The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1907-11-04
FINANCIAL CONDITION
AS VIEWED BY A MARROW
BANKER WHO SUGGESTS
NEW PLANS.
Ardmoreite SDecial


keepinf extra hours for the accom-.
mediation OF those who desire their
money. There has been no un.
usual demand for cash and both
bankers say they have ample funds
to meet any demand that may be
made upon them. NARROW has two
OF the strongest and best managed
financial institutions along the Rock
Island and our people are showing
perfect Confidence in them.
In conversation with n local bank.
er today your correspondent talked
at length OF the financial situation
and In the course OF the interview
the banker said: I'VE are well
and able to meet any demand that
may be made upon us. However
owing to the fact that the banks
OF the larger cities who have our
idle funds on deposit with them,
have ceased the shipment OF money.
II has caused a cessation OF the
buying OF cotton and corn, which
OF course. causes stagnation OF
trade, non-payment OF debts and a
general depression locally. The gen.
erous act of the government In
placing many millions of dollars
with Wall street to relieve those
who have been specializing. is one
that should be followed by a deposit
OF a few hundred millions In cold
cash with the reserve agents OF the
smaller banks throughout the south.
These authorized reserve agent
banks could at once relieve all To-.
cal situations by shipping currency
to the smaller towns. causing a
resumption OF payment for cotton.
corn and other products. which
plan Of the government wiz work
quick relief outside of an actual
shipment of real money to the south
where 1t Is badly needed. not to-
replace money lost in speculation,
but to place cash where there is
a solid value received behind every
dollar put out. The comptroller
suggests that banks increase tn lr
circulation and that all inducements
possible will be made to have them
do so. will help. But who? The
banks of New York and the large
cities who are holders Of bonds that
may be put up. But how will III
help the small country bank? What
assurance have we that New York
and larger cities will care for us?|
Have they ever done so? Can
any country banker cite any in
stance where we have been bene-
fitted by any law that was not made
especially To help them. and our
share was not a drop in the bucket
| We are not able to buy more bonds.
If we had the money we would
| pay II out In cash instead Of wait
ing for the time It would take tol
| printed and shipped TO us. No, what
we need is something like this:
Let the government authorize thei
sub-treasuries 10 ship silver and
currency direct to smaller banks
upon their checks certified by the
reserve banks. These checks
would have behind them the assets
or a pro-rate part at least OF both
the larger bank and the smaller
ones, and shipments would be made
direct without bothering the inter-
mediate banker with receiving mon
ey and again consigning It, that Is
II he felt like consigning II again
after he received II from the sub
| treasury. This might seem absurd
to some of the New York city bank
ers, yet judging from the squeezing
process and the shrinkage OF value
in bonds which they seem to handle,
| dare say that our bankers OF the
south are better as an asset than
many of the bonds which they
handle and which are based upon at
times as good security. The nation
al bank laws should be 50 amend
ed as to grant the same privileges
to national banks as to state insti'
tutlons. The 60 day time limit for
example Is allowed to savings banks
This would be far better than de-
claring a holiday and stopping the
wheels OF actual commerce locally.
Our banks do not need any holi.
day. They are in good shape and
will remain so. Neither OF the
NARROW banks have taken advantage
OF any holiday proclamation, nor
do they expect to do so. Many
states have bank laws that are