The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-12
ANOTHER MAkESAlFT.

ANOTHER MAkEShIFT.
The Washington Post says that in
order to NEE; the demand for currency
that arises with the movement Of the
crops, Secretary Shaw. according to a
report from New York, will increase the
government funds IN the national de-
pos.tories several million dollars. The
exact amount has not been definitely
stated, but it is expected to be In the
netghborhood OF SIX. OO0, 900.
The Post continues:
Tne arrangement hitherto suggested
by Secretary Shaw by which the ma
culation has not proved successful. Up
to the present time only little more
than H,IYv,0O9 has thus been added to
the currency, the banks being 10th to
deposit In the Treasury the bonds neces-
sary to secure the increased circulation.
1t Is expected ct the Treasury Depart
ment that il the present money tight
ness continues many Of the larger ma
rional banks IN New York and Chicago
win deposit bonds and issue circulation.
but rs this Is not certain. Mr.. Shaw
evidently desires to be prepared for the
situation that Will confront the country.
Being a western banker and thoroughly
familiar with the demands made by the
western banks upon New York at the
time OF moving the crops. he Is especial
ly able to appreciate the present condi-
tionH. 1t is expected that by taking
several m1llIon dollars out OF the Urea
Fury, where the surplus is now enor-
nous, and pls cling the money in the gov
eminent deporitores, the usual scarcity
Of funds for commercial transactions
Dan be avoided. AS the deposits are sub
3ect to check, the Secretary will have
no difficulty IN restoring the money to
The Treasury as soon as conditions are
again normal
It is understood that the Secretary Will
endeavor to make his new plan work in
harmony with the scheme of increased
circulation by fayortng the banks which
have arranged for this Increase. The
Secretary is said to feel Very confident
that the assistance to be given by him
Will materially decrease the present price
of money in Wall Street and will steady
the stock market. which is already be-
ginning to feel the strain Of tight money.
Here we are with another government
maizeshirt The national banking sys-
TEN has been patched up from time to
time but the conditions are still I'M
favorable that except under extraordi-
nary circumstances the banks are not
disposed to take out circulation, at least
to any great extent, and 50 in order to
meet the large demands for currency at
this season of the year. the Secretary Of
the Treasury must take the govern
nIents money and put it into the banks
and let them use it All this is a re-
ncction on our intelligence and progress
as nation. We are an intelligent ma
ton and a progressive nation. We I'M
derstand business and trade and finance,
and we are quite capable of making a
currency that Will supply the demands
such currency if the government would
only stop interfering and let the bust
ness men of the country work the prob
lem out in their own way.
contend that the government should un-
dertake to supply all the currency; that.
it should not only NEEDLE. but that it
should meddIe very much more than it
is meddling, and SO we have had all
sorts of propositions for government
currency system But if these people
would only see it. what thiI country
needs is less government interference,
less legislation on the subject. If the
government would only hold its hands
off and let the natural laws of trade as
sert themselves and have free course,
the problem would soon be solved.