New-York tribune., 1908-12-10
CURRENCY LEGISLATION.

CI RtSENC1 l&h(II6l4AIlON.
Regarding currency legislation the Secretary gays:
The Monetary Commission created by the Con
gress its last session has presented TO il
great opportunity for public service The scope Of
It's authority il apparently equal the wide
range Of subjects Juat must be considered # the
be adequately met. The necessity has long ex-
listed and during the last year has been espe-
cla-l! apparent Ior greater ne1ollJy IN our CIR
. CuaIing medium for better apporuonnent OF
caIly adjusted redemption facilities. and for the
adoption Of other elements which shall bring
Try To soUrGness must be added greater effective
yess Tbere should be no hostility between IN.
banker ard mis- customers and 10 assure this, heed
must be paid TO just demands that are now made
by the merchant. the farmer and the mechanic, by
workers ia al lines OF activity outside OF the bust
ness cf barking
The increase in our population, the development
Of Industry both national ana international pre- pre-
he-tt l-oD-el4-S M-lI- -" So-F lu ~ q tts-
though IN many ways well adapted 10 our require
oeeL was e. Pt i1 ~ ne & 7 "a nS SI IS or OK
TEN, CT the ultimate esta blishnent, if il
Of poes on the one 20 hand and the Control Of
great moneyed interests on the other Of a central
Institution Of issue and control
What Is essentially q question Of finance is en-
bodied in the proposition establish postal saw
ings banks u i IS deciced 10 esJa?lsh such a a
system. the conditions under which Il Is put IN
Tbe resent currency measure has served useful
purpose and viii he available until the recomnen-
daIions of the commission can he considered and
acted upon But We have had unfortunate expe-
rlences in our past financial disturbances and.
though their recurrence al this time appear
he satisfied with what IS essentially a temporary
49, ~ --sz-5-,s 80, SC7f-fo-s 80 .l9icr a,-e ob+ai,,a5
~ "a v3-hfr me IssT +zte7,-rr,ST,-f1 eTc(-~sgE
renewed activity in ali fields OF ENTERPRISE we
si6ered- comprehensive and thorougheong currency
iegislation which shall not only meet the normal
of our population. well facilitate foreign
gSately resnond 10 those extraordnary demands
which manifest themselves at such seasons as the
mo- ing nd = 10 anne +fv7a 10
effective IN sudden crises which no financial sys-
TEN, however strong. can wholly avert.
THE TREASURY IN THE PANIC.
The Treasury was called upon Mr.. Cortelvou
says n the latter part Of October. 1907 render
assistance IN the financial panic. which started IN
New York City and gradually extended over the
entire country. Through Treasury operations IN
this disturbance the amount OF public deposits
with the banks reached SZ36. 32I November 3D.
1907. and on December 2. 1907, the maximum Of
S25s go 81 was attained after which II decreased
70 sZ5s g20l54 by the close % the month Further
Withdrawals decreased this amount 10 Slls37e, ,536
on November IS. 1875 AT the beginning OF the
present fiscal year there freer circulation Of
money and large amounts were returned the
financial centres. and some OF the depositaries
voluntarily returned the Treasury q part OF
their holdings OF public deposits, amounting in all
70 approximately s. cpo.0O0 A further withdra wal
York City, made IN January amounted S. s5o. 600
making she balance IL the banks 10 the credit Of
the general fund the end Of January 3236 zl 4lG
Further voluntary surrenders OF deposits made
during February. and June 30 the general fund
had been reduced TO s1zs. 600 900.
The Secretary devotes considerable space 10 the
question OF economical adjustment Of disburse-
Tnent 10 current receipts and the classification OF
both receipts and disbursements IN such a way as
10 facilitate such adjustment He says:
The rapid growth of net receipts and net dis
burssnents intervals OF ten years since the low
est point after the civil War IS Indicated by the
following figures