The Charles Mix new era. (Wagner, Charles Mix County, S.D.) 1???-1911, 1907-12-13
r. EADS F0R CHANGE
m MONETARY sYsTEM
In His Annual Report to Congress
4r. Cortslyou Advises . More
xlastie Currency System.

Disaster to trade. commerce, labor
and Investment can he effectively pre-
vented olIy by q reorganization OF the
national monetary system. according to
the report made BY Secretary OF the
Treasury c0rtelyou to Congress.
The ~BScreeary dcplorea that under
existing laws his hands are tied dur
Ing financial emergencies such as
stirred the country lately. He has no
specific plan for monetary re0rganiza-
ti0n. but he makes strong appeal to
Congress for immediate remedial leg
islation- The report declares that
banks N well n individuals boarded
money during the financial s~tringency.s
The report gives In detail the at
tempt made by the Secretary to head
Oh bank failures and business suslA.n-
sions in the East by the deposit OF
government funds. The government Is
shown to b. In an exceedingly pro
porous condition with 4 surplus ut the
close of the fiscal year OF $S4 .2<:g. 80 20
u receipts over expenditures what
has happened. not only this year but
many tiue@ before" says the Score
tary. .sh0uld serve an an admouition
70 enact wise laws for the prevention,
In the future, Of dIsssters due In part.
et least. 10 the imperfect organization
of our monetary system"
The Secretary points out that the In
crcasing rate OF interest charged for
cal nsOney and time money, IN weal an
discounts On commercial bills, indicated
I progressive diminution oS Available
cnxh during the early part Of the year.
To Offset this. distributions 0f $26,-
10000 Of government funds we're made
anaCng several banks. Four days prior
to the Eastern crisis <35yO0O,O0O more
was transferred from tho treasury to
banks. for which State. municipal and
Sailsoad securities acccptshIs to VAIL
en- States were taken ~ collateral. On
Mn. II tn aan ~ e1a0.6S0.2S7O4 va
- dapuait II national bank depusd-
tariss throughout the country. 1T II
I'D that many II or people have
hpar6ed monsy." ~ Secretary states
d ~ vpurt. This = undoubtedly
fSns; hit - havs many Of the banka"
tn repcrt shDws ~ tDtai receipts
u III government from III sources for
- nsraI year snded Juns a.. 1901, %
- eDiA1z3y38o. and the expsnditurss
47a1.zeA.7oa. leaving ! sulpcI1 u &Sa.-
1D66s6 Compared with I106 tn re-
ceipts Increased 4B4y336tl - and To -
psuditnres 325.77i.i71-3I.
The report states the total deht Of
Tho United states To b. Il the Close a
~ fiscal year ~. l57. lSBy O0i~54. againa
ths payment u which ttl~ss n In yar4.
ons forms u rash In the treasury a To
~ credit q the treasury, the sum Of
41,01 kO27. OU6H. There were 6.5s2
hAnking associations In existence Il
the ciose Of the year. With m author
lid capital Of eDO4.404,77A
At ~ ci0ne Of the nscal year, a.
cordlng 10 tbe report, TIE money In cir.
cuiatton amounted to -. . .nDR435. OF
: pr capita Of @32.22 while he psr-
centaeA ~ sold to total circulation
was t11.oA Paper currency waa u.
sud during ths year amountlng d
e0D6,273,O00 and ths reltemptions dur.
Ing ths same pssiod wsrs ebe2veoe.M0.
Ths trs6snsy haldinGD - ia At tn
csose q ~ year 1ooe amoun1ed 4
1ep7.OBl.0g0SA and ~ had Increased
= - - = 1901 = ooDAoD17solA