Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1907-11-02
thEP Ant Fur Fur IHEfnUN
Treasury will Call ii all uusstand-
ing Money,
WORKING BALANCE is LOWEST
Never Before Has the sum Been So
Small--sccetary cortelyou Has
Stusticn Ia Hand.

Washington, Oct 2s.-~That he may
be prepared for any further fright in
any financial centre OF the United
States, Secretary Corteleyou after
comforting with his assistants III the
treasurs-. has decided to call upop dis
bursting officers OF the department 10
return to the treasurer large suris ct
money to their credit for isbursiug
purposes
This action has been decided etpon
for the simple reason that Secretary
Cortekou placed money 50 layiahly
With New York hanks to break the
| financial hoodoo in tbat city last week
that he diminished the WORKING bali
ance to the smallest figure ever known
in the treasury and let no more
lmoney to meet further outbreaks Of
shaky public
| The fact Is that the head Of 70
treasury gave to New York and Pitts
burg banks over saoooooo0 OF funds.
leaving the actual working balance
Of the government only ahout Sl6,-
100000. Never before has the cum
reached that slender figure except In
times OF depleted treasury, as dur
ing the second Cleveland adminisira-
ton. Until few years ago Il was
considered tradition that the wsrk-
ing balance should not get below sio,-
600 900,
The national banks Of The ccantFy
now he'd s2oi,oo0.ooo 81 the funds cf
the government and II VII % some
, time before the treasury can begin 70
| withdraw any Of this, New York
. bankers say that IN month &C So.
/ when confidence Is fully restored niey
! can begin 70 return some Of tay huge
= sums poured into their larB.
+ Realizing The sertous pFedicameht
!. the country would b. IN should inr-
! Their demands be mnde for deposits
Z and there BE no money on hanl. Sec
il rotary Cortslyon took ADVICE as %
how - provide government funds re
found that the abundance OF money
IN the treasury In the Last few years
had resulteds in disbnrsing officers
81 drawing far IN excess OF their actual
needs for funds. the daily statamenc'
!. OF the treasury showing that the gov
= eminent had charged itself WITH tho
! liability Of over $T2 900, 600 credited
a 10 the accounts - disbarsing officers
ny reducing these credits to normal
! figures probably si5.00o9o0 could be
8 converted to the working balance OF
the treasury subject to imperaliseadei
Il mands In the business world. Disbnrs
y ing officers, with large balances win.
l. therefore. be informed that their cred.
its with the treasury will at the pres
4 ent time, be reduced to figures mere
4 In consonance with their actual needs.
Despite claims OF plenty OF cash In
! western centres. Secretary Cortelyon
has received suggestions that II may
be necessary for him 10 be prepared
I to gva ass stance 10 Chicago Ut.
| Louis and probably cncInnoti. The
bankers there express great conf
dence IN their abil'tv to take care
Of anything that may arise among
them. but Mr. CurteIyou considers 1t
viii be prudent to ready should de-
veIopments be of disagreeablc char
acter. The only way he could get
; ready was TO increase his working bal
ance, which he is now doing.
Ord rs hive ais gone out ~ the
Philadelphia and San Francisco minis
to get down to busils coinlnx gold
and silver 10 have money on hand for
emergencies Up TO this time the
mints have been under no rush, but
they must do business IN hurry for
the next few weeks,