The Washington herald., 1914-08-15

with s42 in 1856, $s.1I in 1859, and SIS.
as late as 1872. Since then the per capt.
IA expenditures went up to SIS In $50.
and then down to 1884 in 1919.
Total expenditures of our government
last year, including those for the postal
service. for the Panama Canal and for
disbursements on the public debt. were
a.0loa2oOO This was at the rate OF
Sl0.B per capita
This country, in addition, more than
any other. has higher government ex-
penditures down through its political
subdivisions Financial statistics for
cities recently published by. the Census
Bureau shows that expenditures in ils
cities. holding over one-fourth OF the
total population. were little less than
for the Federal government
Basis of Cotton settlement.
The voluntary committee to facilitate
the liquidation Of open contracts In the
that for the best interests of the cotton
trade all outstanding contracts should be
consolidated In one position. The COM
mittee. therefore, has requested the mem
bers OF the exchange to obtain the con-
sent of their clients to transfer. all their
contracts TO December delivery at a fair
and equitable difference. Should mem
bers be unable to agree upon terms, the
committee has ogered its services as arbf-
traitors to settle all such disagreement
Under the circumstances, the COMMITTEES
has suggested that all contracts be trans
ferred to December on the basis of the
following differences: September. IS points
discount; October, IS points discount:
November, Is points discount; January,
points premium; February, 10 points
premium; March, 10 points premium;
April, % points premium, and May Is
points premium They recommend that
no commission be charged for such
transfer but that the usual commission
must be charged for closing transactions
The action Of the special committee
seems to meet with the general approval
OF the members Of the exchange and It
is thought that there will be little DIM
Guilty in effecting the transfers. One of
the main reasons for grouping contracts
in December Is to facilitate the settle.
ment Of the large open stra ddle interest
between this market and Liverpool. All
contracts in Liverpool already have been
in January-February.
1t is understood that former Attorney
General Wickersham, acting as counsel
to the Cotton Exchange, has advised that
in cases where II Is impossible to COM
with customers on the Cont
nent who have open accounts IN the New
York market It will be legal for brokers
to take steps in closing these contracts
on an equitable basis. In some quarters
yesterday there seemed TO be an impress
sion that Mr.. WickerSham was OF the
opinion that the Cotton Exchange could
compel the closing Of the foreign strad- |
lie accounts. but IL was officially denied |
hat any such an opinion has been given. |
The disposition Of the straight foreign |
accounts where communication with the |
customer has become impossible on &C
count Of the war, is a question for each |
to deal with independently. A
humber Of these accounts are expected |
% be closed, and owing to the belief |
hat the greater part of them are on /
he short side Of the market II is hoped |
hat the liquidation Of at least part OF
he Pen long cotton may be effected.
CommIttee's Good Work.
Under the Federal reserve act a large
art of the preliminary work In the in
.uguration of the new banking system
ell to the bank organization committee,
which is now being superseded by the
federal Reserve Board itself. In enter
ng upon its labors the board owes much
o this committee, which. during a con-
inuous period Of thirty.two weeks, ad-
ressed itself quietly yet effectively to
he task of putting the elaborate system
nto something like working shape. The
ransfer Of the responsibilities Of putting