The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1903-10-01
WASHINGTON.
From our Regular Correspondent.

From our Regular Correspondent.
Washington, August 28, 1903.
The ex,rat rdinary spectacle Of
Secretary of the Treasury going to the
most unwarranted lengths to prevent
possible slump in the quotations Of
Wall Street securities, and to that end
actually seeking to depress the consols
Of the country, is presented by oecre-
tary Shaw IN his latest efforts to pre-.
vent, according 10 his representations,
possible financial stringency. That
the President and his Secretary of the
Treasury have become panic stricken
in their fear that the market will 60
still further and that the results will
prove inimical to the political interests
OF Mr.. Roosevelt is obvious from Mr..
Shaw's recent financial gymnastics.
In the first place he has offered to re-
deem Immediately the s per cent
bonds which mature February and
pay the full interest up to that time.
BY this means he hopes to put be-
tween $Io,ooo,ooo and $4,000, 900
in cash into circulation. Then, be-
cause per cent bonds have risen TO
$Ioo he proposes to refund the 3 and
4 per cent bonds due in 1907 and
1908 with rs, thus adding $40, 1000, 900
more as to the available supply thus
! depressing the market value. He has
already segregated $40, 100000 Of
internal revenue receipts which he be-
iieves he can, under the law, deposit
in national banksand he has offered to
take approved state and municipal
bonds in lieu of United States bonds
of the issue of 'o7 and 'oS where such
are deposited as collateral. He is al.
so disbursing $5,ooo,ooo to the St.
Louis Exposition Company and all
/ this he pretends is 10 prevent a none
tary stringency when the crops nave
to be moved.
XIX
There are, however, two more i'm
portant en- Is which the Secretary of
the Treasury has in view. Under the
existing tariff laws the money of the
country constantly sccumulates in the
Treasury to the injury of business.
The natural remedy would be the re-
duction Of the tariff to point proper.
tlonate to the government expenses but
now that Mr.. Roosevelt has become
stand-patter that is not to be thought
of. The manufactures would contri-
butte nothing to the campaign funds
were the tariff to be touched and so
the Secretary of the Treasury must
seek unnatural means to get this
money back into circulation. The
other reason is the demand OF Wall
Street for more money. With the
least shortage Of currency the water
will still further squeeze out Of the in.
tlated stocks OF the trusts and of course
the last thing the present adminlstra-
tion is willing to do is 10 incur the
further displeasure of Wall Street.
XXX
The indictment of State Senator
George E. Green, of New York, TO-
lowed by his arrest, it has been dis
covered that, as President of the In
ternatlonal Time Recording Company,
Green had paid commission Of 10
per cent on all Bundy time clocks pur-
chased by the government, to George
w. Beavers created great surprise,
especially among New York republi-
cans, Green having always been one
of the most influential leaders of the
New York machine. 1t is calculated
that Green paid to Beavers approXi-
mately $4,000 under the agreement
entered into by the two men in 1897,
soon after Beavers became supern-
tendant of the division of salaries and
allowances. 1t is roughly estimated
that the fraudulent contracts thus far
discovered 10 have been awarded by
Beavers and Machen have cost the
government 100000. This arrest is
generally taken as an evidence of the
thoroughness and sincerity of Brstow's
investigation in SO far as it goes, but
is worthy cf note that the President
has never authorized Bristow to inves-
tigate the bureau generally believed to
contain the greatest frauds, that of the