The semi-weekly messenger., 1908-01-31

WITHOUT neSALdhlOn 10 n4LtOn6A OdIaHs
I'm those cases where the prices offer
ed were 102I or higher and where
the bid appeared to in other
respects to'be made In good faith
and with fun capacity on the
part Of the bidder to execute his con-
tract The amount thus awarded to
national banks was $24.sss.04o.
while the awards OF 2 per cent.
bonds were made primarily to the
the effect of the awards was TO dis
tribute the bonds among banks In
forty of the forty-six states of the
union. The one year certificates were
distributed less widely. but were
taken, however, by institutions in at
least eighteen states"
Concerning the distribution OF pub
lie moneys in banks throughout the
country the secretary says 1t has
ship and no section has received
other than the fair and impartial
consideration to WHICH it Is entitled.
1t is shown that the amount OF public
deposits on August 22nd was about
S11J.o00,0 600 of which the New YORK
banks held $28.253.386. On Decem-
Der 7th the figures shnw public de-
posits throughout the country
amounting 10 s222.362.252. In con-
nection with this statement the re-
port says:
While the banks of the state of
New York appear as holders of public
moneys to the amount Of 26.8 per
cent. Of their capital and surplus, the
banks of the New England, Eastern
and Middle West states. taken as a
Who.e and including New York. show
a percentage of deposits to capital
and surplus Of only a little more than
Is Der cent. The banks of the South
ern, Western and Pacific states on
the other hand show proportion of
nearly Is per cent.
Anticipating the financial wants OF
the immediate future, Secretary Cor
telyou intimates that if new legis-
guardianship over the money mar
ket that has tacitIy arisen, he must
make provision for relieving it by
making deposits in the autumn, the
season when the demand for money
is usually the greatest. For this pur-
pose alone, under the present system,
he considers it expedient to reduce
the present volume of deposits of
public moneys in banks.
The maturing 3 per cent bonds will
also require funds. The depart
ment," says he, lis fully convinced
that the cash balance now on hand IS
not more than adequate to meet all
these requirements, and that no we'll
found ed criticism can lie against its
policy OF increasing the balance tenn
DorariIy by the sale of securities with
the incidental purpose of preventing
grave financial disaster
THE HOUSE.
The nee.1 of an American merch-
ant marine as an auxiliary to the
navy formed the principal topic ,f
Nf ut
atives today during the considera.roG
Of the urgent deficiency appropria-
ton bill.
The bill was still under considera-
ton whzn the house al 5.GZ D. m .
adjourned.
At the outset Of consideration OF
the Urgent Deficiency bin in the
ing $4,000 for the expenses Of the
signal service Of the army of Cuban
pacifcGtion was questioned by Mr..
Clayton, OF Alabama. He inquired 0f
Chairman TaWney what had been the
cost to the United States of its occu-
patton of the island, which ELECTED
the response that IT was about Sd
100000 Further inquiries developed
the fact that there was az this time
in the Cuban treasury about $15,O00.-
900 and Mr.. Clayton wanted to know
why it was now proposed that the
United States government should pay
the bill Mr.. TaWney said he had ad-
dressed a letter to the war depart
ment asking for an explanation.
Notwithstanding the opposition
aroused by the provision it was al
lowed to stand.
Upon the assertion of Mr. Hull,
of Iowa. chairman of the committee
on military affairs, that So great an
appro priatiOn was not needed the
house on his motion reduced to the
extent Of 100000 the proposed ap-
preparation OF s716,O00 for clothing
and camp and garrison eQulppage for
the army.
The one million dollar appropria-
ton for coal for the batt!eship fleet
furnished material for an attack by
Mr.. Littlefeld, of Maine. upon the
legality Of the expenditures. He de-
clared that under the act of 1871,
which he said was still in force, the
coal which had been shipped in for
eign bottoms should have L~en seized
and sold.
"Will the gentleman suggest how
this administration can carry out It's
policies without violating the law"
inquired Mr.. Fitzgerald, of AR. Little
field.
THAT is q thing that is not up -
me-" replied Mr.. Littlefeld. who then
launched upon A plea for an Ameri-
can merchant marine. The govern
ment. he said. at the cost of many
millions had created naval fleet and
vet that 1eet wa: without power
to support itself except within the
radius Of its operations.
An assertion by Mr.. Littlef3eiI, /,
that = DISTINGUISHED democratic SEN
ator had talked the ship subsidy Hlll
to death" prompted q query by Mr..
Fitzgerald as to why the republicans
who had been in unirteTrupted
power for eleven years had failed to
remedy the condition.
The real purpose of sending the
! t1eet to the Pacific was questioned D.
/ Mr.. Johnson. of South Carolina, who
said that whatever the object, II
caused q million do}L.r denciency an
would carse other deficiencies lie
attacked the purchase of coal lan1s
: IN Tho pbi1innires and declared thai
! .'4cncboAy got the money and we so'
a gold brick" The people he insist