The Owosso times. (Owosso, Mich.) 1897-1926, 1908-02-07
e x e Gu TIV e
Submarines to the Pacific.

The navy department has announced
the first step in an experiment designed
to demonstrate the utility Of subma-
rines in naval warfare by transporting
to the Pacific two Of the smaller type
Of submarines on GOLFERS SO as to join
the feet there. II that Is successful.
the larger submarines will be handled
in the same way. The Shark and the
Porpoise have been selected for the
test. They will be lifted by floating
cranes at the New York navy yard to
positions on the decks Of the big COL
liers and there will be made fast.
Taft's Philippine Report.
That the duty on sugar and tobacco
be removed Is again recommended in
the report Of Secretary Of War Taft on
the Philippine Islands. This course, he
says, is necessary in order to have
these industries attain their former
prosperous condition, and he believes
that the removal of the duty would
not injure any American interest nor
affect the prices of sugar and tobacco
in this country. He also urges con-
gress to remove the present restric-
lions on the acquisition of mining
claims, to authorize the insular gov
eminent to conduct an agricultural
bank and that our coastwise laws be
made inapplicable to trade between
United States and Philippine ports.
The president concurs in the Taft rec
concentrations and gives especial
praise to Governor Smith and his as
sociates for their conduct of affairs in
the Philippines.
CorteIyou's Panic Report.
The secretary of the treasury trans
mitted to the senate detailed data con-
corning his official acts in connection
with the recent financial stringency
and at the same time gave out an eX-
haustive defense of his administration
printed in pamphlet form. This print
ed report was a complete review of the
nations finances during the closing
months of 1907, giving list of the de
positors and the amount OF money
placed therein ut various dates; list
of other banks, with the amounts Of
national deposits and the securities
held therefor; lists OF banks and indi-
viduals who received Panama canal
bonds and of those who received ) per
cent certificates of indebtedness. He
estimates that approximately $296,000,-
000 or one-tenth of the money in cir
culation, disappeared between the sus-
pension of the Knickerbocker Trust
company in August until confidence
was restored in December
The secretary defends the issue OF
bonds and certificates by saying that
it was advisable to take some strong
and resolute step which would con-
vince the public, both at home and
abroad, that the government was thor
oughly alive to the situation and de-
termined to give its aid in every posi-
BILE legal and proper form. He also de-
tends the allotment to the national
banks. He holds that the issue of
Panama bonds would have been re-
quired in any case within short time
to meet the expenses of constructing
the canal He insists that the distrl-
button Of public money in banks has
been made without regard to partisan
ship and that no section has received
other than the fair and impartial con-
sideration to which it was entitled.
New York's banks hold SOS, 90, 1886 out
of total of $115,000,000 of public de-
posits The total of deposits Dec. Z
amounted 10 500. 352 252. divided
among 1927 banks.