
ponds arg Whlch ne mas consented 10 |
MAKE PUBIC as follows;
treasury department washing !
Ton sept 49, lsoz .--AN Dear sir Your |
letter oi lhe Sth rs received ] ma II |
Wen nlfh Impossible 10 convey The pur- /
port OF my request even 70 the banks |
OF Whom ] nave made the requestmuch |
less ~ me pubhc'
Fli-l III chfe OF eminent Danger or 1
actual disaster ! VIII Pc compelled 20 |