The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1906-03-27

cional. AFTER telling how he got AM
used money from Iynicka was askL!
this questions.
Did you think it right 10 DO his
with tha county.S lnoney2"
Yes [ did h answered IF the
banks had not thus been favored il
would stop the wheels 81 commerce.
The act Of locking UP $2,5oo.o00 in
the county treasury would have stop
ped business completely. There
would have been no money ia circus
Iat.ou."
- with the city Bank officers.
They wanted money to help business
GaueralIy. Mr.. Hepburn writes that
jhc bank had 4 Ill ef the approach
ing sal Of tho Union Pacific Railroad
10y tie United States government. and
I'm furtlcrancc of your (thc ScCrc-
tary's) desire to prevent any strin-
gcucE in the money market he
You'd be Obliged for Il suggestion
from You as to the amount of bonds
which it would BE good Judgment for
us 10 acquire ut the present time,
this move on our art being quite as
much to the public interest as it IS To
our oMu interest as bankers And
also lie hopes that a considerable
portion Of these funds viii be left
with the banks for q sufficient length
of time to afford 4 reasonable profit.
Mr.. Gage replied that he was going
to turn over all the money to the CITY
Bank and let them distribute it 70
others. That was the order that
prompted MIR. StilIman to write tho
almost glceful letter in which he re-
fcrred to the bankers experience"
which enabled Mr. Gage to appreciate
"Our position
a busy period follows while the
money IS pouring ii or James Still
man. 1t looked for 4 moment as if
he might miss ~$I.000,000. but he
wires and gets that also. Then comes
the dreadful process Of giving up
that money Mr. Stillman says he
and MIR. Morgan wan it to stay i'll the
Street. After the needs Of the
government are supplicd-Which. or
course, are paramount to all other
considerations is, i'm the opinion
of leading ~fnancicrs, very desirable
that as much of the Union Pacinc
money be left il bank here where it
Will be available for commercial uses,
as is possible" Mr.. Gage made a
satisfactory arrangement. What he
took, he took slowly. and Mr., Hep
burn writes that he likes ITO have 1t
Withdrawn in this quiet way. We
deem il important for the interests
of the whole country that the New
York banks. in their aggregate state
mcnt through the Clearing House,
which is made once q week and tolc-
3raphed all over the country. show
up as strongly as possible in the
point of lcservc. & = = We very much
hope 0 will see your way clear 10
leave the remainder Of the Union
Pacific deposit with rs until July"
And Mr.. Gage says hc Will give due
notice before taking AVA any more. !
War loans came next. and a. Is
Hepburn notes With pleasure What
you (Gagc) says with reference To-
additional deposits during the week.
he speaks OF active money: and
trouble comes. Nh. Gage buys some !
bonds Just III time.
within the last few days writes !
Mr.. sstillman. there has beer a grow |
ing unca>incss as it became moro anG
more difficult TO borrow money upon
time. This uneasincss was caused
in 4 large measure by an impression
which has beer somehow created i
that the present administration would
not relieve the money market. Now
that it is known what tho policy Of |
the administration is. confidence ha:-
ben restored. " 9 T The only adverse
criticisms / have heard have been
on the part of the money lenders /,
dealing i'm comparatively small
amounts, who a see nothing be-
You'd getting high rates of interest
Tor themselves. Among tho promi-
ncnt men whom | have. met today
approval Is Unstintcd. and Mcssrs.
Morgan q Company especially have
asked me to convey to you their ap-
probation of your action"
- 1t goes on for page after page.
getting money into the bank. defer
rms payments out. and Nr. Gage was
: .W'ys as "hligins as lie could be.
ma IL WAS most Of IL ordinary. pran-
G" business; but it I'll goes 10 show
caGcinoSs for public money which
might make sharp bidding among fn.