(rox THE weeK ENDING 11TH OctopEn.)
Tae mail papers just to hand have a rear deal to say about President Roosevelt's effort to bring about the cessation of the coal strike. Now that, however, as we have been. telegraphically informed, the matter has been amicably settled, the scores of leading articles written on the subject are necessarily of less interest than they would have been if the strike had continued up to the present time. The supplementary statement issued by Secretary Shaw in explanation of the steps taken by him to relieve the stringency in the money market has called forth much discussion. Immediate relief was afforded by his announcement that the banks would not be held to the requirement of a 25 per cent reserve against the deposits made by the Treasury on the security given, and that he would continue to place the revenues of the Government from internal taxes in the banks, as they came in, on securities other than the United States bonds heretofore required.
The New York " Evening Post" say:
These rulings have to be looked at in two different aspects, one relating to their legality and the other to their expediency. That they are unwarranted by law seems to be sufficiently plain. The law, which requires a fixed reserve to be held against deposits, makes no exception in respect of government deposits. It is true that these are secured by sufficient collateral, Originally the banks were required to keep the specified reserve against circulation and deposits, both of these liabilities being secured by United States bonds.. Congress sav fit to repeal this Jaw as regards circulation, but did not change it as to deposits. Ibis said that Secretary Sherman, when engaged in refunding the national debt,
Text read from the printed page and cleaned; old type leaves the occasional error.