Show THANKfUL FOR 0 GREAT RICHES Uncle Sams Granaries Are Full Fulland Fullan an and the a Treasury Is s Bursting With Gold NO OCCASION F R ALARM SITUATION SIZED SECRE SECRETARY E EE E TARY SHAW Washington D Dec c 31 There is no noi noa i a lon for alarm Our ur anxiety need I lr lest we fail CaU In properly t to Earner Farner store transport and meet our multiplied r Let t every man he of If good cheer and try to be conserva in overy everything thing except thankful thank ul 11 55 Shaw thus concludes R a re Iun or of the tho years financial rec record d tit hi h he buys has prepared in ref re f to multiplied requests In round numbers he places the receipts for the ther r year of 1900 at and hn he expenditures at or an excess or of receipts ov ovar r of As there hu has been no change Ju in the tariff laws or the laws las relating to 10 Internal revenue Secretary p Shaw large increase a In receipts is dup clue solely to the extraordinary trade The total eXI expenditures how hOl howver hOlyer yer ver for tor 1906 1006 ns as compared with H 1905 O Oj j hr sn says s shows a decrease of only Surplus of nl the f finances or of the gO gov c for the six months of the pres cut lit fiscal year ear just closed the tho t n ry sn says s the tho books or of the treasury how surplus r receipts of er expenditures f as with a do fl it or of for tor t the l of th the J previous r lou fi C I year The Th TheR R 1 h In the treasury Is a as wIth a year ago agot go got t t n increase of T he cash n nn n bank banI depositaries If is as compared d with a year Tito nn an increase of oC an and the cash in the general fund fun Is ns as against 24 a year pear go o Against this cash there are arc s at the present time of gren greater tor than at A t th the same time last par The available ca cash h has hasIn In during the year Bonds Can Be Paid With the general fund standing ait t Secretary Shaw remarks that the bonds maturing July 1 1007 be paM paid if Ie it shall shaH b be deemed wIse aria sun still leave a working balance of than If the owners would accept the money iOne he says the bonds could be paid now but hu he whether an aner er lo number or of the holders accept payment at this time uin be bera ra rause u the they are of th the class who cure cur fr f r little else than certainty or of exemption from taxation Puring the last months the I continues the money in Inac ac t f tu U exclusive of the amount in the treasury vaults has in increased increased creased more than or Of this Increase Is available for bank reserve and Is in na national national bank bauk tn This he heays says ays seems to be a complete lete answer t the criticism that the Independent treasury system necessarily ly results la in contraction when money Js is most needed Prosperity to Blame lie He maintains therefore that th the ex exIsting existing money stringency worldwide jn in its extent Is traceable iii hi nii 11 respect in no degree to the tho treasury system of i the tho United Unite States He Hc sa says s the manifest maniff st and admitted shortage has been by b the c dented prosperity In this country and reasonable prosperity everywhere The people of the United States lie he de declares declares clares consume per capita more food more clothing more or of everything than any other people In the world and when prosperous prosperous they P import very largely he assorts asserts naturally encourages industry and unusual business activity calls for an amount ot of actual money and of credits on actual money As to th the currency system reform suggested Secretary Shaw says that In his judgment It permits adequate ex expansion expansion but that its weakness is its failure to produce contraction The volume or of money lie ho contends does doos not respond to the volume of our business The annual increase he adds may be sufficient but there Is no annual con contraction traction during the dull summer months Only the unthinking and iU ill advised he says charge the admIt admItted admitted ted stringency enlY solely or largely to stock and bond speculation Real Estate Speculation I Just now speculation In real estate estate is at t and the opinion Is expressed ex pressed d that yel very Y likely as muck much money is tied up in options and margins in real estate as In options and margins marginson on stocks and bonds It Is Idle to complain of the inevitable ble h he continues The spirit of spec pec speculation is among us and like the drink habit those most addicted are arl frequently fre loudest in denunciation It ill becomes the raal estate speculator to decry cv every ry oUr other manifestation of de desire e sire to get rich quick ThO epithet black bandied h between tween pot and tie Is never nev r In instructive and just now It i is not even entertaining Tine effect of the present car shortage on the money market Is also aHu alluded ed to The says saysA A larger crop of cotton than usual and nn an yield of cereals fruits anti and every evory other agricultural product has filled granaries and ware warehouses warehouses houses to overflowing and con congested ested ovel every important railway A few years ago ngo the freight cars of the country U av averaged forty miles v a day but owing to th the present congested on ested condition and in nt facilities axed and fac factory factory tory dings they now mo move c only five miles a da day p This del delayed freight Is owned b by some one and some cues S money Is thus tied up Cooper Cooperation tion I Impossible ble Cooperation between the Uie commercial banks of the c the secretary says to be impossible because the Sherman antitrust law forbids It In In stet L he S 5 we institutions in engaged In commercial banking each no a law unto itself as 35 long as it dots do s not violate stat statutory statutory requirements with respect to In investments vestments and re reserve ne As a natural and unavoidable ble result no combined effort Is In ummer to pro PlO provide vide ample re reserve for the strain inevitable In evitable on the business ac jn to the fall and wInter months Under our present system the only possible contraction during tIle the sum summer vier mer and th the only ly provision i n for the fall faU fallis Is effected by the secretary of the trens treas treasury ury withdrawing government deposits from the when th these se funds arc not needed neede and restoring them to the channels of trade as the needs of busi business business ness require By keeping a taut rein wild speculation ma may be prevented and andin andin in most instances a resultant crash averted Unfortunately the banks are not the I only nor the principal sufferers from contagious financial diseases Goner Gener Generally ally they h are protect themselves for or a l theIr loans Joans have been well made the they have only to refuse additional ac commo and await results If a crash should come from whatever cause factories wm will close their doors the weekly pa payroll roll will cease and the peo people people least responsible for conditions will willbe willbe be the ones this lesson of self reliance will fan fall with saddest effect In conclusion n Secretary Shaw says Praise for Clevel Cleveland nd It is urged against the tho present pol polley policy icy ley that it places too power and authority in one man It does docs not place power and at thorit with one man The responsibility rests with an administration A ruins any administration For years ears the name of a very worthy president a aman aman man with hl high h ideals and lofty patriot patriotism ism was well nigh a reproach because his administration was accompanied with widespread pread financial disaster If Ifan Ifan an administration is to be held r SiOn sible for the financial health of the peo pl pre the medicine ine chest and the sur surgeons goons geons kit sh should uld not be o sunk in the sea HAll All authority is subject to abuse No voice was raised against the Tate rate bill because it permits one man main through an Interstate commerce rp re removable movable at pleasure md and appointive in vacatiOn at will to fix arbitrarily it if ithe he pleases please sUbject to 1 o as yet et undetermined mined jurisdiction b by t the he courts th the freight rate of cry 1 product i of people It I Is pr it ii is i t a president not to but to t Ji perty mar hn made him will co o aCQuit hinr if within 11 his S Dower at tn t hl 11 choice or of that par parLy ando and people who elected him our om rs r q ant ent system is f Uve t the tho assumption that one can bo be sub suo suoI that ouM be perfect i I what violent |