Pine Bluff daily graphic., 1905-11-16
Close Watch Kept on Trade and Mil
Need Arise.


aid legitimate business, but not 4
cent for the spectators in stocks.
This is tle fiscal policy OF the United
States treasury as declared today by
Secretary Shaw. In view of the tight
money market in New York and the
slump in Wall street, the intentions OF
the treasury department and the com
ments of leading officials are both inn
portant and interesting. 1t Is the
purpose of the government to use the
full resources of the treasury, if nee
essary, to tide the business world over
any stringency that may arise. II the
administration can prevent it, there
shall be no interruption of the marvel
GUS prosperity which the American
people are enjoying.
No such interruption is expected.
The business of the country is on too
solid a basis to be affected adversely
by spectators furry in the New
York money market. At the same
time the administration is prepared
to act should the need arise.
Secretary Shaw has one hand upon
the business nerves of the country and
the other upon the door of the great
vaults of the treasury. and upon the
first intimation of the lightest pres
sure Of money rates upon legitimate
commercial enterprises he will throw
open the doors and release $50 900. 900
Secretary Shaw draws a sharp dis
tinction between the money needs OF
Wall street and the demands Of trade
This he explained in statement is
sued today:
Secretary Shaw has not vet de-
cided to come to the relief of the
money market. He authorizes the
statement that he will not come to the
relief of the money market. He au
thorizes the statement that he will
not interfere unless convinced that
business inerests are likely to suffer
Thus far no productive business in
terest, manufacturer. transporter. mer-
chant or banker has asked it. He
will not come to the relief of specu-
lation. Should any business concern
be denied deserved credit at reason
able rates, the secretary wants to
know the facts. He believes the ma
jority of New York loans are still
made at or below per cent. Call
money and speculation Longtime mon
ey, as distinguished from customers
money, is higher"
money changers of Wall street. who
sell their wares to the highest bid
der, and are money hungry, the sec
retary of the treasury does not pro
pose that any condition which they
temporarily may create shall und"r-
mine the prevailing prosperity. r, is
prosperity is so great that all over
the broad expanse of this country mon.
ey is in active use. The factories
are working over time trying to fill
orders, and the business on hand will
Feep them busy for months TO come.
The greatest harvest ever gathered
is now being marketed. The railroads
have not sufficient rolling stock to
handle the business dumped upon
them. Under this general demand
for currency it is only natural at the
height Of the, crop-moving season
with no elasticity In our monetary
system. that overspeculation in stocks
should cause an acute borrowing de
mand With the low surplus availao, {
for such business. sfrin"e"cy in The
speculative ceNters inevitably follow
This strigcuey must take care OF il
self. The secretary Of the treasnr!
cannot come 10 the relief Of Wal
street Should il be demonstrated t
the satisfaction of the secretary tha
nODeV rates IOF leSlf'll"te HuSlH' =
purposes have reached per cont h
will not hesitate to grant relief
Secretary Shaw is confident ~ y
tomorrow h. will know whether Their
is, any actual money stringency in tn
west. He has made inquiries an,
has agents at work who will ascertain
the exact conditions. AS he puts il
he wants to know whether any bus
ness concor, is donied deserved era
II at reasonable rates. Seer t9rr Shay
l,ae suggested a plan which he n
lieyes will remedy the defects in on
present currencv system He wOul
have prirte ed and held in reserve
liberal supply of currency whic
would be issued to and circulate
by national banks during periods c
s:rin@encv tho currency 70 pay a ia
cr z par cont 20 Il "ovNrn1- ert Thi
tay would make the money u?nrofi