The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-11-20

ON COAST
tContinued from page one.)

tContinued from page one.)
trust companies in New York have
subsidized, and they are now doing
again their normal business. Money
which was withdrawn and boarded
is finding its way back into the banks,
because the worst of pessimists dis
likes to see his fund idle. In order
however, to overcome the occur
rences of the last thirty days it be-
came absolutely necessary for the
banks, of the United States in all
large cities to come together and
formulate such schemes as would
protect their respective localities,
based on security second to nothing
in the United States.
and this brings me to the matter
of the clearinghouse certificates,
which are now being used in all the
cities on the coast. The public does
not appear to understand what these
really mean. In the first place, they
are absolutely based on deposit in
the clearinghouse of the highest
class A securities, in the shape of
bonds and paper which these banks
possess, and only to a moderate eX-
tent of their resources, because to
put them all in would relieve the
situation too quickly and result in
further expansion.
Paper Money Guaranteed.
aside from this, they are jointly
guaranteed by all the banks in the
association, and the banks in San
Francisco stand as high relatively as
any other banks in the world. Now
then, why. do some people object to
taking them?
1.-The laboring man, the employee,
the clerk is working for a living; If
married., for his family; if single, to
save, or to enjoy himself. The most
he can do is to exchange one thing
for another, and if these certificates,
based on such good security, are
available for him-if married, in the
payment of household bills, ETC., and
if single for such enjoyments as he
may seek-what more can he ask?
He is receiving value the same as If
he had it in gold and it is more con-
venient in the present shape.
"For one, | believe that when this
present furry is over, paper money
will have been found so convenient
that it will circulate to greater eX-
tent than ever before, and ultimately
put us in the same position as the
east, where gold and silver are SIM
ply left for express companies and
government mules to haul about. .
Wellington Gregg, Jr., cashier of
the Croker National bank, says:
Business Grows Normal.
Business conditions are now prac-
tically as they were before the oc-
currences of the last month. The
rebuilding of San Francisco is going
on in the usual manner, due to the
fact that the San Francisco banks
are now furnishing the necessary
funds for contractors to pay off their
men.
st is true that considerable money
has found its way here from the east
during the past few days. Well,
the greater part of that has been for
warded by the banks here to their
correspondents in the interior, for
the purpose of moving crops. Those
crops sent away to the distributing
centers, money will soon begin to
flow in here, and, as a consequence,
business conditions will improve with
great rapidity That should be no.
ticed within a very little while.
Meantime, business conditions in
San Francisco today are as sound
as in any city in the United States. =
I. w. Hillman, Jr., of the Wells
Fargo-Nevada National and Union
Trust companys banks says:
Hillman Optimistic.
1.-The financial situation in San
Francisco seems rapidly to be reach
ing normal conditions. The call by
the governor of the state for a spe-
cial session of the legislature, for the
purposes, among others of extending
the date when taxes shall become de-
linquent and of providing for the de-
posting of city and county funds in
local banks, has removed the fear
that a great amount of money might
be tied up. There is, in my judg-
ment, little doubt that before these
payments are necessary conditions
financially will have so far resumed
their regular state that the payments
will be easily met.
1.-THE action taken yesterday by the
clearing house committee in recon-
mending that the banks receive coin
dppoSitc renewable in coin or Ger.