The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1907-11-27
C0R1ElY0U HAS 4 PLAN
REGARDING ALLOTMENT OF
NEW CERTIFICATES.
Said That Currency Will Be Distrlhm.
ted In Manner Most Beneficial 10
The Financial SituatiOn.-To Re.
tain 25 Per Cent.

Washington, Nov. 22.-An imnor-
tant announcement of policy was
made by Secretary Cortelyou lat. this
afternoon in regard to the allotment
OF the new one year treasury cerrifi-
Gates which indicates that the socre-
tary is prepared to cut rel tape as far
as possible and place .he proceeds OF
the sale OF the certificates promptly
at the disposal of the money market.
He proposes to return l., national
banks subscribing for the certificates
as deposit of public money IS per
cent. Of the cash paid for them. The
remaining 25 per cent. will go for
the time being to strengthen the cash
balance Of the treasury Tn. banks
surrendering this 25 per cert. Will not.
however, suffer a reduction in their
supply of currency, for they will be
entitled to receive the oar value Of
the certificates purchased IN new ienk
note circulation. In order to make
this transaction Immediately effective
the treasury will retain the certifi-
Gates purchased by each bank, il it
desires that they be deposit..l with
the United States treasurer 50 sccuri-
ty for circulation and will ship the
notes at once.
Sacr0forv sc
studying the application fpr .ertifi-
Gates in order to make the ..lotmants
in the manner which will hs me st
beneficial to the monetary lit tati,n.
The secretary contiued to rec,lr, Gals
today from prominent bank rs and
letters from various points in regard
to the new issues.
Among those who called on Secre-
tary Cortelyou today was Mr. Sol wex-
Ter, vice president Of the Whitney
Central National bank OF New Orleans
Mr.. Wexler reported that the cotton
movement was going forward remark
ably we'll under the adverse circum-
stances prevailing. The New Orleans
banks are supplying currency to the
cotton growing districts and at the
same time are maintaining adequate
cash reserves. It Is desired, however,
to obtain all the assistance possible
from the treasury. in order to pre-
vent a deficiency Of currency. which
would congest the cotton crop at
southern points and prevent the draw
ing OF bills against shipments to Eu-
posing OF bills for cash at New York,
which was somewhat acute two OF
three weeks ago, has been largely ov-
ercome, partly by an improvement In
the general situation and partly by
direct dealings with Europe.
great variety Of rumors are in
circulation in regard to the purpose of
the president and Secretary Cortelyou
in regard to currency legislation. Sug-
gestions such as the insuring Of de-
posits in national banks, which Mr..
Bryan has just endorsed the issue Of
additional bank notes against State
and municipal bonds and the REQUIRE
ment Of interest on government de-
posits in the banks are reported to
have been presented to members of
the administration and to have been
favora bly, received. The fact appears
to be however that the president and
secretary of the treasury are simply
assuming a receptive attitude and are
listening to all suggestions which are
made to them without committing
themselves to any