The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-01
Imports Of Gold and In.
crease Of the Bank-Note
Circulation Are Plans
INCREASE WILL
BE VERY LARGE
Southern Bankers and Cotton
Men Advocate Depositing in
SouthernyBanks Funds Equal
to That Realized in Eu-
rope for Their
Staple.

NEW YORK, October 3t.-Indica-
uons that the available supply of cur
rency would be materially increased
within short time. both by Imports
OF gold and the increase OF the bank
note circulation, and the movement
OF cotton and grain crops would be
facilitated in every was possible, with
the result of increasing our credits
abroad. were the salient features In
to-day's financial situation, which
seemed to be recognized everywhere
as Indicating that the acute stage OF
the CRISIS was over. and that all that
remained was to obtain sufficient cur
rency to resume currency payments
upon broad scale and thus to restore
conditions prevailing before the crisis.
The engagements OF gold made in
New York, Chicago and elsewhere
brought up the total import movement
within the past week to $23.I50.o00. AS
the amount OF gold will afford basis
of credit to four times the amount, or
ford much relief to the existing pres-
sure.
The action of the Bank OF England
raising its discount rate from lie
to l-2 per cent, was in accordance
with expectations in conservative cir
cles The fact that the increase wos
made to 6 per cent, and that the Eng
lish rate remains per cent. below
the German rate Is expressed as ar in
dication that the situation at London
is not considered acute.
The prompt response of the national
banks throughout the country TO the
suggestion of Comptroller Eidgley thn,
they should employ their United
States bonds as largely as possible to
secure circulation and substitute other
bonds for those pledged against de-
posts of public money. promises q
considerable increase in the available
stock of currency. The estimate of at
increase in the bank-note. circulation
OF $4,000, 900 is considered well with.
In the probabilities. II Will require
time, however, in some cases for the
banks TO obtain proper bonds to sub
stitute for their United states bonds
Mr.. yandcrllp's Suggestion.
Mr. vanderlip. e-president ,.of the
National City Bank, made the fruitful
suggestion to-day that the savings
eral situation and add to their cash
IL they would sell their holdings OF
United States bonds to the national
banks. Even in cases where they dc
not care to sell, 1t Is believed that they
VIII lend the bonds to the national
banks, as has often been done In the
past. Interest is continuing to centre
in the movement OF the cotton crol
from New Orleans and other Southern
points. where 1t Is so essential to pro.
vide bills against the imports of gold
Secretary Cortelyou. according Il
Washington dispatches to-day, was d,s
posed to increase deposits OF publi,
funds In the Southern banks as rapid,
as such funds became available. Thi
Will supply the banks with the stocl
of currency SO much needed to handl,
the cotton crop. and will enable then
to await with less embarrassment thar
otherwise the arrival OF their cottor
bills in Europe and the bringing bacl
OF the gold. The committee of New
Orleans bankers, which is In Washing
ton, has suggested that the New Yorl
banks can ease the situation by Civ
ing the Southern banks credit. 70,
checks on foreign banks forwarded a.
soon as they receive telegraphic ad
vices Of the amounts. This Will enabl
the Southern banks to check agains
such balances in payment OF collection
and making remi:tances to interio
banks throughout the country
Boost for Currency Reform.
It is noted with interest by leadn,
bankers here that the present scarcity
OF currency and the recourse which
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