The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1907-11-28
BANK OF
ISSUE is PLANNED
SENATOR HAHsBRoUeH TO URGE
SCHEME IN CONGRESS.
RED TAPE WILL BE GUT
secretary corteIyou VIII Place Pro.
ceeds Of Sale Of Certificate
Promptly at Disposal Of
Money Market.

st. Paul. Mimi. Nov. 23.-The Dis
patch Friday evening prints special
from Washington stating that Senator
H. c. Hansbrough of North Dakota
will urge congress to establish cen
trail bank of issue. He is quoted as
saying:
"At the proper time hope to intro
duce a bill providing for the estab-
lishment federal central bank of is
sue, to be located at Chicago or st.
Louis, and to be under the Immediate
control of the secretary of the treas
ury.
1T might be well to authorize this
bank to issue currency secured by
United States bonds, or, being in fact
a government institution, its circula-
ton could well stand upon its reserve
funds, and, if need be, on its general
assets" .t..s,a,
cortelyou to Cut Red Tape.
Washington, Nov. 23.-An important
announcement of policy was made by
Secretary Cortelyou late Friday after
noon in regard to the allotment of the
new one-year treasury certificates,
which indicates that the secretary is
prepared to cut red tape as far as
possible and place the proceeds of
the sale of the certificates promptly
at the disposal of the money market.
He proposes to return to national
banks subscribing for the certificates
as deposit of public money rs per
cent. of the cash paid for them. The
remaining 25 per cent. will go for the
time being to strengthen the cash bal
ance of the treasury.
The banks .surrendering this Is per
cent. will not, however, suffer a re-
duction in their supply of currency,
for they will be entitled to receive
the par value of the certificates pur-
chased in new bank note circulation.
In order to make this transaction i'm
mediately effective, the treasury will
retain the certificates purchased by
each bank, If it desires that they be
deposited with the United States
treasury as security for circulation,
and will ship the notes at once. p.
Cotton Is Moving Well.
Among those who called on Secre-
tary Cortelyou Friday was Sol Wex-
Ter, vice presid4nTtof the Whitney
Central National bank of New Or
leans. Mr. Wexler reported that the
cotton movement was going forward
remarkably well under the adverse
conditions prevailing. The New Or
leans banks are supplying currency
to the cotton-growing districts and at
the same time are maintaining ade-
quate cash reserves.
1t is desired, however, to obtain all
the assistance possible from the treas
ury, in order to prevent deficiency
Of currency, which would longest the
cotton crop at southern points and
prevent the drawing of bills against
shipments to Europe. Thus far the
difficulty in disposing of bills for cash
at New York, which was somewhat
acute two or three weeks ago, has
been largely overcome, partly by an
improvement in the general situation
and partly by direct dealings with
Europe.
More Gold Comes from Europe.
New York. Nov. 23.-Bringing $685.
900 in gold bars to further relieve the
monetary situation, the steamship
Baltic, of the White Star line, came
into port Friday night after a stormy
passage. The Baltic encountered
strong gales and high seas.
Earlier in the day the Mauretania
brought over $12 900, 900, destined for
the west.