Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1907-11-06
AS''!;.OI:LUTIONOFFERED
4 Plan Z a For. a sysetsm:ofC Credit
!: CURRENCY :! Outlined. Z ::
4 SERENE ,!Il To.0ByIATE ::PANICS

: ~ = :; ~ 81 :. - -,
A SCHEME 5 III + !. sT0OByIATE PANICS
e; $; .
Permaaeat Relief From the Monetary
strmgencg, Declares, the Chairman
cfsthe,. Banking and Currency Com
Hittsss Of tie House, Can an BE OBJ
tanned. oilysby aphat Enactment
BE Points Out" the Cause Of the
Present ,stringeuey and Outlines
the Real Situation" "''9'' 'e
New York, special.-That.. ..perma-
nent srelief from the present -.monei
'taTy -stringeney;' can only be. had
through system Of credit currency
adequate to meet the requirements of
trade and redeemable = I'M gold coin
was tile opinion expressed by Repre-
sentative Charles, N.-Fo#ler, of New
JERSEY, chairman Of the banking and
currency committee Of. the House,
which will, at the coming session Of
Congress, endeayor to have a LAW
passed providing for, credit currency
issued BY the national banks. Until
such permanent relief is made pos
sible by legislative enactment, Mr..
Fowler asserted, the situation must
be- met by the issuance of, clearing
house certificates, cashiers checks
and, due bills Of business houses anil
manufacturers.
The underlying business condi-
tons" lie said. to the Associated
Press, are essentially sound as evl-
.denced by the increased earnings Of
the railroads and the fact that the
value of our agricultural products
this year are $5OO,OOO,OOO more than
last year (Which was the highest year
in our history, and are bringing to
our people about $7,O00,OO0,O00. But
public confidence has been greatly
shaken and credit seriously affected;
therefore, every patriotic citizen from
the President down, should do all in
his power to restore that confidence
which is essential to national pros
perity.i
q Cause of Stringency.5:
1.-THE cause Of the currency strin-
-gency is that there is scattered broad
cast throughout the country, at the
mines, in the wheat, corn and cotton
fields, in. the pockets Of the people or
Locked 9up about 1900, 100000 of the
reserve; money Of the United States
most of which under:a proper condi-
ton would be in the banks, serving
as Temporary relief will Be
through the forced use Of current
credit inathe forms:of clearing house
certificates; cashiers checks and due
bills of business and manufad dturers
during tile next 90 days: The perma-
nent- cure must come through. p sys-
tenn Of credit currency expanding and
contracting with the ordinary de-
mands of the smaller trade, precisely
as checks and drafts do in the broad
er field of commerce. -
"We have now proceeded far en-
ough into the present fnanciali crisis
to get a. pretty clear perspective OF
the zeal situation. ,
- - The Real Situation. =
"FirstIthe condition is nov gen.
eral, reaching every nook and corner
Of the country.
"second-If the gold certi feates,
the United States. notes and silver
certificates, or the reserve money
which the banks of the country have
sent intotthe wheat fields Of the West
and Northwest, into the cornfdlds oil
the West and Southwest, into the cot
ton fields Of the South and into the
country districts of all sectib pms to
settle mp the years business, i say
if these reserves now scattered broad
east overland were in the banks
where they properly belong there
would have been no money panic this
.fslE -.-.-.n -: ::
"The proof of this assertion is con-
elusive During the past four months
there has been sent from the banks
into the country districts approxi-
mately $36O,OOO,OQO, Of currency. Of
this amount $25O,OO0,0OO approx
mately poY in the banks, would,
serve as basis of more than $l,25O,7
100000 credits or loans, and the pres
ent crisis would have been aterted.
This result could have beeh. accom-
plished without, increasing. the liabili-
ties. of the banks of the country to,
the extent of one single cent.
Lays Down Challenge.
"I challenge any man to eontro-
vert this statement and submit the
following as absolutely conclusive
psoee ofgthe -asser ertiea.e-If. the banks
ofhssGothiithf ssSsay q Z I&hiifef &hiiifef $3.50, 100000
had been authoratized as they should
have been, to create bank note credit;
as we'll as bank book credits, and
they had proceeded to convert tins
$3.50, 100000 Of bank book credits IN
to bank note credits, tile banks would
not have been affected an, any degree
or in any way whatever, and the
whole country would have been amp
ly supplied with currency with which
to transact all the fall business"
"How could this have been done !
Simply by authoizing each bank to
issue cashiers checks. to bearer,
which is a carren credit,
II4 =. 4, orod;t that masses