Daily press. [volume] (Newport News, Va.) 1896-current, 1907-12-05
IMR. SCHMELz HAS PLAN
F0R PREVENTING PANIC
Each Slate 10 The UsIan Should
Have "par Point" Within
Its Borders
IDEA GIVEN 10 LAWMAKERS
Local Sank President Believes That
Application of Simple Remedy suu
gerted BY Him win Make condi
tons Now Existing in the Financial
World Impossible in the Future.

World Impossible in the Future.
although Newport Nows has not
hcen Affected to amy extent by the
money market troubles which lave
been PLAYING havoc all over The ccun-
try recently, local tinancicrs have
given n great deal of attention to the
situation and are we'll vorsed MS to
The conditions existing and the caus
as therefor. Mr. George A. Schmol2,
president of tho banking house Of
Schmelz Brothers. In this city, and
well known all over the state as 4
banker aud falsecinys man OF business
believes that he has n very simple
remedy which, II applied, Will make
IL impossible for the money AFFAIRS
of the country over 10 la put again
into such n state as they lave been
and are now.
Remedy Briefly Stated.
MIR. Schmelg has made n brief state
lnent OF his remedy ana las forwarded
1t to leading members of both branch
os Of Congress- ana TO prominent fnan.
ciers in diifecent parts Of lite country.
believing Tint lie has hit upon gold
idea and desiring 10 give an opportu.
nifty TO use Il To those who have the
power.
Following Is tho statement:
soiilcc of Schmola Brothers. Hank,
crs.
In recent months. tlctc mas occur.
red In Nav York city. and other iinan.
alalv centcrs. one OF the scvorcst ilnni,.
cial paiilcs that this country has ever
Witnessed There have l,ocn nune>
E'ls and varied causes for This panic
presented 10 tho public, and some RI
NEEDLES recommended MS n prevention
ofarecurrencc OF such d panic. but MS
Sat, mono has been accepted gencl.
My By thn ilnanclers Though not
claiming To be Il great inancier. II
seems clear TO my mind, TINT tliero Is
= perfect remedy for this evil provid.
ed same Is adopted ana operated by
every state OF our union.
"The Remedy Is This.
There are In this country what
arc known TO the banker ms four par
points, namely. Now York. Boston.
phiindelnhio onJ t,,,,i,,. 49,
means Inn, i ,,rnf, 1,nn,,
bank In this country which has n cred.
10 In any bopt IN ~, os,-,,a -,
cities win hn coehoa 49,. .',
deposit wiihop, liz 80, ~ ,ro,,',,,,,o
being incurred
.rhn nlo, whioh IVAN, e,,
is. that 4 mar nolnf n, os,ohi,.M,,a
In each statc IN ~ t,n,,n, -, .,a, y
draft drawn nn INV NM, Il, enc.
.n,r nnihi, ln Nm g. '''iN ~ =" S"1''
oognigcd ~ cvcry hnnk IN ~. non,,
thy tho sarne ne cnrrnncv ,r,,Ia,,, ~,
change 1890 ~
aTho raoson th.t ,hta n,,.
proyo ndvbnt,genms .;a ,,,n.,oma 49,,
the fact lin. oy'srv bonk In aanb 60
would carr, n, lnrecst sholonco a, ~
mar naInt nike tber.j,r ,,,t,a,,.. w
tho hanks cf thoir ow,, c,oto ,ha ,, =.
point banka mat,nc ,ra,,s,on p ,n'
iiier corosnonlen,s ~, ca,,,i, ~,
s.lfilcicnt amount az cur.orn, rn S 49,.
demands of bnnks ,sr tha,, ,n ~ r
This Won can rc,dir. sn'. wna,'
Il, tho consas Of no ol,,ntna,iSa W." :,
large balances in ina raur ni,;o' "
ferrea TO ,hot nro non .nor ,,,,,,,.,
ana would prcycn, A., ccn,.oi,.a.,S,
,,f capital rs Il EXISTS today +, Won,
also mean the general d,st,ihu,,o, :,
the money OF tic country into ihc vo
rioue s.toto ,ro, ,,,,,,,.,',,