Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1907-12-11
THE NATIONAL BANKING POSITION.

The Controller call for a state
ment of the condition OF National
banks on Tuesday reveals the New
York City banks as whole in the
position already known to the world
The weekly statement had already
shown reserves of 20 per cent. cor
responding to deficit of $53, 900, 600.
This condition contrasts strikingly
with the kilograms giving the condi-
tions in the interior. Nothing is
known yet here regarding individual
banks, but apparently most money
centres except New York are suffering
from an embarrassment of cash.
Chicago is the richest of all. Accord
ing to the dispatches "Cash in the
vaults of Chicago banks approximates
$500, 600, 000 Never in the history of
Chicago banks has the amount of
actual money in hand been so large
as it is at present.
ST. Louis has less to boast Of All
that ST. Louis allows us to hope for is
that after the report the excess re-
serve will be released for circula-
tion.'' San Francisco banks since
the stringency have been building up
their reserves and if the panic
lasted long enough they would have
been stronger yet, and their customers
impoverished. Tacoma reports that
it's gold reserve has increased 30 per
cent since the last statement. The
New Orleans Clearing House vouches
for reserves of 35 per cent, which
makes one marvel at the nerve with
which the Treasury was asked to as.
sist in financing the cotton corner.
The Salt Lake City Clearing House
states that it's members hold from 81
to SO per cent reserves. There are
worse statements from some scattered
points. but none are as denuded OF
cash as New York banks.
| Upon which we remark that the
interior banks have nothing but their
money to boast of, while New York
has had the courage and intelligence
to set an example of how a crisis
should be met. Not dollar of the
Treasury's deposits has been kept
here, nor any of the gold imported
with the Treasury's help. After a
month of panic strain New York has
continued to assist others who would
do nothing TO help New York Fol-
example, here is single item pub
lished on the same day with the
Controllers call:
Heavy Withdrawals of cash were
made through the Sub Treasury, as
follows: To Chicago, 81. 972, 600: St.
Louis. 5000. 600; Philadelphia, SlS6,
600; San Frncisco, 1925, $50: Denver,
100000; Cincinnati, S25, 600. and
New Orleans. So, 900. total of 81, GA,
$50.
Yet the facts being as set down,
the interior cities have unblushingly
asserted that New York was starving
them, and complained to the Secretary
VI tIe IIodsuIS dSdlust luTtIer dsSlSu-
ance to the New York spectators. -
Where. we ask, would the country
have been except forsthe policy which
has revealed the deficiency of New
York's banking reserves? And what
a light the contrast throws upon the
proposals in Congress for locating the
central bank, or National clearing
house. or whatever form of banking
device is adopted, in some of these
centres which have thus revealed
their inadequacy to their local affairs.
to say nothing of qualification for
National leadership. New York is
short of reserves. but it is long of
confidence and credits, and when the
interior has settled it's obligations to
New York the banking conditions
revealed in the statements.no made
l no