Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1907-12-04
CALL FOR SHOWING
Government WIFI Ask Reports
from National Banks.
WILL BETTER THE SITUATION
Comptroller of the Currency is Ex-
pected to Issue It This Week and
the Revelations, It is Believed Will
Aid Naturally in Restoring Conf
dence.

New York, Special.-A call upon
the national Janks for a statement Of
their condition of a veryirecent date
is expected by bankers here to come
from the Comptroller of the Cur
rency, this week. Four Of the five
calls required each year by law have
already been made, the last having
shown the condition of the national
banks on August 22d. 1t is possible
that the call now anticipated will
have an important influence on the
financial situation. 1t is expected
that it will reveal large reserves of
lash in the country banks and this
will tend to restore confidence among
lepositors to a degree which will
make it easy to resume currency pay.
nents throughout the country. The
banks, even in normal times, usually
prepare for a call by Strengthening
their cash; in order to make a good
showing, not only to the Comptroller
but to their clients. Their state
ments are required by law to be pub
Slished in local paper, and they are
also forwarded to Washington, where
they are compiled by cities and
States.
The effect of call for report Of,
condition on a fixed date, which is
usually a few days before the call by
the Comptroller, is to enable the
bank to release cash after the call,
with the knowledge that another call
is not likely In the natural order
of things, for about two months. In
the present situation, it is declared
by New York bankers, the call will
show that boarding is not being done
by New York bankers-as indeed
their deficiencies in required reserves
already indicate-but that, many of
the interior banks have reserves run
ming up to such proportions as forty
or fifty per cent Of deposits. The
facts will reach the public for indi-
vidual banks through publication To-
cally and then will come to the public
generally through the compilation
made by the Comptroller.
If large reserves in lawful money
in their own vaults are revealed gen
orally by the reports, it will at once
inspire confidence in the strength of
the banks and create n demand which
they will no longer be disposed to re-
sist, after sending in their reports,
for the immediate resumption of cur
rency payments.
Chairman Fowler, of the House
committee ON banking and currency,
made the following statement re-
specting the outlook for financial
legislation in the Sixtieth Congress:
"There should certainly be some
remedial legislation and I can assure
you that the members of the COM
mittee on banking and currency will
bend their energies to that end. What
we shall be able to accomplish no
man can answer. But that there is
urgent need for help no man can
deny.
cat the dinner Of the American
Bankers Association at st. Louis, a
year ago, I predicted that the thing
which has happened, must happen
unless some immediate action was
taken; that there was not a banker
in the United States who would not
regret it if something were not done.
Sat the close of the last session of
Congress I said that the condition of
our finances and currency was such
that it would, of necessity lead to the
destruction of our prosperity.