Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-11-21
HEAVY DEMANDS
FOR CERTIFICATES
NEW FEDERAL LOANS SEE AS
SURED OF BEING ONR-
SUBSCRIBED.
CABINET MEETING DCuSSEs
VARIOUS PHASES oF=INAN-
ciAL RELIEF MEAsREs.
POSSIBILITY APPEAR OF CRIT
ClsM AT COMING SESSION
OF CoNGRss,

Washington, Nov. 0.-Communica-
tons which came tothe treasury de-
partment yesterday approving the
financial policy adeted by the presi-
dent and Secretar COrtelyou, and
Bubecr pdons recVed for Panama
bonds and one-ysr certificates were
the subjects of Gscussion at meet
ing Of the ca,biet and afforded gen
eral gratifcatio While details re-
garding the suscrtpt.ons are not be-
ing made pubic, 1t seems to be Tie
feeling at til treasur y that boCh
loans will b over-subscribed. The
decline in tB stock market yestel-
day is regaied as only a symptom
OF hes tatio until the effect of the
failure or juccess of the measures
are pr0vedoy the opening of bids.
Several Important questions are be-
ing raisd in communications ad-
dressed o the treasury. One of
these qBstiOns, upon which no Off
cial inGmation yet has been given
is Wheeler the new one-year certif-
Gates Rll be available for bank re-
serves The law on the subject
seem sufficiently clear that they are
not Tailable for this purpose, but it'll
is p,Ssible that the presence of a few
OF fem in the reserves under the
pr@ent critical conditions would be
wbked at, just as in the case of clear
iTs house cert, fcates.
1t is prescribed by section 51yl, re-
Used statutes, that banking reserves
Ihall be 'in lawful money of the
United States" This can only mean
gold and silver coin, coin certificates
and legal tender notes. The law
does not even permit bank notes
which circulate as currency, to be
counted as reserves, although small
amounts are occasionally included in
the same packages with lawful mon
ey. Whether the new certificates
should be counted as reserve money
would be, under present conditions
Is more or less an academic question
because they are legitimate invest
ments OF banking funds and the cues
ton of reserves turns only upon the
amount held. AS a large portion of
the national banks are now being Der
mtted to do business with their re-
serves considerably reduced below
the legal limit, the question whether
the proposed treasury certificates
shall be counted as reserves or in
vestments is practically only mat
ter OF bookkeeping.
Congress Might Kick.
The possibility is attracting some
attention that the issue of one-year
certificates would be criticised in
congress in much the same manner
as the sale of bonds to the Morgan
syndicate to protect the god reserve
in 1898. The fact that republican
member OF the house committee on
banking, Prince of Illinois, was quot
ed yesterday as declaring the issue
not Justitiable under existing cond:-
tlons' is considered a symptom of an
attitude which may be taken by a
few members of congress. Crit
cism OF President Ueveland's meas
ures in 1898 went so far that a COM
mittee was appointed to investigate
the contract with j. P. Morgan &
Co A certain part of the criticism
at that time was directed against the
exclusive nature Of the contract. and
this criticism will not lie against the
present offer of securities to the pub-
lie unless something occurs in max
ing the awards which may afford an
opportunity to the critics of the ad.
Big Demand in ST. Louis.
st. Louis, Nov. 20.-United States
Adkins announced yes
terday afternoon that the st. Louis
subscriptions to the new 800 OOO, 900
issues of the government loan certif-
icates had passed $1,000, 900. He ex-
poets that before Saturday the de-
mand from st. Louisians alone will
exceed s17,000,O00
Two Banks Bankrupt
Grand Rapids, Mich, Nov. 20.-In
the United States court here yester-
day, the Union bank of Richland,
Michigan, and the Bowman bank o.
Kalamazoo, both private concerns,
were adjudicated bankrupt 1t is
stated that deposits in the Union
bank amounted to $3.50, 900 and In the
Bowman bank $4,000.
Not Hoardinq Bonds.
New York, Nov. 20.-John D. Rock
efeller Is not boarding government
bonds, according to a statement is
sued last night by those who said
that they were authorized to speak
for him. Mr.. Rockefeller said:
7 do not own at the present time,
nor have owned at any time during