The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1906-1907, 1907-11-04
FOWLER FOR CREDIT MONEY
Wants to Turn Money System
Over to Banks.

OV6F 10 BANKS
New York, Nov. 4.-Thst perma-
nent relief from the present monsn.
tary stringenoy can only be had
through a system of credit cur, ENJOY
ADEQUATE to meet the requirements Of
trade and redeemable in gold coin
was the opinion expressed today by
Representative Charles G. Fowler OF
New Jersey, chairman OF the currency
committee, who will at the coming
session Of congress eadeavor to have
a law passed providing for currency
Issued by the national banks. Until
such permanent relief is made pos.
sible by legislative enactment, Mr..
Fowler asserts, the situation must be
met by the issuance of clearing house
certificates, cashiers certificates and
due bills of business houses and
manufacturers.
"The underlying business condi-
tions," be said ''are essentially
sound. as evidenced by the increased
earnings of railroad and the fact that
the value of our agricultural pro-
ducts this year 10 $500, 900. 600 more
than last year (Which was the largest
year in our history, and are brlug-
ing to our people about g., 600, 600,
600, but public confidence has been
greatly shaken and credit seriously
affected. Therefore every patriotic
citizen, from the president down,
should do all In his power to restore
that confidence which 10 essential to
national prosperity.
ELASTIC CURRENCY.
1.-THE cause of the currency strin-
gency Is that there is scattered broad
cast throughout the country, at the
mints, in the wheat, corn and cotton
fields, In the pockets of the people,
or locked up, about 81, 300, 600, 900
Of the reserve money of the United
States, most of which, under proper
condition. would be in the Banks
serving as reserve. Temporary relief
will be had through the forced use OF
current credits In the form OF clear
ing house certificates, cashiers
checks, checks and due bills OF husi
ness houses aud manufacturers during
the 90 days. The permanent cure
must come through credit currency,
expanding and contracting with the or
binary demands of the smaller trade,
precisely as checks and drafts do In
the broader Geld Of commerce.
POINTS OUT CAUSES.
"We have now proceeded far
enough In the present financial crisis
to get pretty clear perspective Of
the real situation.
First, the condition 10 now gen.
eral in every nook and corner of the
county.
Second, IL the gold certificates,
the United States notes aud silver
certificates or the reserve money
which the banks Of the country have
sent to agricultural districts of all
sections to settle up the years bust
ness--l say, II these reserves now
broadcast over the land
were in the banks where they proper
ly belong, there would have been no
money panic this fall
"The proof of this assertion Is con
elusive: During the past four months
there has been sent from the banks
into the country districts approx
mately 5000, 900. 600 of currency. OF
this amount $3.50, 600, 900, approx
mately, was reserve money, which,
il 1t we're now In the banks, would !
serve as a basis of more than 81,
$50, 900, 400 credits or loans, and the |
present crisis would have been avert
ed.
''This result could have been ac.
complished without increasing our
tank reserves to the extent Of q single
dollar, without increasing the liabili-
ties of the banks of the country TO
the extent of one cent.