The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1907-05-29
Plenty Of Money Out in States
Without Considering Wall Street

Washington, d. C.. May 29.-In
the face of another "panic'' on Wall
street the United States treasury abb
solutely refuses to be stampeded into
the belief that these speculative
waves have anything to do with the
prosperity of the country. either good
bad, or Indifferent.
Treasury officials watched the ex-
traordinary course of prices on Wall
street today and saw that in many
cases stocks reached lower figures
than in the "panic'' Of March IA.
which, 1t was insisted at that time,
was brought about because the presi-
dent refused to make statement
giving a clean bill of health to the
railroad companies.
Now another of the same class of
"panics'' has arrived and the treas
ury department does not see its way
clear to become alarmed in the least
degree, because reports from the
great Interior of the country, in a
section independent of Wall street
and Its malign influence, are all of a
different tenor.
Money for Legitimate Business.
The public is out of Wall street
and the treasury knows It. The coun-
try undenlably is prosperous. A gem
eral failure of crops is absolutely i'm
possible, because the agricultural in
terests of the country have become
~ dfu0rctHnA
go to pieces at once. There is plenty
of money for legitimate business pur-
poses, and the treasury has adopted
I the policy of depositing all receipts in
national banks so that there is no re-
duction In the circulating medium.
According to treasury officials and
other government people, 1t cannot
be impressed too often upon the pub
lie at large that these Wall street
"panics are purely speculative in
their origin and result. They do not
affect the real value of railroads nor
industrial plants. and they do not
concern in any way the legitimate
business interests of the country.
They are not brought about by legis-
lation or lack of It, but are the result
simply and solely of the manipula-
tons OF stock gamblers who have only
a remote connection with real com
merce.
Within comparatively short time
the direct influence of the treasury
on Wall street will cease because
practically all the money will be de-
posted in banks subject to call. When
that result is accomplished there
will be no more surplus funds in pub
lie vaults for Wall street people to
clamor for.
Old Conditions Have Changed.
The time was whenever Wall street
managed to pull of one of its spec
tally conducted panics that the sec
Rotary of the treasury sat up nights
and he and his subordinate officials
kept the telephone wires hot so as to
keep in close touch with the street
in case immediate, relief should be
needed That time has passed by
The secretary of the treasury is In
Canton experimenting arrangements
for the burial of Mrs. Mckinley, and
the president and other members of
the cabinet will leave tonight for
the same place without the slightest
ANXIETY with regard to the disturbed
conditions of the stock market. They
have learned by experience that mod
fern "panics" on the street are abso-
lutely the result of manipulation and
lare seldom or never brought about
by any distressing business conditions
which require the assistance of the
federal government.
One of the most encouraging con-
Editions, as shown in the reports of
national banks through the controll-
err of the currency and in unofficial
reports from trust companies, lies in
the fact that the west is supplying
money to the east. The big banks