The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1907-12-06
CORTELYOU MAKES
RECOMMENDATION
IN ANNUAL REPORT
Favors Automatic Elastic Cur
rency to Meet Contingencies
Like That of Recent Stock
Market FURRY and Leaves
il to Congress.
THE COUNTRY Is PROSPEROUS

Washington, Dec 6.-The annual
report OF Secretary Of rhc Treasury
Cortelyou was submitted to the
speaker OF the house OF representa-
tiyeA from which the following ex-
eerpts are made:
The monetary operations OF the
government have been conducted
through the treasurer OF the United
States. nine subtreasury officers. the
American Colonial Bank Of Porto
Rico. the Banco de la Habana, the
National Bank Of Cuba. and 1,269
national bank doposltories.
The amount Of public moneys held
by the bank repositories on June 80,
1907. including funds 10 the credit OF
the treasurer's general account and
United States disbursing officers. was
si7s.74l.i3S.52. an Increase since
June 80, 1895, Of SSS.297.5lA.S6.
On June 80, 1907. there we're 3s7
regular and S62 temporary DEPOSIT
aries: sac were designated during
the fiscal year and 10 discontinued
on November !. 1907, the number OF
depositaries was 1870 and the
amount OF public moneys held by
them was s22O,270C25.13
The total outstanding circulation
secured by bonds and by lawful mon
ey deposited for the reduction Of cir
oulation or on account OF iiquidating
and insolvent banks. amounting to
s6O4 .056.321. Is an increase OF S349.
653.59i since March IA, 1900
On August 22. the date OF latest
returns OF national banks 10 the
comptroller OF the currency. there
were in existence 6.544 associations
with aggregate capital OF $S9G.f51.-
3i4, the surplus and undivided
profits Amounting to s5iS,So3, O02
and, s1S6,55i.151, respectively In-
dlvldual deposits are shown TO
amount TO siS19.O35.402, against
which. and other reserve redemption
fund and with reserve banks. On
November II there were on deposit
p IN national bank depositaries.
To the credit Of the
treasurer OF the
United States ..s212,95S,S11.6t
To the credit OF dis
bursting officers 18,S77.425.4O
Total 60. ...... s226.S36,237O4
This sum was distributed Among
national banks in every state and
territory of the Union.
These deposits and other treasury
operations. In connection with the as
ISOLATED efforts OF prominent finan-
c!ers and other business men, who
aided first by giving important relief
to certain embarrassed institutions
and afterwards By providing for the
imports OF gold. OF which up to No
venber IS there had been engaged
moro than SEQ .000,@W0. operated 20
prevent a dangerous panic. The. SEQ
rotary Of the treasury has made such
adjustment Of deposits. between the
various cities and sections as was
possible I'm such a time OF financial
stress. and through the cooperation
OF eastern bankers has secured the
transfer. through the usual CONNER
cial channels. Of large sums Of money
TO the south, the wess the, northwest
and the Pacific coast There was,
however. great financial distress IN
many sections of tho country and "A
remarkable scarcity of currency. Tho.
clearing houses in nearly all the
prominent cities of the United
States felt obliged to adopt such
measures of RELIEF as they found avail
fContinued on Page Four)