OCR Text |
Show !No Canse tor UueaMincss. Now Y'ork, 13. Secretary Sher man has written lue louowmg letter to Assistant Treasurer Hillbouse: Sir: I have read a number of letters let-ters from bankers and dealers in government gov-ernment securities, expressing apprehension appre-hension that tnis department will call upon all national bank depositaries for very large sums to meet calls of G por cent, bonds maturing in April and May, in advance of their actual payment, thus producing at a busy season of the year tho hoarding ol money in the treasury in advance of its need fur eucb payment. Fear is expressed that eucb hoarding will interfere in-terfere with tho current buaineBa ol the country, and I am appealed to to relieve the public Irom this apprehension. appre-hension. It ia not the purpose ol the department to call money deposited de-posited with public depositaries into the treasury, except aa needed for the payment of called bonds. The great body of the bonds is now in possession ot government, and their payment wdl be made by eitnple credit. Tho apprehension, therefore, ia in a great measure, groundless, but you may give an assurance to all interested that the proceeds of 4 per cent, bonds will not be called into tho treasury until necea aary to make paycnentol called bonds, aud that tho business will be so con ducted aa not unnecessarily to interfere inter-fere with the money market. As a public t'fhcer I cannot waive the right and duty to judge of the time and amount of money to be drawn; but government is interested with all citizens in completing the refunding operations by making tbo exchange1 of 4 per cent, bonde for G pur cent?. 1 itb as little disturbance as pouaible. |