Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-09-16
Secretary Of the Treasury Gus
todian of Huge Sum.
WANTS TO GET RID OF YELLOW METAL.
Would Much Rather the People Would
Have lt-When Congress Meets Mr..
Shaw VIII Endeavor to Secure Re.
medal Legislation.
Washington Bureau the Courier.
Washington, September Is

Secretary of the Treasury Shaw is
| beginning to get somewhat worried
over the tremendous amount. of gold
that is piling up in the treasury
vaults. 1t must be somewha novel to
be at the head Of an affair where the
continued incoming of cash is sig
nal for anxiety. But it is different at
| the treasury. Uncle Sam don't want
all this money on his hands. He had
rather it would be in the pockets of
the people and how to get it again into
1 circulation is the problem that is wor-
\ rying Secretary Shaw. In spite of the
revenue reduction, in spite of the re-
cent purchases of bonds, in spite of
| the huge deposits made in practically
! all of the national banks of the coun-
4 try, the yellow metal continues to pile
I ZIP in the vaults of the treasury build.
/ ing with TO prospects OF cessation.
/ The gold has now reached very nearly
/ the S60O,000,000 mark, the greatest in
/ the history of the country With a lit
1 tie more increase it will be the great
est quantity of gold ever gathered to.
/ gether anywhere on earth.
I
this gold into circulation again. In
anticipation of the usual fall demand
for money from the banks of the west
the secretary of the treasury has had
printed several million dollars worth
OF notes redeemable in gold, but as the
/ banks must put up an equivalent
amount of government bonds to secure
them it will not help the situation
much. OF course if worst came to
worst. because of the scarcity of gold
in circulation, the secretary might re-
1 lleve the situation for awhile by pur-
chasing some outstanding government
bonds. In order to do so. however,
he would be obliged to pay exhorbitant
premiums, for the people who hold the
bonds are not of the class that would
i be likely to need the money and the
i masses would be little better off by
the transaction. Under our present
4 financial laws Secretary Shaw feels
that his hands are tied AS soon as
congress meets again he will oncl
more attempt to secure the passage OF
I his financial bill which he believes
would shortly retire all the silver Ger.
1 titicates and make the new notes that
he would issue the equivalent of gold
/ in every bank, every store and in ey.
cry mans estimation. This he thinks
would cause people to hide away green
backs instead of gold in old stockings
and holes in the ground.
Speaker Henderson seems to be COM
ing in for his share of trouble during
the present campaign. The talk of OPP
position to his reelection as speaker
has arisen again and this time it is
to the effect that the younger republi-
can members of congress are tired of
the rule OF General Henderson and the
clique of older members and are des
terlnined to retire him. This move,
ment 1t is said will surely take place
and Is to be led by Representatives
Cushman, of Washington, and Little
field of Maine.
The city of Des Moines holds quite
an honorary place at the postofiice de-
partment for her showing for the
month OF August when her increase