The semi-weekly messenger., 1907-11-26
SOUTH AND WEST
Aided ID the Movement Of
Crops
CURRENCY SHIPPED DAILY
Will be Continued Until Normal
Conditions Are Reached
Treasury Officials Satisfied at success
OF New LOanS-Belief Expressed
Banks Will Soon be Able to Resume
Cash PaymentS-PanaDa Bonds
Being Subscribed for Rapidly.


Being Subscribed for Rapidly
| Washington, NOEsSAber 25.-A more
confident tone in regard to the success
OF the new loans prevailed at the treas
ury department today at any time
since the announcement OF the loans
a week ago. The visits Of Mr.. Morgan
on Friday and Saturday were followed
today by visit from Mr. James B.
Forgan. president Of the First Nation
al Bank. OF Chicago. Mr.. Forgan saw
the president. Secretary CortelyOu and
treasurer Treat and expressed his be-
lief that the banks throughout the
country would soon be in position
to resume cash payments. The sub
1ect Is or peculiar interest to the treas
ury officials, because for nearly a
month government receipts have been
declining as a direct result Of the
scarcity OF currency. DistiIlers, brew
ers and others who are required t.
purchase internal revenue stamps have
not been able to secure currency in
sufficient quantities from the banks
with which to purchase these stamps,
and as the collectors are not allowed
under te law to receive certified
checks or anything but lawful money
suit has been that even a sufficient
amount Of stamps to cover Immediate
needs has beer difficult to obtain.
The government is insisting that the
depositary banks shall, as soon as pos
sible meet the demands eor currency
in this respect. There seems to be a
general desire among the bankers in
New York, Chicago and other sub
treasury cities and financial centres to
81 no
Hest possible moment and Mr. For
gan's visit was made with a view to
learning the views Of the treasury Of
1cia1s on this particular subject. Mr..
F'organ represented that the Chicago
banks would be allie to resume upon
an understanding with the banks in
other cities within the next week or
ten days at the latest. It is believed
among the treasury officials that a
complete understa nding viii! be arrived
at between the banks in New York,
Philadelphia, Boston, Baltimore, Gin
cinnatf, Chicago, St Louis, New Or
leans and San Francisco by which
there viii be a general resumption Of
currency payments possibly before the
close Of the present week.
New York and Chicago are making
daily shipments Of large sums to the
crop-mOvfng centres 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.
In addition to the discussion Of cash
resumption, Mr.. F'organ left tangible
evidence Of his visit in a subscription
by the Chicago clearing house banks
for s2,5G0,000 for the new one year
certificates. Additional amounts of
these certificates are steadily coming
fo fha CpPnritE for bank
note circulation. These represent al
lotruents made by Secretary COrtefyou
about the middle of last week, since
several days are required to complete
the circuit Of the allotments, adVices
to the banks, and their return to the
| treasury as security for circulation.
Those certificates which are being
used to secure circulation are required
/ to be registered, instead OF payable to
tbearer, AS are those where registrs- =
| ton is not asked. Subscriptions FOR
| the Panama two per cent bonds are
| also arriving in large numbers. Theso
| subscriptions are so hume erOuS that II
IS expected that it vii; be Impossible
| to open. schedule and classify the bih9
before closing the treasury department
on Saturday night. after the time for
subscriptions expires at noon. 1t may,
indeed. required more than one daY
to complete the classification and com
parisOn OF bids. IN order to determine
| which bids are the highest
| Although applications and cash de-
posts for the new treasury certlhcate1
are being received at the treasury IN
increasing numbers from Individual i
as well as from national banks, II Is
learned that no allotCnents have thus
far been made except to banks tha'
desire to use them as basis Tor cir
culation. All applications received
from Individuals and from banks
whose limit under the law has beer
reached. are being laid aside for t'f
tir," beinc and If allOrr.ents are MADE
to them at all. it Is believed. IL VIII no
bo as long as the present strong de-
mand continues for them from bank
! desiring them for circulation pur
poses The declared purpose "f Sc"
retary Cortclyou in issuing the cert
ficates was to increas" the volun'" I"
. outstanding currency and this Hh1ec
it is said can best be accomrtisHe'
through the increased issue Of ratrna
; bank notes and for the present r
, least the efforts % the treasury OF
, fcials will re In that direction.
Mr.. Rudolph Mason a former resi-
dent, who now lives in Goldsbo~
eren+ Sunday in the city with his "a