The Washington herald., 1907-03-26
GIVES AID TO BANKS.
CONTINUED FROM FIRST PAGE.

tracted attention TO Wall street, and 10
the general financial situation. for some
time past.
The opinion still prevails in some we'll
informed quarters here that the present
depression resulted from manipulations
by certain iinanciers whose aim was %
compel President Roosevelt to do sone-
thing toward stopping the prevalent anlI-
railroad agitation: but even in such quar-
ters It is now admitted that If the slump
really had its genesis IN such manipula-
tions, the unsatisfactory movement has
now escaped from the control of the plot
ters. and Is the logical result OF existing
conditions in the financial world. The
country at large doubtless win continue
to lock 10 the present general degree OF
prosperity. and viii find it difficult TO pn-
deTstand how anything that could be
legiiimately calfed Il panic could ocur
while that prosperity prevails. N0thwith-
standing fhis, persons we'll acquainted
with the general situation assert that the
outlook is extremely grave. and the
action of the Secretary of the Treasury
in twice announcing measures Of relief
within less than TWO weeks indicates that
this opinion is shared by the administra-
ton
y
that the most effective thing which Sec
retary Cortelyou may do in addition TO
what ne has done, Is TO have customs
receipts. collected at ports which con
tain subtreasuries, deposited in the desig-
mated government repositories at those
places, instead of in the subtreasuries,
as at present
Eject of Last Order.
OF the SS00000,0O0 collected in the form
OF customs last year $Z77,090.Oo0 was paid
in at ports having subtreasuries. and. 10
the extent indicated by these figures. the
Secretary's order of March "A has been
ineffective in the way OF adding to the
amount of money in circulation. In other
words. tue order was made to apply to
customs receipts collected at ports which
have no subtreasuries, and which re-
ceipts. prior 10 the time the new Aldrieh
law went into effect, were sent to the
Treasury or 10 the nearest subtreasury.
1t was said yesterday that the SECRETARY
has no further action in immediate con-
temptation, but il Is possible that the
deposit of customs receipts in banks
rather than subtreasuTies at the big ports
may be authorized soon. The available
cash balance IN the Treasury is now very
large, and the government Is said to be
in excellent condition to put out addl-
tional funds
It is said that the oher Of the Secretary
10 redeem government bonds, made On
the 18th instant has not resulted in large
offerings OF those securities The offer
was 10 redeem them with interest up T.
July l. which would make them bring
about l02 Many holders Of the bonds
seem to think they viii get a larger price
II they wait while, and for that reason
the limit of S25o00,o00 named by the Sec
retary has not been nearly reached as
yet
About Sll. .0W.00 of the IS can be re-
leased under the action Of the Secretary
yesterday. 1T is acknowledged. however
that even if this entire sum is with
drawn, it VIII be only "a drop in fht
bucket in assisting financial conditions
There is fecus5S, zAaugh. that the moral
effect of Mr. Corteiy0us actioH viii be
excellent
one interesting feature is the apparent
cessation of anti-Taiir0ad activity on the
part OF the government The Interstate
Commerce Commission seems 10 have
been much less busy than usual the last
few days. and Yesterday Mr. KellOg. one
Of the commissions attorneys had con-
ference with Secretary C0rtelyou. which
may OF mag net have had a bearing on
the situation