The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-07
MONDAY, SEPT. 7, 1903.
SECRETARY sHAw's ANTICS.

Secretary Shaw continues to conduct
the treasury department on the model
of the department store. From day to
day he announces to the public the
invites them to do business with him.
Here is his latest bulletin, relating to
> the department of loans and discounts
in his model emporium: Il notice
some newspaper accounts to the effect
that 1 am about to increase deposits of
public money to the extent of $40, 000,-
600. 1t is true I have $40.OO0,0OO avail
able for deposits if conditions should
hereafter render it expedient to make
so large an increase. For the present
I am accepting only applications for
small amounts that have been on file
for several months, and am combining
these to agricultural districts"
There is no mystery about this $40,-
100000 which 81" to use the modest
language of the secretary, have on
hand. 1t is the fund prepared to make
the required payment on the Panama
canal, if the treaty had gone through
That event is now postponed, if it has
not gone glimmering altogether, and
the voluble secretary is ready to place
the money where it will do most good
And thereby hangs another story.
For it appears that Secretary Shaw
also conducts a bargain counter in his
national establishment At least that
is the charge which is now, according
to the special advices of T h Glob e,
stirring up trouble among those who
have been doing business In the regu-
lar manner, and were not directed by
kindly hint to the portion of the treas
ury building where special terms were
to be had. 1t is said that he has already
quietly given orders to place a certain
amount of public funds with favored
banks; and that others, not so favored,
are making a row about. it. This is
probably what called forth his remark
that he is accepting only applications
for small amounts"
Now all of this is part of a system
which makes the administration of
in the history of the country. We use
these strong words advisedly. We do
not suppose that he is financially dis
honest, but he is doing more evil than
a worse man could accomplish. A
plain boodler would be thrown out of
the governments and leave behind him
an example that could only be
summed. The example Of Secretary
Shaw, not being that of a boodler but
of a weak man, without the least con-
ception of the proper relation between
the government and the money mar
l1et, constitutes a precedent. 1t will
be followed by men more astute and
less honest than he, until Wall street
and the treasury are inextricably tied
up together.
1t has been the wise custom of past
secretaries of the treasury to keep
these as far apart as possible. They
have turned a deaf ear to appeals for
''reIief' whenever some particular
band Of spectators We're caught nap
ping, found interest rates advanced on
them and turned to the treasury for
help. Only in the gravest crises, when
the solvency of our soundest institu-
tions was involved, when the treasury
itself might be drawn into the whirl-
pool and national finances be deranged,
have they acted. And then they have
confined their action to the narrowest
limits by preparing interest on the
public debt, buying bonds at a pre-
MUM and the like. 1t has been point
of honor to resist all appeals for di-