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The Commoner
.
AUGUST, 1913
15
Treasury Aids Crop Movement
A Washington dispatch to the New
York World, under date of August 1,
follows:
Secretary of the Treasury McAdoo
took action which will cLcckmate any
attempt made by New York bankers,
in their fight on the currency bill, to
tighten up on loans when farmers
and commission men need money to
move their crops.
He ordered transferred frjm the
treasury vaults to the national banks
in the south and west from $25,000,
000 to $50,000,000 of the $500,000,
000 emergency currency to facilitate
the movement of crops. This step
is taken under tht Aldrich-Vreeland
emergency currency law.
The secretary further made the two
per cent government bonds, which
he has charged the New York bank
ers with forcing down in price, good
as security for this emergency cur
rency. Ho has directed that the two
per cent bonds be accepted as secure
ity at par.
He believes this will tend to force
the price of the bonds up. and offset
the bear movement which drove them
down to 95. State and municipal
bonds and prime commercial paper
will also be accepted .as security, the
latter, it is said, for the first time in
the history of the government.
The secretary took the precaution
to prevent banks from withdrawing
from circulation all of their national
bank currency secured hy the two per
cent government bonds by ordering
that no bank which had not taken
out at least forty per cent of its au
thorized circulation should receive
any deposits of this emergency circu
lation. This statement was issued
from the department:
f r a PeP9ited n Centres ,
Secretary McAdoo announced that
to facilitate the movement and mar
keting of the unusually large crops
which are now beginning to be har
vested, he has determined to transfer
from the treasury to the national'
banks in the west and south, where
such funds can be mott advantage
ously employed for this purpose, from
$25,000,000 to $50,000,000.-
"The secretary said that it is not
practicable to. scatter these funds by
depositing them in the smaller cities,
especially in view of the character of
securities which must be required for
these special deposits. Therefore, the
fund3 will be placed with the national
banks in the two or three principal
cities in each of the- states where
harvesting is in progress, and where
the demands for funds for moving
crops can most conveniently be ac
commodated. "The secretary will require the
banks to return the money to the pub.
lie treasury when the crops shall
have been moved The present sug
gestion is that fifteen per cent be
repaid in December, thirty per cent in
January, thirty per ent in February
and twenty-five per cent in March
next.
"In order to make these special
deposits available to the banks on se
curities readily within their reach,
the secretary will accept as security
prime commercial paper in addition
to government and high- class state,
municipal and other bonds.
"The commercial pa2r submitted
shall .first be passed tpon and ap
proved by the clearing Louse com
mittees of the cities in which the
banks offering such paper may Tie
located. All commercial paper and
bondB must finally be passed upon
and accepted by the secretary.
Bonds at Par
"As security for such deposits gov
eminent bonds will be accepted at
par, .other bond,, at seventy-five per
cent of their market value and .ap
proved commercial pa.ier at sixty-five
per cent of its face value.
"The government will charge in
terest at the rate of two por cent per
aunum on these deposits The names
of the banks w th whom the funds
will be deposited, and other details
of the arrangement, will be an
nounced later. Steps are now being
taken to carry out the plan so that
the funds may be nrompll? .available
for the movement of the crops.
"Deposits will be made with those
banks only which hnve taken out at
least forty per cent of their autho
rized circulati u."
This policy is directly opposed to
that adopted by former Secretary of
the Treasury MacVeagh, who 'a year
ago declined to make government de
posits to relieve the tight money
market on the ground that the mod
erate surplus federal funds at that
time should be held as a reserve to
be utilized at some possible, critical
stage.
With the net balance in the gen
eral fund today amounting to nearly
$132,000,000, Secretary McAdoo has.
taken the stand that tho government
should anticipate the situation by
placing deposits where and at tho
time'they are needed.
If the full $50,000,000 is deposit
ed this step will temporarily nearly
double the government's deposits
with the banks, which t the present
titne hold $58,000,000 of federal
funds.
1 ammmmmmmmmmmmmmammmmmmm9
I
ABOUT SPENDING A VACATION
On the day that President Wilson
brings about peace between the
eastern railroads and their employes,
thereby preventing a demoralization
of business that wouJd have injuri
ously affected 40,000,000 poople, ah
uproar is made because a member of
the cabinet chooses to spend his vaca
tion on the lecture platform instead
of fishing,
Happy is the administration
against which no more serious criti
cism can bo made!
Secretary Bryan has a right to lec
ture instead of going fishing, if lec
turing Ib more agreeable, so long as
he does not neglect his duties as sec
retary of state. Before he Is criti
cised for neglect of duty, it should
be ascertained that he is guilty. No
one thinks of criticising President
Wilson for spending a few weeks in
New Hampshire. Ho is able to
direct the affairs of his ofllc,e with
out being chained to his desk. The
same thing is true of every cabinet
officer.
Mr. Bryan's private life and affairs
are more frankly discussed than
those of any other public man. The
public appears to know exactly what
he makes, how he makes it, how he
spends it, what he eats and drinks,
and how .much money ho has laid up.
Very few men could lay bare their
lives as Mr. Bryan has done. It is to
his credit that he has earned his
money honestly and that he has lived
cleanly. His means of support is
visible, and any one who cares to
scrutinize his methods has plenty of
opportunity to do' so.'
The political opponents of Mr.
Bryan do not show much shrewdness
in trying to make capital out of his
personal affairs. He might turn upon
some? of them and ask: "What is
your own means of support? Is it
visible, or Invisible?"
If it should occur that affairs at
the state department go wrong be
cause of Mr. Bryan's absence, there
would be some justification for criti
cising him. -But if he keeps the pub
lie business "paramount, and looks
after it diligently, as he. has done
thus far, it is nobody's business how
he spends his vacation. Most people
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during the. premium
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2. No other Ameri
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4. The Postal's optional premium privi-
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POSTAL LTPE
BUILDING
i ' aw mmmmmgmmmmt
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Tho Commoner for August.
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2. Your Occupation.
3. Tke Exact Date Year Birth.
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the Postal Life employs no agents.
Postal Life
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WM. R. MALONE, PreeMeat
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Third: Standard potttv
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Fifth: Ulpk mtdtcal
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Sixth: Polityholdtri'
lltaUK Dwtau provides on
fr ditl aamlaatfoa
Mh xw. It dwJred.
' ii i
would prefer Ashing to lecturing, but
Mr. Bryan is entitled to have a good
time In his own way. If lecturing
at a good profit is his way of Keeping
happy and cool during tho dog days,
.who has a right to say that ho ought
to go a-fishing? Washington Post.
THE CRITICS OP MK. BRYAN
Editor The Commoner: Referring
to tho criticism of Mr. Bryan in re
gard to his spending his vacation ori
the lecture platform, T would suggest
that this furore of indignation is due
to a fear, that he may disseminate
true democratic doctrines and pro
mote progressive ideas. If Mr.
Bryan had followed tho examples of
some other high government officials
of previous administrations, and
requisitioned an American man of
war, and loaded it with expensive
food and wines, and filled it with a
party of fashionable ladles and
gentlemen, and gone on a pleasure
junket at a cost of $100,000 or so to
the government, theso republican
and radical critics would doubtless
have had no adverse criticism to
make.
JAMES W. POWERS,
' Gainesville, Texas.
I
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