Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-11-24
Used Paper Only as Precaution Since
Surrounding Towns Did.
COULD EASILY PAY DEPosIToRs
Such is Answer of Bankers to Letter,
Sent from Chicago.
WHAT WILL CHICAGO DO ASKED
Victor u. Caldwell says New Issue OF
Hundred Million WIN Draw out
HOarded Money Like
Magnet.

I'VE would resume cash payments TO ali
| depositors today If we were assured that
chicago would resume December ], said
| Vice President V. b. Caldwell of the United
states National bank when his attention
was called to the action of the CHICAGO
Clearing house, which is writing to western
banks to ascertain their sentiment Il
believe this is the first united ao-
! ton toward putting an end to the
resent condition oil things We have plenty
of money and could pay Off every deposition,
but, Of course, we could not presume to
resume cash payments here while the rest
Of the country still paid in paper But so
large is our supply of cash that we could
so on from now to December /, as I have
said, without help from Chicago If we were
assured that on that date Chicago would
resume payments. There is no part Of the
country so prosperous and so healthy as
We"
A clerk stepped up at this point and Mr..
Caldwell made a mark on a check. lie
turned 1t toward the reporter. 1t was for
10000
You Sec" he said, I'VE are advancing a
little money right along to the lines of bust
ness which require It the most.
VIII Act Like a Magnet.
when this new issue OF OOOOOOOO comes
on 1t will act as a magnet, drawing much
Of the boarded money from hiding and It
will go back to the government where It
will be poured again freely into the chan
nels OF legitimate business. We have also
nearly $50, 900 more Of gold in the country
than we had before the furry started.
There is really more money in the United
States now that there has been for years.
II rather believe that we will be paying
depositors in full in cash II they desire 1t
by December 8. ! mention that date be-
cause by then the large bodies of money
now being poured in will have time to be
assimilated. To country banks we will be
sending, not prodlgal sums, but as much as
they need"
Henry w. Yates, president OF the Omaha
Clearing House association, received one
of the letters of the Chicago Clearing
House association but had not had time to
consider the matter and decide on what
reply to make.
But, as far as resuming cash payments.
I'd know what TO advise in a minute so
far as Omaha is concerned" he said. II
have contended and l still contend that
we have not had panic here. They've
had a panic in some of the other parts OF
the country where they have been doing
the wrong kind Of banking and where too
many people have been trying to get rich
quick An examination of the condition of
our banks and the condition of all kinds Of
business show that in matters OF finance
we are par excellence
Must Have CO-OperatIOn.
"Of course we cannot resume cash pay
ments without the cooperation of tho
other money centers. But II the cities
from Chicago west resume these payments
I believe we could get along without New
York We have the money here and have
II all the time Our advice to the Chicago
Clearing House association on this matter
will, I have no doubt, be to resume cash
payments, though the carrying out of this
plan will depend on the similar action of
the other cities"
President J. H. Millard of the Omahn
National bank and President c. T.
Kountze of the First National bank had
not received the letters from Chicago, but
they coincided with the opinion of others
and said the resumption Of full cash pay
ments here is contingent only upon the
action of other cities
Pay Cash at Syracuse.
Judge I. F. Baxter is in receipt OF a
letter from his father George Baxter OF
Syracuse, N. Y, in reply to an inquiry Of
the Judge as to how the banks there were
conducting affairs during this furry. Mr.,
Baxter senior writes the banks are and
have been all along paying currency, not
having resorted to the cashiers check or
clearing house certificate plan.
"One bank" says Judge Baxter. "sav-
lngs bank at that, my father says, is run
ming an advertisement that It has s2.5OO.OCO
for investment in real estate. This strikes
me as very remarkable thing"