Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-08-11
EFFORT MADE TO AVOID CALL.
ING ON TREASURY FOR
AID.
COULD NOT HELP MUCH
If ASSISTANCE WAS ASKED
Administration Wishes to Avoid
Necessity Of Bond Issue on Eve Of
Congressional E'sotion-AIdrieh De-
sres to Got Rid Of Per Cent Bonds
Canal Draining Treasury.
Especial Correspondence.

Washington, Aug. 11.-That the
treasury department will go thru with
out any serious embarrassment the de-
mands OF the crop moving season is the
opinion Of the experts who are scan
ming the financial situation closely.
In recent years, especially in the
days of Leslie NJ. Shaw as secretary of
the treasury, it has come to be the reg
ular thing that the treasury would be
pressed to give relief to the money
market in the crop-movng period. Ere
quently, these demands were complied
with.
This year. 1t is the belief of thc-
well informed on the situation that
there will be no drawing on the treas
ury for help. or at most that it will be
very limited. The treasury as mat
ter OF fact is not in shape to do much.
Its working balance is under 100000,
900, and the total balance in the gen.
eral fund is about $4,000 900. About
s4s,0oo.0oo is in national bank deposit
taries.
Avoiding Bond Issue.
Moreover, Secretary Macveagh is
trying as best he can, to manage to get
along without any issue Of bonds or
certificates Of indebtedness before the
election and until congress will equal,
ize the circulation tax as between the
per cents and bonds of higher demon
ination. 1t would be embarrassing to
have to sell bonds with an election in
sight Also, 1t is troublesome pro-
position to try to dispose Of them until
the circulation tax is equalized, lest the
value of the 2 per cents be depressed
1t is the hope of Secretary MacVeagh
to defer any issue Of securities until
well along next winter and until con-
gress has been given another chance
to equalize the tax on circulation based
not suffer.
AIdrich Blocks Move.
Last session. in spite of the wishes Of
Secretary MacVeagh that the cir
culation based on the 2 per
cents would have relatively no
higher tax than that based on bonds
Of higher interest rate, Senator AldricK'
Blocked the way and nothing was done
To some extent this was ascribed to
the feud on between Senator Aldrich
and the head of the treasury depart
ment. the senate leader having no lik-
ing for the democratic secretary. But
aside from this. Senator Adrich wants
the 2 per cents got out Of the way so
they will not interfere with the CEN
trail bank plan and the suggestion has
been made that he would not be unwill-
ing to have It emphasized that they
ought to be got rid OF and bonds Of
higher denomination, suitable for In
vestment purposes. substituted.
Whatever the reason for Senator AL
drich's course. he will be given another
chance to pass the legislation wanted
by the treasury next winter. Then. If
nothing is DONE securities of some
form will have to be issued.
Canal a Heavy Drain.
The drain on the treasury on ac-
count of the Panama canal, 1t is clear
cannot go on many months longer
without an issue of bonds or some form
OF securities. But banking and finan-
cial experts think the issue can be de-
layed until next winter. The total thus
far spent on the canal exceeds s20S-
100000 while bond sales have amount
ed to only about ss7,000.000.
SO far as the removing of the crops
is concerned. it is the belief here that
the banks of the country, which have
their reserves generally speaking in
good shape and plenty Of money on
hand will>-be able to supply the most
of that needed for the various local
tiles.