Barre evening telegram. (Barre, Vt.) 1898-19??, 1902-09-15
To RELEASE CURRENCY
Secretary Shaw to Distribute vast
Sum Among hanks
THE TREASURY CAN SPARE II
-Four Million Dollars IL the sun
Deemed Available For Addinoss'
Circulation - No Cause For
Alarm In Conditions.

Washington, Sept. ID. - oec'e'A1'
! SHAW has issued the following STATE
ment:
| Secretary Shaw has made arrange
ments to release about $4.O0O,OOO OF
the treasury holdings. He has had q
list prepared Of those national banks
throughout the country which held
free or unpledged bonds at the date
Of their last report and has made In
ouiry for others. After making allow
ances for changed conditions since last
report he expects this will release at
least S4,OOO,OOO. He has sent notice to
all such that if they will send these
bonds to the treasurer Of the United
States in sums of $4,000 or more
they will be designated as temporary
depositaries. and the face value or
the bonds will be deposited with them
to the credit Of the treasurer OF the
United States. He has pursued this
course in preference to designating de-
positaries in the ordinary way, which
compels them to buy bonds in the
market at large premium. thus pay
ing out more for the bonds than they
get from the government. The Gus
toms receipts are extremely heavy at
this particular season Of the year, ana
the cash balance Of the treasurer has
been gradually increasing.
He also has decided to anticipate the
October interest. amounting to about
81. 200 900. and with this in view orders
have been issued to the various sub
treasures to cash such coupons as may
be presented to them for payment, and
the treasurer of the United States has
been instructed to mail checks for in
terest on the registered bonds. All
this was decided upon some days ago
and letters and telegra MS prepared for
today
Sees No Cause For Alarm.
The secretary sees in present condi-
tons no occasion for alarm. He calls
attention to the fact that there is no
evidence Of currency famine present
or prospective elsewhere than in New
York and even there the rate is not
high for commercial paper, and for
paper he has the greater
solicitude. He is well satisfied with
his efforts to increase circulation.
which he decided upon in the early
summer, when present conditions We're
plainly visible. and has the presses
busy preparing to meet an emergency
which he does not expect, but which
b thinks 1t is wise 10 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 maximum nor to increase at al!
FOR the present. He does not desire to
force the banks into the market to
Guy bonds at rate higher than tn.
government is willing to pay. He does
1esre to make the best possible use OF
he free bonds now held by the banks
incidentally he likes to encourage
banks to hold free bonds during the
lull months. believing it is much bet
er to hold bonds that will yield H.. |
Jer cent even than to make call loans |
It per cent. He is therefore giving |
he banks that hold these free bonds |
IN opportunity to use them to most eX-
'ellent advantage. This method. il
pursued by the banks. would give q
light element OF elasticity to our 9TH
rwise inela site currency system.