The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-09-26
SHAW'S STATEMENT
SECRETARY OF TREASURY ON III
NANCIAL MATTERS.
KEEPING UP BANK DEPOSITS.
REVENUE AND MISCELLANEOUS
RECEIPTS KEPT CIRCULATING.

Dunk his
About $1,000, 900 and "a Further In
crease Is Assured-Treasury De-
partmcnt VIII to Fullest Extent
stand by the Banks East, West,
North and South-Interest Pay
ments Anticipated-Secretn De-
MES Rumored Resignation.
Washington, Sept. 25.-Secretary
Shaw to-day gave out the following
statement:
Money once covered into the treas
sub-treasuries) cannot thereafter be
deposited in banks. All custom re-
ceipts are by law payable to the treas
ury and treasures. The only fund
therefore available for deposit in
banks is internal revenue and miscel-
laneous receipts before they have been
actually covered into the treasury.
These amount to about 100000 per
day, and since the stringency arose to
the fullest extent, have been steadfast-
ly returned to circulation. This poll
icy will be continued for thirty to six
~ ddyo IL AlSCOCdt dlid AOAA6CA ~ ANN-
essary.
In the meantime national bank cir
culation has been increased about ST.
100000, largely induced by the distribu
ton of deposits, and the further in
crease to the amount of $1,000 900 is as
sured.
"All rumors of experiments have
been unauthorized by the Treasury De-
partment. 1t is to be hoped that the
public will place no credence in va
carries started by irresponsible and in
terested men of the street. 1t is also
hoped that the country will understand
that the Treasury Department to the
fullest extent of its ability, will stand
by the banks, East and West, North
and South, and it is hoped also that
the banks will stand by every business
and every interest that is worth pro-
tecting.
THE only way to get money out of
the treasury into circulation, after 1t
has been actually covered in, is by
the payment of legal obligations of
the government. These may be an
ticipated. The department did antici-
pate the October interest. 1t now Of
fers to anticipate all interests matur-
ing between Oct. l and the end of
lnC Usual year, IL plCStiAtCu WllDli
sixty days, at a rebate of two-tenths
of l per cent. per month, which is at
the rate of "a per cent per annum.
In other words. these obligations VIII
be repaid at such a rate as to allow
the government to profit thereby at
"a per cent. per annum. The amount
maturing before June 80, 1903, is, in
round figures, $40, $4,000. The profit to
the government, if this offer shall be
accepted, will be, in round figures,
S220, 00O
There will be no experiments tried
and no policy adopted until after ma
ture elaboration, and no feelers will be
sent out. Anything to the contrary
should be discredited."
Regarding the published report that
he had resigned, Secretary Shaw said:
II denied this rumor in Chicago. II
would seem unnecessary to repuidate a
story that has no author, and Is built
upon a false assumption and is en-
larged upon simply to fill space. The
President and the Secretary of the
the Treasury are in thorough harmony
OF this there need not be any doubt
If the speeches made by the President
and Secretary will be read and COM
pared instead of the headlines"