Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1907-11-09

there, except in drafts, checks,
or clearing house certificates; in
other words, the New York
banks told the Chicago banks
that they could not have the ac-
tual money which they had on
deposit there, but they could
have the evidence of the money
in either of three forms mention
ed. On Saturday the Chicago
Clearing House Association met
to determine what should be
done in the matter. They found
themselves in the position of be-
ing called upon to furnish the
money they had belonging to
other banks but not being able
to get their own money which
they had on deposit in the New
York banks. Under this condi-
ton of affairs it would only be a
question of a short time when
the money in the Chicago banks.
would be taken out, and none
coming in to replace it. The Chi
cago banks, therefore, Saturday
night determined to adopt the
policy of the New York banks
and suspend the cash payments
This passed on the trouble to
the banks in cities like Des
Moines which carry balance in
the Chicago banks. They in turn
found themselves in the Situa-
tion of being unable to call in the
money which belonged to them
in the Chicago banks, and unless
they took measure to protect the
cash they had in their own vaults
at that time it would soon be
paid out and none coming in to
replace it. On Monday, there
fore, the Des Moines clearing
house adopted the same policy
and notified the people of the
state that no money would be
sent out but that drafts and
checks would be issued as here
tofore. This passes the trouble
on to the country banker; he has
cash IN the Des Moines banks
but on the adoption of this reso-
luton by the clearing house can
not get it; he may have $50, 900 in
one of the Des Moines banks but
is not able to draw cent of it,
Unless the country bank hap
pens to have in it's safe enough
cash to meet the needs of it's
customers for the present week
and possibly longer the custom
ers will find themselves in the
same position as the banks
they will have the money depos-
tied but they cannot draw it out.
The foregoing is plain state
ment of the actual situation. The
question that will arise in the
minds of our readers is, What
am / going to do about it? Our
answer to this question is, You
should do nothing about in. Just
go right ahead and attend to
business the same as usual Do
not go to your banker and draw
out your money. This is the
worst possible thing that could
be done. Don't get excited; it
will not help matters a bit.
Simply go right along in the
usual way until this furry blows
over
1t is of the utmost Importance
that every farmer in the west |
keep level-headed and avoid Civ
ing way to panic or melting panic |
in others. The agricultural peo-
pie were never in better shape
than now. They owe less and !
have more money in the banks. |
So far as we know the banks
we're never in better shape. The |
world needs everything that is
produced on the western farm,
and will have to pay a good price
for it. The soil remains, the |
climate remains, the means of
transportation remain, the worlds |
wants in the way of grain and
meats remain, and the farmer |
has the wherewithal to supply |
them.
Untold disaster will certainly |
result if farmers and business
men who have deposits in the
bank make grab for them and
hide them away or put them in
old stockings. The thing to do
is to transact all your business
checks until this furry
is over If you owe anybody and
have money in the bank, give him
your check. If he wants to pay
someone else part of it, let him
deposit it in the bank and pay
NTH his ohoclx WQ rQa11u do NOT |