Salt Lake Telegram | 1902-02-05 | Page 1 | Shaw Says Deposit the Nation's Surplus Funds

SHAW SAYS DEPOSIT THE I NATIONS NATION'S SURPLUS FUNDS I I i New Secretary's First Communication on Financial Legislation Sent to Congressman Sulzer WASHINGTON Feb Secretary S.-Secretary thaws thaw's first communication on OR on financial legislation Is contained In a l letter etter to tor tor Sulzer of New York Representative r concerning the latter's tatters bill to deposit at Interest in national national na na- na- na Government funds Oi banks throughout the the country r. r The he letter says awaiting my arrival ar ar- ar- ar my roy desk I 1 find on i of January re referring re- re rival Ival your letter resolution 12 4 tb joint errIng ferring 4 House information as to the and asking ng which the Government Government Government Govern Govern- Govern Govern- amount of Interest have realized had the proposed proposed proposed pro pro- ment would adopted as a p part rt of posed law been I the national banking law If It the surplus money in excess of i fifty millions working millions capital had be been n cities in in house deposited the relative capital ot of proportion to ith J each rh bank Dank therein therein with no other se- se than a prior lien upon the banks' banks as assets the Government would have and if the Government had realized 2 j er cent upon the funds s so o deposited it uld have received 02 12 2 Aided in this way the banks referred to would have been able to In Increase Increase Increase In- In crease credit accommodations to the people in the sum of or This computation was waR made at the Instance of my predecessor one year rear ago and was based upon quarterly rather than daily balances I I think some provision for the rte lie I posit of or surplus funds belonging to the I United States Government with national nation nation- a al banks upon security other than GOI GotI Government Got Gov I bonds would be wise though I doubt the limitations ns as to the amount of capital and surplus contained in the bill I also question the wisdom of or mandatory provisions of law On th the contrary I think there should hould generally generally gener genet ally be a fair latitude of discretion Authority Au Au- to act in a given ghen line is generally generally generally gener gener- ally sufficient