Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-05-29
Treasury Department Now Pays
No Heed to Imaginary
Panics
REFUSES TO BE FRIGHTENED
Fact That the Public Has Quit Wall
Street Moves Treasury to Withhold
Funds-Government Has $1o,ooo,ooo
Tansle on Its Hands Growing Out o,
Cuban Trouble.

Washington, May 29.-In the face of
another panic" on Wall street the
United States treasury absolutely re-
fuses to be stampeded into the belief
that these speculative waves have any
thing to do with the prosperity OF the
country, either good, bad or indiffer-
i ent. says Chicago Tribune cores
pondenc.
]! Treasury officials watched the extra
ordinary course OF prices on Wal. street
yesterday apd say that in many cases
stocks reached lower figures than in
the panic" OF March III, which, it
! was insisted at that time was brought
about because the president refused
TO make statement giving clean
bill OF health to the railroads.
| Now another OF the same class Of
''panics' has arrived and the treas
/ ury department. does not see It's way
! clear to become alarmed in the least
degree, because reports from the great
! interior OF the country, in sections in.
| dependent of Wall street and its ma
| lign Influences, are all of different
4 tenor.
The public is out of Wall street and
/. the treasury knows it, The country un-
deniably Is prosperous. A general fail
ure OF crops is absolutely impossible,
! because the agricultural interests Of
the country have become SO diversified
! that they cannot all go to pieces at
once There is plenty of money for
!, legitimate business purposes and the
! treasury has adopted the policy Of de-
posting all receipts in national banks
. so that there is no reduction In the
/ circulating medium.
/ According to the treasury officials
and other government people, it cam
| public at large that these Wall street
"panics' are purely speculative in
| their origin and result. They do not
affect the real value of railroads nor
4 industrial plants and they do not con-
Germ in any way the legitimate BUSH
/ ness interests of4he country They are
not brought, by legislation or lack of
1 it. but are the result simply and solely
| of the manipulations of stoce gamblers,
| woh have only a remote connection
| with real commerce.
| Within "a comparatively short time
the direct influence of the treasury on
| Wall street will cease because prac-
t tically all the money will be deposited
/ in banks subject to call. When that
result is accomplished there will be no
/ more surplus funds in public vaults for
Wall street people to clamor for.
The time was whenever Wall street
managed to pull off one of its spec
i tally conducted panics that the secreT
! tary of the treasury sat Mp nights and
he and his subordinate officials kept
| the telephone wires hot so as to keep
| in close touch with the street in case
! Immediate relief should be needed.
| That time has passed by.
The United States government has
| a 100000 900 tangle on its hands as
side issue of Cuban pacification. Rep
resentatives of the McGivney & Roke-
by Construction company are after, the
| war department for satisfaction. Their
claims are based upon the old con-
/ tract for the paving and sewering of
| Havana. made in 1902. And it looks as
| tho they have sufficient hold of the
/ government to make it interesting.
! Just what the contractors want at
| this time is not made public by the
! war department. The probability IS
/ that they would be quite as glad to get
4 damages as to have the privilege OF
1 carrying out the original contract.
The present tangle results from the
/ failure of the Cuban government to
carry out the agreement, which was
made during the time Of the first AM
erican occupation. The understanding
between the two countries at the time
|of the American departure was that
! the CubanN government was to assume
! the responsibilities of the contract, and
to proceed forthwith with the con-'
struction of complete, sewer system
and with the paving of the streets. But
for some reason which is not fully ex-
planned, the Cuban government did not
60 ahead. And so, when the Americans
4 once more, took the reins, they found
| the contract in the same old shape Ap-
parently the contract has fallen back
with full force upon the United States.
which had the responsibility of making
lit in the first place.
| The basis of final settlement is alto
gether uncertain. 1t is doubtful wheth-
Ter the construction company really
wants to go ahead in accordance
with the contract of 1902. Since that
time the cost of labor and material has
gone up, and conditions in Havana
have changed The MeGivney & Roke-
by Construction Company is a New
! York concern.