Los Angeles herald., 1907-12-20
BANKERS ARE
THINKING OF
RESUMPTION
OFFICIAL SAYS BANKS ARE
PREPARED
MAY LIFT EMBARGO IN A FEW
DAYS
Merchants Are Anxious That Relief
Shall Be Given and Business
Permitted to Get Into
Full Swing

It will be welcome news to the business
men and to the people of Los Angeles
in general to know that the local bankers
are giving thought to the resumption of
specie payments. Real, good looking
money the only kind Uncle Sam knows
anything about, has been handed out to
those who could show satisfactory cause
for some time, but the Individual who
made the request had to hold a sure
enough hand to draw much of the stake
out of the pot.
What the bankers are figuring on now
Is to determine the exact date when they
may say to the public that they feel
comfortable enough to satisfy al comers
with cash. The public announcement Is
the point at issue.
in Wednesdays news dispatches namely,
that Saturday of this week would end
: the period Of special holidays has led the
people of the state to think all danger
past They argue also that as Los An
geles has declared from the beginning of
the furry that there was no reason for
alarm so far as the southwest was con-
cerned and that as the suspension of cash
payments was introduced to protect the
city from unreasonable onslaught from
outside quarters and that as the latter
danger has disappeared, If Judgment may
be based upon the number of places now
resuming the ordinary way of conducting
business the embargo upon Withdrawals
should be lifted.
Banks Can If They Will
The people do not seem to be alone in
this opinion Stoddard Jess, vice presi-
dent of the First National bank, made
the statement before the Los Angeles
Credit Mems association Wednesday night
that in his judgment the banks were pre-
pared for a return to normal conditions
next Monday He did not say such would
be the case. He conveyed the Inference
that they could If they would.
The merchants, of course, are very anx-
ious to see the move made. A tour
through the large stores yesterday re-
vealed an immense throng of people, such
a crowd in fact as would lead one to be-
lieve trade was phenomenally heavy, but
the financial head of one of the big estab-
lishments on Broadway stated that the
buyers were not in the usual proportion
to the sightseers. I'VE have the mer-
chandise on hand to supply the wants OF
the public said he. but under the pres
ent conditions we wish we hadn't. There
is just as much money in Los Angeles as
there was three months ago. but every
DOQY seems dITdlQ u let 6O VI IL l1NSA
though we accept scrip gladly and every
body knows it, the protracted presence
of the unusual colored slips keeps peo-
pie in a frame of mind which deters them
from making any other than absolutely
necessary purchases. At this season of
the year the volume of business should
be tremendous. and would be now If the
last thing necessary for the restoration
of confidence were done. So far as we
are concerned we have absolute conf
dence in the country's stability.
Merchants Anxious
There is time left vet for a big holi-
day trade If people knew they could get
cash; not that they would draw cash, but
the mere fact that they could DO so if
they desired to would cause them to feel
a sense of freedom now denied them. AS
a matter of fact when resumption takes
place | don't believe people will care
whether they have cash or scrip. You
know, when you can get thing you don't
want it half so much as you thought
you did.
aWhen the resumption of cash pay
ments was started in Chicago the mer
chants were unable to handle the volume
of business. There is no reason why
Los Angeles should not experience q sim
liar revival. And wouldn't it be great
advertisement for Los Angeles to be one
of the first cities OF the coast TO ll1t tne
embargoT"
Portland, it was pointed out, began this
week the payment of gold and silver in
any amount to those who desired specie
No unusual demand was made on any of
the banks and deposits were reported
heavier than Withdrawals.
The recent statements of the Los An
geles national banks, made in response
to call from the comptroller Of the cur
rency at Washington, showed the institu-
tions to be in No. condition. They were
proved worthy of the confidence reposed
in them by their customers throughout
the entire late disturbance, and there is
every reason in the world for believing
that this confidence viii not only be con-
tinued but increased, If such thing be
possible when an authoritative announce
ment is made. as it has been made else
where on the coast, that normal condi-
itons again prevail. Portland is safe.
Other cities are safe Los Angeles has
no doubt of her safety.