, 1907-12-23
SENATOR WARREN ON
CURRENCY LEGISLATION

49,
It posAble for NJ h times of money
stringency like the q just passed to
demand and obtain large amounts OF
gold from foreign countries.
Vast aums In Gold Coming.
Take 1t in this last panic, and We
havs brought over. and have under
way. more than 500. 900. 900 in gold.
In the meantime, the balance Of trade.
our exports owe imports, for last
month was more than $50, O00, 900 In
our favor, Largely the products Of our
farmers, and since the panicky times,
we are importing less, and hence our
balance OF trade is o rapidly in.
creasing and the hundred millions in
gold need not be returned but can DO
charged v g against our exports ana
the account easily balanced that way.
Will Present Solid Front.
ut was my privilege, a few days ago,
to meet and spend an evening with q
company of wool manufacturers, cloth
ing men, and others interested in wool,
the whole representing a national as
ISOLATION Of some three hundred OF
four hundred millions Of dollars capl
tai, and it was a real pleasure to learn
that the amicable relations which the
wool growers have sought with the
wool manufacturers for the last few
years have borne excellent fruit, ana
it seems now that with skillful man.
agement all of the wool interests will:
hereafter present a solid front in tar
i'll and ven matters. The same Is
growing to be true, ana can be made
more SO, with proper care, as to all Of
the miners and farmers products, 1t
they all stick together. give and take.
and demand proper consideration. The
farmers and miners are the mes who
add all the really new wealth to the
nations store.
Wyoming Banks Talked About.
The panic, SO far "a the banking
and currency situation Is concerned,
seems pretty well over. The statement
OF national banks, last called for
by the treasury department de-
vehoped strength. especially IN Tie
west The Wyoming banks. both
national and state, made an especial.
ly excellent showing. and this has been
duly noted and commented upon by the
treasury department, at the White
house, and about the corridors and
cloak rooms Of congress.
illustrated by Story.
I. New York Is still over thirty mil
lions of dollars below the legal cash
reserve. but that need trouble no one.
A story lately told by Mr.. Forgan, pres
3dent Of the First National bank of
Chicago, will illustrate this. He said
a friend of his made a settlement upon
q certain hospital, which provided that
there should be six beds always In con
slant readiness for an emergency, to
be apart, OF course, from those for gen.
email use from day to day. 1t ran along
for several years without the beds hav-
ing been used, when finally a large
building collapsed in the neighborhood
and scores of injured people were car.
Red to the hospital. The man who had
furnished this sick bed b~enefaction
went over to the hospital to see how
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IT, N.oa-s lu,
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49,
reserve TOR Emergencies.
THE only reason why national banks
are required to keep a reserve is to
provide for just such times. and the
fact that q bank runs below Its legal
reserve In times of emergency means
nothing except that it will not be in
position to loan money freely, II at all,
until its reserve has again been made
good.
Prices May Be Lowered.
THE general industrial situation is
not quite as near normal as the bank
ing situation. On account OF recent
high prices Of labor and material, man
ufacturers have not felt warranted in
surplus goods after buying ceased. be-