The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-07-21
ITO MOVE THE CROPS"

There comes from New York City
the usual cry which ascends to high
heaven Cor descends to the depth of
hell, as the case may be,) always about
this time of the year, that the New
York banks are tremendously exercised
TO furnish money 'to move the West
ern crops 1t is at once comical and
eXasperating to hear this annual wall
II is comical TO hear IL in view of the
fact that the money so supplied to
move the crops is not New York money
at all, but is money from Western
banks that has been temporarily de-
posted there. but is now recalled by
its Western owncra for purposes Of
their own at this season of the year,
ii being found more profitable to re-
call that money and use ii at home
for time than TO leave it in the
New York banks. 1t is exasperating
to hear the ontcry in view Of the fact
that the persons making il have no
real claim whatever TO the money.
The fact is- that for a great part
Of the year the banks Of the West end
III convenient 10 send a large portion
of their surplus money to New York
City TO be used there on call or in
other means whereby profits upon il
may be made more advanta geously than
at home. The understanding all the
time is that this money is not New
York money; is not to be used there
at all except as the real owners of it
direct, and is subject to recall at any
time. And yet, the New York banks
put up wall every summer that they
are obliged to send money to the West
to move the crops
This, however. is only one of the
foolish hctions that prevail in the New
York money market, In spite of the
scores of millions Of dollars that the
Western banks habitually keep-on de-
post in New York. we hear every lit
tie while of E'stringency of money"
for immediate use i'll that city. This
stringency is, of course, almost in
variably fictitious A few of the banks
lock up she ordinary circulating me-
dunn to keep il away from some Of the
feverish spectators who would like to
draw 1T out on wildcat securities for
use In their speculative schemes. Not
long ago New York got up a scare
that it did not have enough gold for
it's needs, and had the help Of the
United States treasury TO import some
nifty million dollars Of gold from
Europe, by putting up Government
bonds as security for the import.
The New York bankers and fnau.
cial men would like 10 have the couu.
try understand that they are the ones
that control all forms of business in the
country, and that whenever any Gnan-
cial operation of any kind is under
taken it Is they that supply the means
of carrying it through, BY this time.
however, the country pretty generally
understands the fictitious nature of this
New York pretense, The Government.
as general thing, refuses to come to
the relief Of the clamorers for the
relief of the fictitious money pinch.
The country at large also understands
that the New York banks are very
largely doing business upon capital not
their own. The Western banks under
stand fully that the money they call
for about this season Of the year is
their own money, and that the claim
put mp by the New York banks that
they arc sending money West to move
the crops is essentially a fraudulent
claim. Not infrequently it happens that