Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-11-28
BANKERS HAVE A P[AN
Sioux City Favors District
Clearing House AS Aid in
Emergencies
COOPERATION is INVITED
Letters Being Sent Out Explaining the
Plan and Asking Assistance in In.
fIuencing Congressional Action -
Don't Want to Depend on
Cities.
Special to Times-Republican.

Special to Times Republican.
Sioux City, Nov. 2s.-Sioux City's
clearing house association is today
preparing to issue letters inviting
bankers to cooperate in urging con-
gress to reform the money system by
the establishment of district clearing
houses for the issuance of currency.
Sioux City bankers, thru their clear,
ing house meetings have been getting
acquainted and thru the misfortunes
forced upon them they have been COM
PEELED to study the governmental side
of finance Every banker agrees that
the present banking laws are an abb
gregation, and many of them are pre-
pairing to offer congress assistance in
improving them. The country is hav-
ing law-made panic and SO propos-
es to improve the law are in order.
The Sioux City bankers think so,
and at clearing house meeting
adopted the following resolutions:
Resolved, That we believe the time
has come when we should no longer
be dependent on other cities for cur
rency, when such cities cannot pro-
vide for their own necessities, and
that laws should be Immediately en-
acted that will give to all clearing
house associations properly organized
and managed authority to issue circu-
lation based upon the credits of the
country in which they are located, in
which all banks, both national and
state, in the respective districts, may
enter, and that such clearing house be
under federal authority, to be taxed to
that extent that may be necessary to
Great a fund that will guarantee the
redemption of all clearing house GER
tificates at such places as may be
thought proper, and that such clearing
house certificates shall constitute and
be the emergency circulation to pro-
vide for the conditions now existing or
satisfactory may be provided"
Would Reach congressman.
Copies of these resolutions will be
sent to the bankers of Iowa, Nebraska,
South Dakota and Minnesota, and
may result in uniting the western
banking interests behind this or a
similar plan. Following is the letter
that will accompany each copy of the
resolutions:
Conference.-The Sioux City Clear
ing House association presents here
with for your consideration, copy of
q resolution recently adopted by it.
1.-THE associated banks here are very
strongly of the opinion that emergency
currency issued by the Clearing House
association upon pledge of proper col
lateral by members thereof, and under
a high tax would prove the most eff
ficient emergency currency that could
possibly be provided.
"A Clearing House association need
not necessarily be confined to city,
but could embrace county or even
a district, according to the number of
banks in such territory. The details
of such plan, both as to the issuing
of the currency and the redemption
thereof, need not necessarily involve
any complication.
1--WE respectfully invite your care
full consideration of this plan, and if
you are favorable to it, as we con-
fidently believe you will be, we sug-
gest that you write your states con-
gressional delegation at Washington,
urging their support of it, or write us
your endorsement and we will forward
it. Yours respectfully.
"Sioux City Clearing House asso-
citation"