The Lee County journal. (Leesburg, Ga.) 1904-19??, 1907-08-30
PROVIDES CROP. MONEY
Secretary CortelyOu Plans in Advance to
Have Coin Sufficient to Move
the Fall Business.
the Fall Business.

the Fall Business.
Secretary of the Treasury Cortelyou
announced Friday a new plan of de
posting government funds in New
York, Boston and other cities, to. AZ.
ford relief to the money market iii
the approaching crop movement pc
Rod
Commencing next week; he will
place each week at such points. in
the country as he shall designate, gov
ernment funds to such an amount as
he deems suficient,to prevent an acute
monetary stringency ana possible panic
when the demand fo1 money is grea.-
est at the height Of the crop-moving
period. =
The new plan Of the secretary for
monetary relief, he believes, viii
prove more eficacious than the, odd
method Of waiting until the country
was severely shaken. financially hnd
thsn. coming to the relief at the last
moment by placing large deposits in
New York banks. Secretary Cortel-
you did not state how much money
he will deposit each week.
The plan was made known in New
York Friday in the Following official
statement to the Associated Press:
Secretary Cortelyou announced
that beginning with next week the
treasury department will make each
week for a period of not less than
five weeks deposits in national banks
at New York, Boston and other points,
the security required t6,Ba approved
on state, municipal and rairdad 6dnds,
acceptable under The existing. r6qaife-
ments Of the department with the' un-
derstanding that, if called for, such.
deposits shall be returned. after Jah'
uary 1.ir inatallments to. be fixed by
the secretary OF the treasury.
"This action is taken to m eli .tne
commercial and Industrial needs Of
the country at this season, and is be-
lieyed to be preferable to waiting until
a time Of acute stringency when the
only alternative would be a large gen.
eral deposit. The latter policy the sec
rotary desires to supplant by one
which shall have as it's ultimate obj ct
the adjustment Of the operations of
the treasury department, as rapidly as
may be practicable under existing law,
in such manner as shall preclude their
being any sense a disturbing f2ctor
in The business world ;"
"Under the new plan, the secretary
will place the government funds I'M
amounts large enough to meet the
situation. For this purpose, he may
deposit all custom funds WHICH he is
permitted to under the Aldrlch act
and If these are not sufficientGhe will
augment them from the treasury bal
ance which increases each week after
The usual july deficit
Secretary Cortelyou in placing the
government funds will d0Send much
upon the bureau urgently established
in the treasury depaI/ment to inform
him where string/acy IS being felt
most. He belieyz3 mat by not announc-
ing in advance the amounts to be
deposited he will prevent spectators
from taking advantage Of the situa-
zion and obtaining money which he
believes should go into other chan
nels
I'm previous years the sudden out
pouring Of money from the national
treasury, when a crop moving strin-
gency was absorbing all available
funds, made a good export movement
possible by the very violence Of the
reaction. The financial situation has
occupied Secretary Cortelyou's attea-
ton for some time, and he is doing
what he can to bring relief. Notwith-
standing heavy demands for the $780,
100000 Panama bonds which are still
unused, the secretary declines to place
them on sale as the goyernm nt does
not need money and their purchase
by the banks would tie up additional
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