The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-10-29
Treasury Fund Available for
Gotham Banks, But Aid
is Not Required.
PRAISEFORCORTELYOU SWORK
Only Financiers Who Worked With
Him Know Value of His Labor
Will Stay in Washington.

Washington. D. c.. Oct 2s.-silence
eloquent of satisfaction with the nnan-
cial situation was the golden rule at the
treasury department today. 1t was be-
lieved when Secretary COrtelyou re-
turned to Washington from New York
yesterday morning he would return to-
day in order to be on hand to guard
the public credit
But the secretary, it appears, is so
confident over the situation that he does
not intend to leave Washington again.
He will remain here for the purpose Of
preparing his annual report to congress
and attending to the routine business
of his department. which is mountain
high as a result OF his absence of more
| than a week
Mr.. Cortelyou declined TO discuss the
situation today, holding that there was
no let up in the improvement in condi-
lions, and consequently nothing for him
to talk about. His reports from New
York today showed the prevalence of
general easiness, and he decided that 1t
was unnecessary to make any further
deposits OF government funds in ma
tional banks.
Praise for COrtelyOu's Work.
Only a few men at the subtreasury
| in New York and the big fnanciers like
Morgan. Stillman, Hepburn, and one or
two others, know how firmly Cortelyou
stood as the guardian of public credit.
For four days and nights he virtually
did without sleep, and he returned to
Washington trifie hollow eyed" as
a result of his experience.
Every moment he was on duty either
In the subetreasury or in his room.
He spent most of the time at the sub
treasury where millions were paid over
the counters IN q space of five or ten
minutes and hurried TO the banks to
meet the demand for cash.
The details of those four days of ten
sion and struggle Will never be told, but
| 1t is known that through 1t all Cortel-
| you sat cool and collected passing on
securities that were accepted for the
! thirty odd millions of deposits he made
in the national repositories.
| Knew Where Every Dollar Went.
The secretary was, of course, in COM
munication with his assistants and with
the men who also were struggling to
prevent a panic. Every dollar he let
pass he knew would maintain legiti-
mate mercantile credit. Not a dollar
was put out to enable speculatfons.
The cry that is sometimes uttered
that the money of people is locked UP
in the treasury can no longer be raised
Today's treasury statement shows that
more than $201. zoo, 900 Of this money
is now in national repositories, being
used in the trade of the country. This
| is the largest amount that ever has
been so deposited and used.
What is known as the working bal
ance" in the treasury is lower that ii
| has been for many years. 1t was little
more than $4,000 GEO today. but this
is not significant. The daily receipts
are almost equal to the expenditures
and there are in the hands Of disburs-
ing agents more than S12,00e.000.
While expenditures SO far this hscaI
| year have exceeded the receipts by
some $11, 5000 there is no apprehens-
ion that any sudden expenditure will
seriously trench on the working bal
ance."