The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-12-06


terial assistance. Within four days
there was transferred from the. treas
Try to the banks the sum of $35 1000.
1000 the security received therefor
being such state, municipal, and rail
road securities as are acceptable I'M
DER the laws of the states of New
York, Massachusetts, Connecticut and
New Jersey, as Investments by say.
ings banks On November II there
were on deposit In national bank de-.
pcsitaries:
TIC the credit OF the
treasurer of the
United States ,...$2l2, 95S, Sill GA
TO the credit of dis
bursting officers ... 13.S77,425.40
Total .......,....S2 2G, $3.50, 237.04
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
isociated efforts of prominent finan.
Icicrs and other business men, who
Iaided first by giving important relief
Ito certain embarrassed institutions
land afterwards by providing for the
imports of gold OF which up to No
yember Is there had been engaged
more than S60,000,000, operated to
prevent a dangerous panic. The sec.
lretary OF the treasury has made such
adjustment OF deposits between the
various cities and sections as was
possible in such G 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 west, the northwest
and the Pacific coast There was,
however, great financial distress in |
many sections Of She country and a |
clearing houses in nearly all the |
| prominent cities OF the United |
States felt obliged to adopt such |
measures of relief as they found avail |
able. The remarkably sound and !
| prosperous condition of the country |
would seem to warrant the belief that |
| the strain will leave behind no extern |
lsive business depression.
When the story OF the recent com
mercial and industrial disturbance |
has been fully told I am confident |
that many misapprehensions will be |
cleared away and that the interde-
pendence OF all sections Of the coun-
an ~
is said that many of our people have |
boarded money. This is undoubtedly |
true; but so have many of the banks,
We hear little, howver, of the untold |
numbers of patriotic citizens who, |
knowing that the banking situation
throughout the country was es-
sentially sound, did not allow them
selves to be influenced by the excite
ment Of the moment, but cooperated |
with national banks, savings banks,
trust companies, and other institu- |
lions to support credit and restore
con fidence.
The secretary of the treasury is |
given wide discretion in many mat
tiers wherein he is rarely called upon /
to exercise it, and little, If any In |
others where it is needed daily, par
ticularly as to certain of those hav. /
ing to do with the vitality important
subject of our currency. In times of +
emergency his hands are virtually
ted If in such periods OF stress. in
IN effort to avert calamity and serve
he interests of all the people. he is
Obliged to resort to unusual measures, |,
criticism is unfortunately in many in h
stances directed not to the in II
adequacy of the system but solely to
the effort to give relief even though |,
t be successful in accomplishing that II
purpose. II should not be forgotten
that he has to deal with the prac.
teal rather than the theoretical side :
Of the currency question. The failure
OF the adherents of the various sug.
sested plans of currency reform to
measure would hardly appear to be a
sufficient reason for holding him re- .
sponsible for their INDIGESTION and in
action. The laws under which he ad
ministers his office should be made i,
TO meet the daily needs of the people.
and his duties. sufficiently onerous as
they are, should not be made more
burdensome by restrictions which :
leave him with the responsibility, but =
with no adequate means at his dis
posa to meet IT,
What has happened not only this
wear, but many times before, should
serve as an admonition to enact wise
laws for the prevention in the future
nj disasters Dire in part at least to the
imperfect organization of our none.
tary system. Admittedly 1t has been
- great service to our people, but
With changing conditions there has
ecome more apparent each year the
reed for Improvement of substan.
ial and permanent character. If no
action is thought advisable at this
lime fully to meet this need. deem
. important that something be done
IS speedily as may be consistent with
borough consideration TO provide I'M
Ter government guaranty a greaterl
to the currency-somethine