The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-11-04
A system Of
CREDIT CURRENCY
is NEEDED IN ORDER 70 BELIEVE
MONEY SHORTAGE.
CONGRESSMAN c.N.fowLER, G
OF New Jersey, Chairman Of the Bank.
ing and Currency COMMITTEES,
Gives Out a statement as
to the Situation.

New York, Nov. 4.--That permanent
relief from the present monetary strin.
gency can only lie had through a sys.
TEN of credit currency adequate to
meet the requirements of trade and re.
deemable In gold coin was the opinion
expressed Sunday by Representative
Charles N. Fowler, of New Jersey,
chairman of the banking and currency
committee, which will. at the coming
session of congress. endeavor to have
a Law passed providing for credit cur
rency issued by the national banks.
Until such permanent relief is made
possible by Legislative enactment. Mr..
Fowler asserted the situation must be
met by the issuance OF clearing house
certificates, cashiers. checks and dug
bills Of business houses and manufat.
turers.
The underlying business cond-
tons he said, ARE essentially sound
az evidenced by the increased earn
ings of the railroads and the fact that
the value of ottr agricultural products
this year Ia $500 200, 900 more than last
year. which was the highest year In
our history, and are bringing to our
people about $1,000, 100000 But pub
Tic confidence has been greatly shaken.
and credit seriously affected: there
fore every patriotic citizen from the
president down. should do all I'm his
power TO restore that confldence which
is essential to national prosperity.
THE proof of this assertion Is con-
elusive. During the past -four months
there has been sent from the banks
into the country districts approximate
ly S300,000,000 of currency. Of this
amount S250000.000 was reserve
money, which II 1t were now in tho
banks would serve as basis OF more
than S1,250000,000 credits or loans.
and the present crisis would have
been averted. This result could have
been accomplished without increasing
our bank reserves one dollar; without
Increasing the liabilities of the banks
Of the country one cent
II challenge any man to controvert
this statement and submit the follow
ing az conclusive proof OF the asser.
tion. II the banks OF the country In
which the $250,00G.0O0 had been de-
posted had been authorized. as they
should have been, to create bank note
credits as well as bank book credits,
and they had proceeded to convert this
yv,VoOYVc SarI ,, c,od,t" % % ,na ' bsnl n,. ,ao
oaun ,o.c 'leui's, ,"e pa~hNs ~ "onu i'ot
nav Dsv" ou az ~, ~ any way wnnt
sav' s NV 'ms ,r, mno, ooun'ry wouid
nav DaIm "aips '' auppi,eu WIN cur
,o"'y ~, VII Wn,n "'''" " '"'is"e' u'i the
'"" .',,,,'
ine oM'se " ,ne currency strlf-
senes is ,hat ,nere ~ sca,tered Droad-
cust thio"shou. uie country, AT the
niihesh h III .ne Wnea,' corn ana cotton
' noius' III t"e ,o.he,S o oi M ,ne people or
loehsn up, apout si,ouD'oVo,Voo OF the
roserNe ilonsy oi ,ne uniued states,
most oi wnlch 'n"er proper cohdi'
tioh wou'l pe III 'ie Drinks serving az
rSserNs. temporary .felel VIII be
unluusn 'ne iorue' uss oi current
,,a easana ~ ."o 'orni o' Gearing mousse
a,un, tti,''nr n,,n, e"s"'S'S ~ u''eehS anu que
,,,na.a ~ ,,,,,,,s ~, .o.' 90 nm ni.'hutue' ~,
na,,,,,,,a,'t " n,,.a ,,". ov "uys. lug
~. "ius. .otne .niousn
5,,I aar,roat,n ',,,, ny snpnnuiis
u ,.,",,.,'. 30 ~ s,,n ~ .no o'".n"'s ue'
n".ha nh =, Wv, .ns ''.a,. s"u 'rau., precisey
ell os ~ aa anu uaa''s w IN Tue oroa"er
~, o' =
We nave how proceedcd iar enough
~ .no p,eseh. Iiiunci',l crisis 10 get
L.eus o'e"r perspective OF the real
s'.ui.,oh ..ni, ,r,
ne condltion is now gen.
elu'' 'ea'h'"s every NOOK OF the coiin-
''y.c