The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1903-04-02

denominations, that could not be used
for the payment Of drafts on the Treas
ury 1t will thus be seen that all the
surplus available consists of the fifty
million which is held to draw ON for
current expenditures. AS the receipts
of the government exceed the eXpendi-
lures about three million dollars
month, the above named balance will
| be somewhat added to by June 30, the
last day of the fiscal year. After that
date the increased appropriations made
by Congress may extinguish any ex-
cess and the receipts and expenditures
will be about equal.
The Secretary of the Treasury is
now planning how to provide the S5O.-
OOO,O to make the payment to the
French company and to Colombia for
the Panama Canal, and it is probable
that more bonds will have to be issued
to meet that payment. The one hun
dred and fifty million deposited with
the banks Is not available, although
the Treasury is receiving no interest
thereon. 1t is true that this large sum
is at the call of the Treasury. but the
financial extremity In which the Wall
street banks have placed themselves,
by loaning this deposit and their 9th
er funds on stocks and bonds, that, in
many instances cannot be sold for
enough to redeem the loans. If this
enormous amount of securities were
sold in the open market, it would pre-
cipitate disastrous panic on Wall
street, and make it impossible for Sec
retary Shaw to demand the return OF
the money or even part of it. In
fact. Wall street is already urging that
more money from the Treasury be
poured into it's lap and the financial
organs of Wall street are calling upon
Secretary Shaw to anticipate the pay
ment of interest on government bonds
and buy bonds enough in the open
market to ease the Wall street distress.
Secretary Shaw announces that he will
do all and everything possible to help
Wall street and he may go as far as
he did last fall and accept municipaI|
bonds to replace the United States
bonds held as security for the $780,
100000 he and his predecessor have
so kindly loaned Wall street without
charging any interest.
Being blest with cOmplacent -ad-
ministratiOn and Secretary of the
Treasury. Wall street has launched |
into speculation in an amount SO fabu-
lous that all past experience and rec |
ords are broken. The banks have par |
ticipated in the profits of this BOOM"
but most of the business being done |
IN margin, the load they carry is prov
ing top heavy and the Treasury is ex-
pected to tighten it by further ad- |
vances. If the Treasury was 50
'.crammed with hundreds of millions of |
dollars" as the Republican newspa
pers are saying it is. there is no doubt
that President Roosevelt and his Sec
rctary of the Treasury would quickly
lind a way TO loan it to Wall street and
relieve the panicky feeling.
The success of the Republican ad-
depends on the continue
ton of the Wall street boom 70:
.heir whole political argument is ''let
we'll enough alone
The reckless way in which the Re
publican administration has been loan
ing and appropriating money is bound
before long TO bring disaster on the
financial centers and it behooves those
who are interested in stock speculation
To act accordingly.