Los Angeles herald., 1907-12-06

in large measure, to the boarding Of
funds by owners thereof who had become
apprehensive of their financial safety AS
the crisis approached the department
adopted the strongest measures to give
material assistance. Within -four days
there was transferred from the treasury
to the banks the sum of $S5 100000. the Sc
curity received therefor being such state,
municipal, and railroad securities as are
acceptable under the laws of the states
Of New York. Massachusetts,. Connecti-
cut and New Jersey as investments by
savings banks On November II there
were on deposit in national bank deposit
taries:
To the credit OF the treasurer OF
tho United States .s212, ,soS Sll 81
To the credit Of disbursng officers 13,s77,4254 40
Total. 'SSSo' ooo'-o'.ot
This sum was distributed among ma
tional banks in every state and territory
Of the Union.
These deposits, and other treasury OPP
erations, in connection with the asso-
ciated efforts of prominent financiers and
other business men, who aided first by
giving important relief to certain EN-
barrassed institutions and afterwards by
providing for the imports of gold. of
which up to November Is there had been
engaged more than $60,000,000 operated to
prevent a dangerous panic. The secretary
of the treasury has made such adjust
ment of deposits between the various
cities and sections as was possible in
such time of financial stress. and
through the cooperation OF eastern
bankers has secured the transfer, through
the usual commercial channels, of large
sums of money to the south, the west.
the northwest and the Pacific coast.
There was. however. great financial dis
tress in many sections of the country
and a remarkable scarcity of currency.
The clearing houses in nearly all the
prominent cities of the United States
felt obliged to adopt such measures of
relief as they found available. The re-
markAbly sound and prosperous condi-
ton of the country would seem to war
rant the belief that the strain will leave
behind no extensive business depression
Praises Patriotic Citizens
When the story of the recent CONNER
cial and industrial disturbance has been
fully told, am confident that many mis-
will be cleared away and
that the interdependence of all sections
of the country will be more fully under
stood II is said that many of our peo-
pie have boarded money. This is un-
doubtedly true, but so have many of the
banks. We hear little. however, of the
untold number OF patr1OEc cltlZenS VINO,
knowing that the banking situation
throughout the country was essentially
did not allow themselves TO be in
fuenced by the excitement of the mo-
ment, but co-operated with national
banks, savings banks, trust companies
and other institutions to support credit
and restore confidence.
The secretary of the treasury is given
wide discretion in many matters where
in he is rarely called upon to exercise it,
and little, If any, in others where 1t is
needed daily, particularly as to certain
of those having to do with the vitality
important subject of our currency.
In times of emergency his hands are
tied. If in such periods of stress.
In am effort to. avert calamity and serve
the interests of all the people, he is
obliged to resort to unusual measures,
criticism is unfortunately in many in
stances directed rot to the inadequacy of
the system, but solely to the effort to
give relief, even though it be successful
in accomplishing that purpose. 1t should
not be forgotten that he has to deal with
the practical rather than the theoretical
side of the currency question. The fail
ure of the adherents of the various sug
gested plans of currency reform TO CO.
operate or to agree upon a practical
measure would hardly appear to be a
sufficient reason for holding him respon-
sible. for their indecision and inaction.
The laws under which, he administers his
office should be made to meet the daily