The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-10-10
MONEY EXPECTED
TO Be PLENTIFUL
Optimistic View fer the Winter
Taken by Treasury De.
partmept Officials.
NOT ONE SIGN OF PANIC
ALL DANGER MARkS THAT WERE
PREVALENT UUNRc THE EAR.
~ GUNNER MoNTHs HAVE
NOW FADED AWAY.
~ SIDNEY Espev.

NOW FADED AWAY.
~ SIDNEY espEv.
Washington. Oct. 10.--According to
an optimistic view Of federal treasury
ohicials. money will be plentiful
throughout the coming winter months.
Although no particular person In the
big financial department of the gov.
eminent wished to ga on record as
saying that there will not be tight
ness" In the money market. II is pre-
dictef that the country will be fairly
prosperous and without the slightest
indication OF b panic. Secretary Mac
Veagh No well as his assistant secre-
taries are keeping a hand on the pub
lie pulse OF the nations financial and
business hfe, and are circumventing
any slanting move that might por-
tend financial depression. All danger
marks that were prevalent during the
early part Of the summer months.
they declare have faded away until
today all evidences that even slight
tremor Of calamity exists have disap-
peared ~ NJ
When large banks in the reserve
cities--New York, Chicago and st.
Louis saw that a financial panic was
on its way and was liable to engulf
the country early In the summer. they
knew that no help could be expected
from. the treasury department. such
90 was extended several years ago.
The working balance Of the depart
ment 10 too low, hundreds Of millions
Of dollars of bonds are outstanding
and largo drains for public improv-
ments made II imperative upon the
federal government to keep a tight
hand on It's cash drawers.
Geld Was Piled Up.
Consequently the banks generally.
throughout the country. prepared for
what seemed TO be the inevitable.
Gold has been piled up. reserves
strengthened. risky loans cut down
and bonds and other securities which
might not be easy to sell quickly have
turned into money and held In vaults.
Recently large shipments Of money
have been sent from those reserve cit
les to smaller benks. thereby fore
stalling any r6sifble 'panicky" move.
ment which might crop up unexpect-
eddy. or nipping incipient money strin-
gency that might follow wild trading
on the Chicago and New York boards
Of trade and stock exchange.
From reports received by experts Of
the treasury department. information
has been obtained that money 10 very
plentiful'in England. and on the cont.
nent Of Europe. In this country stat
istics prepared by the. department OF
agriculture show that nearly every
crop 10 . bumper" Corn set a new
record. 90 we'll as some Of the other
staple grains. Four hfths Of the corn
crop has been gathered. so chances
Of loss from frost are small. The oat
CROP 10 the greatest In years. while
the cotton crop will be 100000 bales
greater this year than last In every
way possible optimists point out that
. money panic or stringency 10 u long
way or Hhs'
Other REPORTS that have tended to
substantiatc the opinion held by the
treasury exrerts 10 the Unusually pros
porous condition Of the commercial
and Industrial business concerns of
the country
Europe 10 To Sell.
From estimates received Il IL point.
ed ont that within the next few weeks
Investors all over the country will re-
ceive nearly st70. 1000. GOA In dividend
checks, Europe will be selling mater.
that II did year ago. hence the de-
duction that Europeans will owe Am.
erica money. or in other words. the
balance Of trade will be In favor OF
this country Bars of gold will be
SHIPPED to this country from abroad
TO make up this balance. They will
be stored in the mints and subtreasu.
Yies Of the United States and these
certificates issued and placed in cir.
culation. Thus many millions OF dol.
lars Will be placed In circulation. The
equalization OF Panama bonds and the
Issuance Of PAiMrpine bonds will add
. great many more dollars to the cir.
culation.
Thus bankers all over the country
have become imbued with optimistic
opinions Of the treasury oficials and
freely place loans on good security.
Three years ago when q money
panic prevailed in this country and
Anally spread throughout Europe. ev.
cry investor and each individual felt
the strain OF tight money" At that
time the treasury Of the United States
was In . very healthy condition and
prompt measures were taken to re
Hove the acute situation. Today. II
such . situation should arise. the
treasury department could not do d
thing to relieve the conditions. The
terse reason givcn for this 10 because
Il hasn't got the money" The ex
penss Of digging the Panama canal
separates Uncle SAM from $4,000. 0Ot
10 9l.0O0.00 . month. and 10 thus q
great drain on the amount Of national
ready cash. --y
At the beginning Of operations on
the canal Il was Intended to build the
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