The Lee County journal. (Leesburg, Ga.) 1904-19??, 1907-11-29
A GOOD THING
FOR THE BANKS
VIII Get Back IS Per Cent of Cash
Paid for Certificates.
POLICY OF CORTELYOU
Secretary of Treasury Makes Important
Announcement in Regard to AllOt-
ment of the New Securities.

An important announcement of pol
icy was made by Secretary Cortelyou
at Washington late Friday afternoon
in regard to the allotment of the one
year treasury certificates, which indi'
Gates that the secretary is prepared to
cut red tape as far as possible and
place the proceeds Of the certificates
promptly at the disposition of the
money market. He proposes to return
to national banks subscribing for the
certificates, as a deposit of public mon
ey, Is per cent of the cash paid for
them. The remaining % per cent will
go for the time being to strengthen
the cash balance of the treasury. The
banks surrendering this rs per cent
will not, however, suffer a reduction
in their supply Of currency, for they
will be entitled to receive the par val
ue of the certificates purchased in new
bank note circulation In order to
make this transaction Immediately ef.
fective, the treasury will retain the
certificates purchased by each bank,
if it desires that they be deposited with
the United States treasurer as securi-
ties for circulation, and will ship the
notes at once.
Secretary Cortelyou is carefully
studying the applications for certih-
Gates In order to make the. allotments
in the manner which will be most
beneficial to the monetary situation.
The secretary continued to receive
calls Friday from prominent bankers
and letters from various points in re-
gard to the new issues.
Among those who called on Secre.
tary Cortelyou was Sol Wexler, vice
president of the Whitney Central Ma.
tional bank of New Orleans. Mr.. Wex.
Ter reported that the cotton movement
was going forward remarkably well
under the adverse conditions prevail
ing. The New Orleans banks are
supplying currency to the cotton grow
ing districts, and at the same time are
maintaining adequate cash reserves.
It is desired, however, to obtain all
the assistance possible from the treas
ury, in order. to prevent a deficiency of
currency, which would congest the cot
ton crop at southern points and pre-.
vent the drawing of bills against ship
ments to Europs Thus far the diff
Guilty in ,disposiEg of bills for cash at
New York, which was somewhat acute
two or three weeks ago, has been
largely overcome partly BY an i'm
provement in the general SITUATION .apd
partly by direct dealings With Europe
Rumors are III circulation in regard
to the purposeyof the president and
Secretary Corte5you in regard to cur
rency legislati9h Suggestions such
as the insuring of deposits in ma.
tional banks, Which Mr. Bryan has
just indorsed, the issue Of additional
bank notes against state and municipal
bonds and the requirement Of interest
on government deposits in the banks
are reported to have been presented
to members of the administration, and
to have been favorably received The
fact appears to be, however, that the
president and secretary of the treas
ury are simply assuming a receptive
attitude and are listening to all sug-
gestions which are made to them,
without committing themselves to any.