The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-26
Will soon RESUME
PAYMENT IN CASH
Assurances Given in Washington
That Banks in Large Cities
Will Soon Pay in Money.
SUBSCRIBE FOR CERTIFICATES

WASHINGTON. November 25.-A
more confident tone In regard to the
success of the new loans prevailed at
the Treasury Department to-day than
at any time since the announcement
of the loans week aga. The visits of
Mr.. Morgan on Friday and Saturday
were followed to-day by a visit from
Mr.. James b. Forgag. president OF the
FIRST National Bank of Chicago. Mr..
Forgan saw the President. Secretary
sCorteiyou and Treasurer Treat. and
expressed HIS belief that the banks
throughout the country would soon
be In position to resume cash nay.
ments.
The subject is of peculiar interest
to the Treasury, officials. because for
nearly a month government receipts
nave been declining as direct re-
suit of the scarcity of currency.
Dfstillers, brewers and others who
are required to purchase internal reye-
nue. stamps. have not been able to Sc
cure currency In sufficient quantities
from the banks with which to pur-
chase these stamps. and as the COL
lectors are not allowed under the law.
TO receive certificates, checks or any
thing but lawful money, except at
their personal risk, the result has been
that even d sufficient amount OF
stamps to cover Immediate needs has
been difficult to obtain.
Insist Upon Cash.
The government Is insisting that de-
poxtary banks shall. as soon as pos
sibie. meet the demands for currency
In this respect. There seems to be
general desire among the bankers in
New York, Chicago and other sub
treasury cities and financial centres to
resume currency payments at the earli-
est possible moment, and Mr.. Forgans
visit was made with view of learn
Ing the views of the Treasury officials
on this particular subject. MIR. For
gan represented that the Chicago
banks would be able to resume upon
an understanding with the banks in
other cities within the next week or
ten days at the latest.
II is believed among the Treasury officials
that complete understanding will be ar
rived at between the banks In New York,
Philadelphia, Boston, Baltimore. Cincinnati!
Chicago. St. Louis. New Orleans and Sal,
resumption Of currency payments possibly
before the close-of the present week. New
york and Chicago are making daily ship
o ss s wes1 10 s Ss nG
believed that these shipments
VIII be continued in Increased amounts I'M
VI normal conditions are reached.
Buying the Certificates.
IN addition to the discussion OF cash re-
sum ptton Mr.. Morgan left tangible evidence
bank for $4,000. 900 Of tn.
new one-year certificates Additional
amounts of these certificates are steadily
coming to the Treasury as security for bank
note circulation. These represent allotments
made by Secretary Cortelyou about the mid
die of last week, since several days are re-
CURED TO complete the circuit of the al!ot.
n,tnts, ndvices to the banks. and their re-
turn to the Treasury as security for circu-
latlon. Those certificates which are being
used to secure circulation are required to
be registered Instead OF payable to bearer,
rs are those where registration Is not ask
ell Subscriptions for the Panama per
cent bonds are also arriving In large num-