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Foster On The Funds

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Philadelphia, Aur. 18. - Secretary of the Treasury Foster arrived Öunday niprht on his way to Cape May Point to see the president. Questioned about the raonetary situation, he said: "I think therc is a marked improvement taking place now in the monetnry situation in the country. This great grain movement is helping 113 wonrlerfully. It. is not only helping ua directly, but it i creatina a feeling of confl denoe which materially assists the improvement. There has been a feeling of uneasiness all around until recently as to the possfbllity of stnngeney In the money marliet, but now a much more nopoful feeling prevaüs in this respr et, and the danger seems to have passed. "I know there is an tmpression abroad that the government is almost without immediate resouroes ín the way of actual money on hand, but this impreasion is wrong. There is, lnoluding the 1100,000.000 of gold reserve, more than 900,000,000. which Is available in case of any emergency. Without the gold reserTe there is nearly 1107,000,000 which could he made readily available. Of this about 53,000,000 is charpredoff asliabilities. which are in fact merely technical ilabilities. In these liabilities there is, for lnstancp. the bank redemptlon fund. which is the funci made up of F per oent. of the banks' circulation, deposited to redeem mutilated currenoy. Then there is also in this sum about 137,000.000 in the treasury. which is plaoed to the credit of the disburslng offloers' accounts, which could be used In case of emergency. Then there il also eontlnuously outstanding checks aggregating 17,000,000. and the money which is now held for them could be made available. Then we also have 16,030,000 post office money. Ol course, this 164,000,000 made up of these items, varíes f rom time to time, but there is practically about where the figures stand all the time, according to tables compiled from tne reoords of a departmqnt for the paat four years. Now, after these technical liabllltles which this 164,000,000 representa are charged off, there is a balance of J68,000,000, agalnst which there is no liabüity, making up $107,000,000, in addition to the gold reserve ot 100,000,0ü0."


Old News
Ann Arbor Register