New-York tribune., 1907-12-06
SPEAKS FOR TREASURY.
REPORT BY CORTELYOU.
Tells of Emergency Relief Measure
-Asks Quick Remedial Lac.


Washington, Dec. 5.-secretsry Cortelyou went
surther than customary in the annual report he
tsnt Congress to-day describing the operations of
he Treasury Department. In closing the docu-
nent, usually practically confined 20 the business
f the fiscal year enLed on June 80 OF the current
pear, he told of the emergency measures taken by
as department 10 alleviate the financial stTingency
Which has prevailed throughout the country IN the
sst few months. In explaining these measures
be said:
During the summer the gradual increasing rate
discounts OF commercial bills INDICATED progress
save dlminution IN the amount OF available casa
Accordingly, IL was decided August 2S 1897, TO
make eacn week substantial deposits the differ
sect Of facitatins the fai movement OF the crops
"a ms announcement OF this plan the Secretary OF
This action is taken to meet the commercial and
industrial needs OF the country this season, and
Is believed be preferable TO waiting until a time
pi acute stilngency, when the only alternative
tle Secretary desires to Supersede by one which
Idly as may be practicable under existing law, N
sense disturbing factor in the business world -,
These distributions were continued weekly unui
sae aggregate amount S36.G0009 had been dis
Srfhuted Notwithstanding this measure. there was
senfres Which caiminsted II, the forced suspension
OF several important institutions
Prior TO this crisis the shipments Of currency 10
the West by Eastern banks for crop nlevipS pIl-
Important shipments of gold abroad, so 9he none
ssIy striqgePey semed to be due M 2ar I'D Ias heTof
who had BECOME apprehensYc Of their financial
e5opfe5 the strongest measures 80 give ma; ;eriol
assistance. Within four DAYS there was Trans, -, ~, 20
tsN the security received therefor being sncn t,3e
.cipsi pal and Tgad al 9S ss9 f New S W York N@ss
ehusetts. ConnscteGt and New Jersey as invest
On November Il there was or deposit in national
bank dsp2sitorles a ne s5S si -: TO the credit
esbursing officers. slSSfs %; total - hs1i IN
This distributed an1ong- ns,ional '@''AS IL
state and ierrito5S OF tie I9n operation= In
r,rnecfion with the associated efforts OF prenlent
fnsnciers and other business men, VINO aioen ni -
fastitutions afterward by proyiding for me & I'm.
oFrs eI, 81 sGla aed el mor tia so6o operated
Erevent dangerous panle- ,- ,,.aa .uch
adjustment of deposits between the varous cues
end sections as was possible IN slcn = ,Ilte of 81
sstern BANKERS has secured the transfer, through
.nen se @ss, To- the South. the West the and
the Pacific Coast lneie .5,s M5e- &c the coTnfTv
and remarkable scarcity CT currency- me Cledi +
,s eS'ss ,sts feIt obliged 10 adopt such measures
relief they found available The relnaIkanIy t
Sonld seem to variant the belief that the strain
will leave behind no extensive business ,arcai and
industrial disturbance has been fuilY tclo. an
sIaoshc 5 % st and Hat the interiependerce OF all
sections of the country viii be more Iug, , bc
fosTded money This is undoubtedly true; but SO
81 the untold numbers Of patriotic citizens who,
knowing that the banking situation tnrongno4s @ 4 III
country essentially sound did not allow tnef m
selves be Influenced by the excIten,en{, , OF enc ae
moment but eoepsTated with ana nsfSer aer haafn inatnion fS
20 support credit and restore confidence IL. z;s
S TS 6 say matters nj seG Te-n he Is rary
uPon to exercise it & and naTelarl8 a1t as to to certain
Of those having to do with the vltaIy ~ inipoI.a
e}e1 Ends f aqe qer rsy tied n such periods Of
stress in an effort TO avert calamity and serve tHe
interests Of all the people, he is obliged 10 resort %
unusual measures. criticism Is, pnfortunatew: n ~
% ste1 lIt soieiy to the effort to give relief
though it Re Euceessful IN accomplishing lla
n so,1yd not be forgotten tha. he has to deal
with the practical rather fh4h me fnre Of The ad
ierents OF the various suggested plans OF tsi
would hardly asgea o TO t Pc spfe naeisdR T9as0 a
his Office should be made 10 meet the daily neeos
shev are should not be made more burdensoiI1aS %
fuf with no adequate means at his dlsJfosaI 10
Wat has happened not only this year but many
.imes before should serve an adrnonition TO en-.
sCt wise iaw= for the prevention IN TIE future OF
disasters due in part al least 10 the petteSi
ranization of monetary system AdTnittedly -
9 sas ene o. oo,5s.+ics there has become ap
parent each year the need for Improvement o.
II no a@;:on IS thought advisable this time fully
. ,ne+ 1s e .s. need deem II important that
.nr :. do; as speedily as may be consistent with
thorough consideration TO provide under govern
lnes s saIa1ly c;, .I1si be automatic in its opera
fion and which shall tend TO equaze rates OF m
reresf not only different sections Of the country
hut at different periods OF the year Pro.islon Pria
sto7,ld be made either for such elasticity without
,e necessity OF intervention on the part OF the sec
retary of the Treasury. or he should De granted
The authority supply il by properly safeguarded
measures - 3, ...o-.
I believe that simplicity OF plan and promptness
.f action are what the people need and VIII de-
,,1and What rsrticuar form tilis proposed legs-
iafion should take must be left TO the action Of ne
Congress. I have no pride Of opinion as 70 the
,1eff3od but I have the deepest concern that the
result Shall be adequately beneficial The only
e2scific recommendation l would make az presenL
that IL be given prompt attention. and that IL
fe rot laid aside until some definite means or re-
~ shsl have been enacted into law
YEARS BOND TRANSACTIONS
In detailing the bond transactions OF the depart
naent during the year, Mr. Cortelyou said:
When the present Secretary assumed charge Of
The Treasury Department, March g. 1851, there WAS
available cash balance Of sci 231 go TO- Of which
St4o1l30s7 consisted of deposits in national bank
c7eposSunries These deposits included the sum of
Slg,eoo,1te. approximately. which had been lodged