The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-26
CERTIFICATES
NOT FOR PUBLIC
Small Investors Will Not Get a
Chance at 3 Per Cents Of
fered by CorteIyou.
INTENDED FOR THE BANKS
CIRCULATION EXPECTED TO BE
INCREASED.

Washington, Nov. ga more confident
tone in regard to the success of the new
loans prevailed at the treasury depart
ment today than at any time since the
announcement of the loans week ago.
The visits of Mr. Morgan on Friday and
Saturday were followed today by visit
from James B. FOrgan, president of the
First National bank OF Chicago. Mr.. For
gan saw the president, Secretary Cortel-
you and Treasurer Treat and expressed
his belief that the banks throughout the
country would be soon in a position to
resume cash payments. The subject is of
peculiar interest to the treasury officials
because Tor nearly a month government
receipts have been declining as a direct
result of the scarcity of currency.
Unable to Secure Currency.
Distillers, brewers and others who are
required to purchase internal revenue
stamps have not been able to secure cur
rency IN sufficient quantities from the
banks with which to purchase these
attempts, and as the collectors are not al
lowed under the law to receive certified
checks or anything but lawful money, ex-
cept at their personal risk the result has
neen JhaI even a sufficient amount OF
stamps to cover immediate needs has been
dlTIlcult 10 obtain. The government is In
sisting that depositary banks shall. as
soon as possible, meet the demands for
currency in this respect There seems to
be general desire among the bankers
in New York, Chicago and other sub
treasury cities and financial centers to
resume currency payments at the earliest
possible moment, and Mr.. Forgan's visit
was made with view of learning the
views or the treasury officials on this
particular subject.
Chicago Ready to Resume.
Mr.. FOrgan represented that the Chi
cagO banks would be able TO resume. upon
an understanding with the banks in 9TH
er cities, within the next week or ten days
at the latest. Minneapolis and st. Paul
banks, he said. were quite ready TO re
sumo at any time, and might take the in
itlative in this respect very soon. 1t is
believed among the treasury officials that
a complete understanding was arrived at
between the banks OF New York, Phila-
delphia, Baltimore, Cincinnati, Chicago,
St. Louis, New Orleans and San Francisco
by which there will be a general resump-
tiOn of currency payments within the next
few days. and possibly before the close OF
the present week
The reports received at the treasury de-
paTtment today from New York, Chicago
and Boston are that currency payments
by the banks are on the increase and that
the situation at those cities, and in fact
at all other points, is rapidly improving.
Money Sent to interior.
1t is learned, that New York and Chi
ments of large sums TO the crop-moving
centers of the west and south, and it is
confidently believed that these shipments
Will be continued in increasing amounts
until normal conditions are again reached
or until the necessity for them has passed.
In addition to the discussion of cash re-
sumption Mr. Forsan left tangible evil
dence of his visit in a subscription by
the Chicago clearing house banks Of 81
10000 of the new one-year certificates.
Additional amounts Of these certificates
are steadily coming to the treasury as
security for bank note circulation. TheSs
represent allotments made by Secretary
Cortelqou about the middle of last week
Panama Bond Subscriptions.
Subscriptions for the Panama 2 per cent
bonds are also arriving in large numbers.
These subscriptions are so numerous that
ii is not expected that IL viii be possible
to open, schedule and classify the bids
before closing the treasury department on
Saturday night after the time for sub
scTiptfons expires at noon 1t may indeed
require more han one day to complete
The classification and comparison OF bids
in order TO determine which bids are the
highest
The daily cash statement of the treas
ury does not vet show the effect OF any
considerable payments for the new certi-
ficates- This is partly because only o
per cent of the face value of the amount
sold is paid into the treasury in cash.
while the remaining IS per cent is left
with the banks on deposit. 1t is also due
in a considerable measure to the time re-
ouired for advice from one office to an
other Of the transfer of funds.
For the Banks Only.
lis for the new treasury certificates are
being received at the treasury in increas-
ing numbers from individuals as well as
from national banks. IL is learned that no
aIlotments have thus far been made ex-
Cept TO banks that desire to use them as
q basis for circulation. All applications
received from individuals and from banks
whose limit under the law has been
reached are being laid aside for the time
being and II allOtments are made to them
at all, it is believed IL will not be as long
for them from banks desiring them Tor
circulation purposes. The declared pur-
pose OF Secretary Cortelyou in issuing the
certificates was to increase the volume OF
outstanding currency end this object u
is said, can best be accomplished through
the increased issue of national bank notes
and for the present at least the efforts OF
the treasury officials will be in that d.
1ectiOn.