Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-26
WHAT ARE THEY FOR?

Precise details Of the treasury plan
to restore normal conditions In the
money market are still u~nobtainablo
$50 the New York Herald tells US.
and when the Herald. with It's almost
Unlimited means and machinery for
getting The news is unable 20 dig II
| out. It h hardly worth while for 9TH
ers TO try. The bankers. who. after
all. are the people most closely con
cerned. do not even know the essen
tial characteristics OF the short term
treasury certificates.
VIII they be available as currency,
or as reserves or as security for pub.
lie funds or as the basis Of a new is
sue OF bank notes. the Herald in
quires, aud then adds: Until informa-
ton on these points is forthcoming il
ls impossible TO form an idea touching
the probable influence the measure
viii exercise on the situation. That
such indispensable information was
not given out simultaneously with the
announcement Of the Roosevelt-Cor-
telyou scheme appears 10 indicate
either that Its authors were In "A des-
perate hurry 60 show the people that
the administration was doing some
thing or else that the treasury c%ertifi-
Gates are Intended not for home but
for foreign consumption.
This latter view may be the correct
one. It is known that negotiations
with the Bank OF France for "A gold
loan fell through in consequence OF
the negotiators' inability TO give a
guarantee OF the United states for the
repayment Of the loan. As the treas
ury certificates are based on the cred
II OF the country they may be accept
able to the Bank Of France as the Sc
curity required, Color Is lent to this
assumption by a report that the pro-
iect has met with the approval of Mr..
J =. Morgan. who has been concern
ed In the French negotiations.
n. therefore. the treasury certin-
Gates were issued merely to provide
a security for French gold there would
be NJ particular necessity to arrange
immediately the details OF a plan for
their utilization in the United states,
should this surmise be well founded
Mr. Roosevelt's plan may yet prove
efflca cious In relieving the money
strlngeney. Perhaps. says the Herald.
the public would have greater faith In
Il II recent events had not proved Mr..
nAANaN.IF g.. IA. nFe.avyhuN an 4. ,fauF
with financial matters. Had his
know ledge In this respect been greater
he vould never have tried TO mon
key with a buzzsaw" In the way he
has done. no matter how sincere
might have been his desire to correc;
abus - and effect reforms. II is to
be hoped that Nj. Roosevelt. taught
by hitter experience. has learned the
wisdom Of making haste slowly in FIN
anciol reconstruction. but until some
indisputable evidence Of this desirable
change OF methods Is forthcoming.
the people may be excused for ne.
garding his relief measures with APP
prehension. u not with distrust.
II the treasury certificates are the
result OF a tacit understanding with
the Bank OF France. Mr.. Rooscvelt's
plan viii meet with general approbs-
tlon H. however. they are designed
merely TO draw boarded money from
lts hiding places the plan may prove
e. serious blundcr, as II Will simply
place the government In competition
WITH railway and Industrial enter
prlscs lu the home money market