The Caucasian. (Clinton, N.C.) 188?-1913, 1907-12-05
CALL FOR SHOWING
Government VIII Ask Reports
from National Banks.
WILL BETTER THE SITUATION
Cenpsrolier of tie Currency i En-
pssted TO Isgus Ii ThIs Week and
the Revelations. Il IL Believed VIII
Aid Naturally in Restoring ConA-
dence.

New York. Spcriai.-A 81. upon
the national banks for a statement OF
their condition Of sery recent date
Is expected BY bankers here 10 come
from the Comptroller Of the Cur
reney. this week. -Four OF the five
calls required each year by law have
already been made, tie last having
shown the condition OF the national
banks Oh August 22d. Ii Is possible
that the call now anticipated will
have an important influence or the
financial situation. Ii Is expected
that it will reveal large reserves Of
cash in the country banks and this
will tend 10 restore confidence among
depositors 10 q degree which will
make it easy - resliue currency pay
ments throughout The country. The
banks. even in normal times, usually
prepare for q call by Strengthening
their cash: in order 10 make a good
showing, not only TO the Comptroller
but to their clients. Their state
ments are required by law To be pub
lished III local paper, and they are
also forwarded to Washington, where
they are compiled by cities and
States.
The effect Of call for report OF
condition. on fixed date, which Is
usually few days before the call by
the Comptroller, IS to enable the
bank to release cash after the call,
with the knowledge that another call
is not likely. In the natural order
Of things, for about two months. In
the present situation, 1t is declared
BY New York bankers, the call viii
show that boarding is not being done
by New York bankers-as indeed
their deficiencies in required reserves
already indicate-but that many Of
the interior banks have reserves run
ming UP to such proportions as forty
or fifty per cent of deposits. The
facts VIII reach the public for indi-
vidual banks through publication To-
callv and then viii come 70 the public
generally through the compilation
made by The Comptroller.
Ii LARGE reserves in lawful money
ii 'hci" own vaults are revealed gen
| orally b. the reports. il will at once
inspire confidence in the strength Of
the banks and Great" q demand which
they will no longer be disposed to re
sist. after sending il their reports
for the immcdi8te resumption Of cur
rency payments.
Chairman Fowler, Of the House
committee on ban!:ilg and currency
made the following statement re.
Specting the outlook for financi2
legislation in the Sixtieth Congress
"There should certainly be some
| remedial legislation and | can assure
You that the members of the com
m;ttee on banking AMI currency vii
| bend their energies 10 that end. Wha'
we shall be able to accomplish n
man can answer. But that there i
urgent need for help 80 man cal
deny.
cat the dinner Of the American
Bankers Association at st, Louis, :
year ago, | predicted that the thinG
which has happened. must happcl
unless some Immediate action wa
taken; that there was not a banke
! in the United States who would no
regret it if something were not done
AZ the close % lie lest session 0
Congress ! said that the condition o
our fnauccs and currency was sue
that it would, of necessity lead to tn
destruction OF our prospority.