The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-04-16
SHAW is WORKING
OUT HIS PLANS
Busy With the Measure That He Expects to Guar
antee Financial Ease.

national banks. They are worth in the
market about 1861, which is IS less for
bond of 800 than the per cents. are
bringing, and about 81 less than the 3
per cents. Under money conditions,
that now prevail, national banks do not
like to take out of circulation the 3
per cents. and per cents, because
they are less costly in the sacrifice of
interest. The transfer to per cents. is
calculated to increase by 500, 100000
the amount of national bank notes that
can be put in circulation should the
money stringency come.
That is what is troubling Secretary
Shaw. While he is eager to transfer
the bonds, which are coming in at the
rate of about $1,5O0,OOO daily, he is US
ing all his influence to prevent the ma
tional banks from Immediately taking
out of circulation the added amount
of 2 per cent. bonds Much of the IN
creased circulation would be taken
from the banks in large cities and in
the course of time would find its way
back to New York. Then instead of
helping the situation 1t might accentu-
ate it. The amount of call loans to be
contracted would be just that much
more and the recall of the money for
moving crops and for Western enter
prises would make the stringency all
the more severe.
Secretary Shaw wants the banks to
withhold this additional sum for gen
eral circulation until the period actually
comes when the money is needed. He,
can only use moral suasion to bring
this about, but will probably be sue"
cessful.
No alarmist cries will be Needed for
the country financially and otherwise,
has great recuperative powers and
could stand a series of industrial
shocks.
Among the notable events of the past
few days, which will assuredly have
more or less effect upon the political
as well as the financial situation, are
the decisions in the merger, or North
ern Securities suit, and the growing
scandal in the maladministration of
the Postoffice Department. The inves-
tigation is causing much anxiety in the
minds of certain politicians, who are
said to be indirectly implicated in some
of the SHADY transactions" now being
probed by the order of the President.
1t is whispered that it is the purpose
of those forcing the investigation to
show that some of the Republican Ma
tional Committeeman or their personal
friends have been the beneficiaries of
the lax methods prevailing in the Post
office Department.
An official occupying a high position
in referring to the postoffice scandal,
said: Il have no doubt but that SIM
liar Irregularities of a more or less Sc
rious character might be found if all
of the departments were investigated.
l do not believe that the Mckinley ad-
ministration is any more responsible
for the alleged loose business methods
in the Postoffice Department than the
administrations which preceded il. 1t
to no1 ttor. ic
an attempt to discredit the personal
friends of Mr.. Mckinley alluded to as
the Mckinley ring and build up a
Roosevelt ring.
Conservative people are of the Opin-
ion that now would be a good time to
have a change in the political COM
plexiln of the government. The Repub-
licans have been so long in power
that they have become intoxicated
with political success, and as a result
they are now engaging in a bunker
row" among themselves.