Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1903-03-26
The TREASURY SURPLUS.
nous Times in the Money Mar
ket Expected.

ket Expected.
1t is well to go slow in believing what
You read in republican newspapers
about political matters. The audacity
and m~endacity of the statements made
by them are beyond belief and yet
many good honest souls are fooled b
their utterances.
One of the late announcements is,
that "the vaults of the United States
treasury are crammed with hundreds
of millions of dollars" This eXtrava-
giant statement was made to deceive
those who read it into believing that
Uncle Sam has an overtiowing treas
ury, and that enormous appropria-
lions are therefor excusable. Now the
facts are, that the surplus in the
United States treasury on March III,
was only 1921, 903 ,S51; of this there is
deposited in the national banks Sl50,-
373,210, which leaves an apparent avail
able balance of $71, $780, Isl. Of this
balance, however, it is considered nee
essary by the secretary of the treasury
to keep on hand $4,000, 900 to draw on
for current expenditures, and to be
prepared for emergencies. The bal
ance is further depleted by about $780,
100000 being composed of fractional
silver and other money of small de-
nominations, that could not be used
for the payment of drafts on the treas
ury. 1t will thus be seer that all the
surplus available consists of the $780,
000, 900 which is held to draw on for
current expenditures. AS the receipts
of the government exceed the expendi-
lures about 100000 a month, the
above-named balance will be somewhat
added to by June 80, the last day OF
the fiscal year. After that date the
increased appropriations made by CON
gress may extinguish any excess and
the receipts and expenditures will be
about equal.
The secretary of the treasury is now
planning how to provide the $50, 0o0,oo
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 $50, 900 900
deposited with the banks is not avail
able, although the treasury is receiv-
ing 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 l~oaning this de
post and their other funds on stock:
and bonds, that, in many instances
cannot be sold for enough to redeem
the loans. If this enormou amour
of securities were sold in the open mar
ket, it would precipitate a disastrou
panic on Wall street, and make it i'm
possible for Secretary Shaw to demant
the return of the money or even a par
of it. In fact Wall street is alread,
urging that, more money from tn
treasury be poured into it's lap and tn
{ financial organs of Wall street are call
ing upon Secretary Shaw to anticipat
| the payment of interest on govern
ment bonds and buy bonds enough il
the open market to ease the Wa
: street distress. Secretary Shaw ar
nounces that he will do all and every
thing possible to help Wall street an
l he may go as far as he did last fall an
;, accept municipal bonds to replace tn
United States bonds held as securit
e for the $150,000, 900 he and his predeces
S sor have so kindly loaned Wall stree
Q without charging any interest.
Being blest with a complacent az
: ministration secretary of the treasur,
Wall street has launched into specul;
d ton in an amount so fabulous that a
n past experience and records are broker
The banks have participated in Il
a profits of this "boom," but most of til
J. business being done on margin IL
e load they carry is proving top-heay
and the treasury is expected to lighte
r it by further advances. If the treasul
n was so ''crammed with hundreds
r millions of dollars" as the republica
|. newspapers are saying it is, there Isl
e doubt that President Roosevelt and h
V secretary of the treasury would quic
= ly find a way to loan it to Wall sire
and relieve the panicky feeling.
l. The success of the republican admi
:" istration depends on the continratit
of the Wall street "boom," for the
a whole political argument is "let w
,e enough alone"
d The reckless way in which the repu
ID lican administration has been loanil
and appropriating money is bound b
r, forelong to bring disaster on the fina
cial ceLters, and it behooves those wi
are interested in stock speculate
to act accordingly.