Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1907-01-03
NO Aid FOR GAMBLERS

Money Placed in Banks by Treasur,
is for tie Relief of Business Only
Secretary Replies at Length to Let
ter From Nashville, Tenn, Mar
Who Insists That Relief Has Been
Given Gamblers and Money Sharks.
the Real Cause of High Money in
New York." and Inquiries How
Long Will the Practice Continue.
Washington, Special-In a lettc,
to a correspondent residing in Nash
vile, Tenn, Secretary Shaw repudi-
ates the suggestion that the United
States Treasury ever has come to the
relief Of stock gamblers. The cor
respondent in question, whose name
is withheld, insists that such relief
has been given gamblers and money
sharks, "the real cause of high mon
ey In New York." and inquiry how
long will the practice continue.
To which the Secretary made the
following reply:
Your letter of December 23d is
received, and j note your sentiments
with respect to stock gamblers. Your
letter Is SO courteous and voices so
accurately the view of many we'll in
formed people that / am constrained
TO anwer 1t somewhat at length.
You seem to proceed upon the
theory that the existing monetary
stringency is caused solely by stock
gambling. In this you are in error.
Some people gamble i'll stocks, some
IN cotton, others in wheat, corn. pork,
or lard, and some in land. When
times are good people will speculate
IN anything and everything that pos
sesses market value. The proper
ton OF speculation as compared with
necessary and legitimate business is
very small, however, and is probably
no larger in New York City thar in
Nashville, Tenn, where you reside,
or III Denison, Iowa, where / live.
The best estimates / can get place
the amount of speculative transac-
tions in New York City at from = l-2
to per cent of the aggregate
"The Treasury has never come to
the relief of stock gamblers and prob
ably never will, though the relief.
which the Treasury grants frequently
aids those who gamble on the bull
Side of the stock market. and the bull
side of the wheat. the cotton market,
the corn market and every other mar
ket, but it is equally harmful to those
who gamble on the bear side of these
respective markets. Both bulls and
bears importunc the Secretary of the
Treasury, but the nature of the ad-
vice usually dictates the side of the
market on which they are operating.
Naturally these communications have
no influence whatever. The real bus
iness situation is the sole considera-
ton
During the dull season of 1900
the Secretary of the Treasury with
drew millions of the peoples money
and locked it up. This would have
been n crime if he were not willing
to release it now when it is needed.
BY appropriate use of the money in
the vaults of the Treasury / have
facilitated the importation of a hun
dred millions of gold within the last
nine months, and have released, or
arranged for the release of fifty mil
lions more. This was done, as / say,
for the purpose of aiding legitimate
business, though it has helped the
bull side of the market as much as
it has damaged the bear side. ! care
as little for either of these considera-
tions as do you, but l am intensely
interested in the appropriate business
interests of the country.
sit is for the relief of business
that the Treasury has returned to the
channels of trade the money which
it withdrew when the people had no
use for it except for purposes of spec
ulation. 1t was then wanted for
speculation and | withdew it. 1t is
now needed for business and | restere
it. The last $10.OO0,00O deposit went
almost exclusively to the cotton pro-
duceing statea and the exceptions
went TO cotton buying cities"