The state herald., 1907-11-08
WILL Be UP
TO CONGRESS
BANK CERTIFICATE SYSTEM MAY
PREVAIL UNTIL THAT AU-
GUST BODY ACTS.
BUSINESS MOVES ON
DENVER AND STATE BANKS WILL
PROBABLY HOLD EMBARGO
FOR FEW WEEKS.

Denver.-Just as soon as Congress
convenes steps will be taken to put
the national banks of the nation in ls-
gal shape to meet any emergency that
may arise by reason OF the shortage Of
currency and the great demand for the
same caused by the upheaval In Wall
street. Some such legislation Is asked
by the big houses IN New York. Until
Congress has moved In this matter Il
is not likely that the New York en-
barge on cash and paper money held
by the national banks will be removed,
and that the temporary plan of pay
ment by certificate of deposit issued
by clearing house. or. AS in Denver.
by clearing house guaranteed checks.
VIII be continued New York, which
led the way, expected to be able to
resume normal conditions next week.
but this is not likely now. The strain
was TOO severe. II will take time to
heal It,
AS a precautionary matter the De.-
yer banks and state banks viii very
likely follow New York. and continue
the present manner of doing business.
1t Is not at all irksome. Money Is al
most as general as II was a week or
ing. What little hardship may have to
be borne they are accepting for the
good OF the whole WOrlmen who
need cash receive cash. In other cases
the certified checks are passing every.
where, There is minority, very small
in every community that can sec moth
ing but harm In every wind that blows
This minority would have done, as "A
small Hv,
Brooklyn and Cthuf cities did. that is 80
say, they would have rushed to the
banks and gotten their money. had not
temporary check been put upon this
class OF dopositorr But danger from
this Insignificant class is passed. The
atmosphere is normal
The united aciign of the big miniuE
men and the smcltors In Colorado TO
keep all the gold possible going TO tho
mint for coinage aud the action OF tile
local mint in paying out gold ooiu for
bullion received have had II good ef
feet not only IN that state. but all over.
But Congress II expected to go TO the
aid OF the New York banks and enable
them 10 resume and whom they permit
the use OF the money held by them for
the banks throughout the country, then
routine.
As showing tho conservatism nov
prevalent In New York. Il may be wen
TO point cut what was done Ia the case
Of the Denver q Northwestern Railway
Company bonds. Thin company has an
electric line from Denver to Loydeu
ahd Golden and 10 the holding company
for the tramway company. rha com
gathering In its bond issues aud mort
cages with view 10 mrlillg one com
pleie new Issue Instead 0f having them
scattered over different periods. To-day
s0,000,OOO OF these were 10 be refund Il
or exchanged. but although the holderi
OF the cid bonds had agreed as Tar AZ
could be ascerthiucd beforehand TO nc
cept The now issue In return for can
collation. OF the old ones. stiIl the
houses that were to mako the transfer
decided not 10 do 30, Just as =
precnuton. for fear OF causing
the slightest ripple on Wall street.
and NJ yesterday an advertisement M
poarcd IN the Republican containing
notice That the exchange would not be
made at present The bonds that were
10 be takon up have fifteen years 70
run. In 30 far NJ Denver or the com
pany Itself IN concerned there iA NO
Interest attached 10 this decision TO
walt 10 make the exchange. II simply
shows that New York In extremely eau
uoua about monetary matters. All IN.
companies connected with tho Denver
q Southwestern Company are IN splen
did shape and the bonds are looked
upon Us among thu best In tho country