The Washington herald., 1908-01-20


in the battle OF yellow Tavern, and the
death of Gen. Stuart. innicting blow to
the Confederate cause from which entire
recovery was impossible.
COrteIyou WithhoIds Decision.
1T was supposed that Secretary Cor
telyou would come to some decision when
requested to do so by the Ways and
Means Committee, In December said
Mr. Hallock 1.-The excuse given is that
the House must wait until the Secretary
answers certain inquiries of the Senate
The House Is entitled 20 an immediate
reply because it involves the question
whether the Treasury's real working bal
ance is 100000 or S2470o0,ooo.
"The Secretary's borrowing operations
in November were based upon the as
sumption that the Treasury was practi-
cally bankrupt and required pecuniary
aid. This misconcepton Of its resources
arose from disregard of its bank de
posits ON the ground that they were not
available i'm public payments. II these
deposits were not subject 10 check and
all public moneys in banks had 10 be
drawn out in cash. if at ali, Congress
would have to choose between leaving
the money in the banks or precipitating
another crisis by drawing il out In cash.
Unless these deposits can be checked
against. there Is q Treasury deficit in
stead of a surplus, and Congress must
retrench severely to avoid borrowing.
There is no more vital question than this
before the country. II calls for an early
examination by the Ways and Means
Committee"
Roosevelt Changes Horses.
MT Hanock continued.
"On December :. 1906 President Roose-
Welt. upon reading Secretary Shaw's fifth
and last annual report wrote him:
People tend To forget year by year
that the Secretary of the Treasury stands
between them and business disaster. This
report of yours shows how every year
some crisis has occurred which might
have the most serious effects IL il had
not been met just as you have met it,
After congratulatng Secretary Shaw
upon saving people from business disaster
five times in as many years, the Presi-
dent changed horses. II they had not
been changed would the administration
have been thrown i'm October?
Was Shaw simply lucky. Cortelyou un-
lucky? Anyhow. in the navy. If a battle
ship were wrecked. the captain So com
mand would be relieved. and not put IN
charge OF another vessel without investi-
CATION and satisfactory explanation Of the
mshap.
MI C0gtely0u, according 20 the toast
master of the Hamilton Club, in Brook
lyn. is the lIneaI and worthy successor OF
Alexander Hamilton as the Secretary OF
the Treasury of the United States I'm
| his address on THAI occasion Mr.. Cortel-
you asserted that what Hamilton did in
the Treasury eudures 10 this day Let US
see.
How Hamilton Met situation.
Hamilton was appointed Secretary on
/ September Il. i7a and ON September @
I he wrote his first letter of instructions
90 collectors of customs at Baltimore
Boston. New York. Philadelphia &c
which began as follows
In consequence of arrangements late
I ly taken with tac Bank of North America
philadelphia and the Bank Of New
York, for the accommodation OF the gov
crnmout. j ann 90 inform you that it is
my desire that tHc notes Of those banks
payable either 0u demand or at no longer
period than thirty days after their To.
spocrive dates. should be received in pay
meut Of the duties as equivalent 90 gold
and silver and that they viii be received
as such by the Treasurer of the United
States This measure. beside the iUme-
| dIate accommodation to which it mas
reference. Will facilitate remItauces from
/ the several States without drawing away
[ their specie-au advantage In every view
important
COrteIyOu HAS Free Hand.
What Hamilton did in eleven days
CorteIyou has not done iu ten months
/ though his hand has been as free as
T Hamltou's and lreer than any other
Secretary's since 1916. Ills failure TO act
/ is recorded by himself on page IS of his
annual report. 10 wit:
In pursuance OF the authority con
/ taiued i'm an act of the Congress ap-
proved March Z, 1907. all collectors Of Gus
toms. except those I'm subtreasury cities
I have been instructed 20 deposit their en-
/ tire collections with a national bank de
Z bI@lLdlAB TT lirtt bt one 4t'dlFL ll iiat
same town The advisability OF
I depositiug customs receipts in this man.
ner at subtreasury cities has been uude'
consideration for some time, but no salts
factory conclusion has yet been reached.
CorteIyOu IS. Hamilton.
Secretary Cortelyou not only procras
/ tiuates where Hamilton was prompt aHC
decisive but also does what Hamilton
never did nor would have dreamed Of do
/ ing. Secretary Hamilton kept all public
moneys i'm banks. the total deposits rarely
| exceeding 100000 at any time. secre.
/ tary CorteIyou has Sl201O.ol0 of bank de
/ posits. ike Hamitons subject 10 check
and checked against, but they are AL
outside of subtreasury cities. Tie ha.
twenty times more, S2o010,C00 unlike
Hamiltons. not checked against, though
/ subject 10 check.
con January II, the day Of his Brooklyn
address, New York banks reported a sur
/ plus reserve for the first time since Oct0-
[ Der l9 1t amounted 10 S6.0S40@0 al the
close OF a week i'm which they had r.
turned to the Treasury s.. l5S,o00 of United
/ States deposits, paying the money from
| their reserves. Secretary COrtelyou, II
F thus drawing away their specie de
/ prived them of AN advantage I'm every
/ view important and hindered instead Oi
! helping the restoration of their reserves
/ They succeeded in spite of him.
CorteIyou's Opportunity,
NO Secretary of the Treasury in sixty
years has had a collector deposit Gus
/ toms receipts I'm New York banks, none
i'm forty years has had checks drawn on
! United States deposits in New York banks
/ instead of squeezing cash out of them.
Secretary CorteIyou has the chance OF
lifetime Though amazingly slow in
reaching a conclusion, will he not arrange
/ for dcpositing customs receipts in banks