Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-12-12
INSURGENCY
Of CURRENCY
PROMINENT BANKER DECLARES
THERE is NOT ENOUGH MONEY
WE ARE BEHIND THE TIMES
Should Have s25o,0oo,ooo More of
Circulation at Crop Moving Time
Plan of The Bankers Currency
Commission Urged for Adoption
Has Elasticity in View.

Chicago, Dec. IL THE bankers of
the country have been severaly cen
sured and criticised for boarding
money, as it is claimed, and for taking
tie action that they have in limiting
the amount of payments. Had this
action not been taken conditions
would have been more embarrassing
than they are now, and the demand
there was for cash with Withdrawals
of deposits in some localities would
have put away every dollar IN hiding. y
So said John L. Hamilton, chairman
CT the currency committee of the
American Bankers association at
banquet of the Illinois Manufactur-
ers association.
1.-THE present disturbance" said Mr.,
Hamilton which is due to the rapid
growth and development Of the coun
try, has been foreseen and the atten-
ton Of the public has been called to
it time and again by those who have
been studying the financial conditions.
We have a banking capital about
equal to that Of the rest Of the world,
and our national wealth is greater
than that Of any other country and al
most equal to the rest Of the world.
We have suddenly become the leading
nation and the creditor of the world.
Our present financial distress IS
due to the lack of proper banking
laws. which has been brought to the
attention OF the public and Of congress
time and again; but because of our
prosperity the people did not think
there could be any danger and they
have not given this subject any ser
ious thought"
Mr. Hamilton said that our finan-
cial system is practically the same as
in 1865 and not in keeping with the
business necessities Of the time and
he urged such laws as will give ID
our national banks an elastic or emer-
gency currency based upon the credits
of the banks and absolutely secure
THE present conditions" said the
speaker ARE due to the lack of suffici-
ent currency to handle the business
of the country during the crop moving
period, which requires from $15O,OOO,
600 to $3.50, 100000 more currency than
during any other season of the year.
With the increase Of business and the
people anticipating the possible need
Of currency and therefore boarding 1t,
have come the financial conditions
that have become more and more
acute each year only needing the fall
ure of some large bank in COM
mercial center to precipitate such
crisis as in any one of two or three
wears past. Such calamity has not
come unexpectedly, yet, like death we
are never quite prepared for it"
While the present conditions are pad
enough they will only tend to make
matters worse and a year from now
we may expect worse conditions unless
congress comes to our relief with ade-
uuate financial legislation.
There is a tendency on the part OF
some to discourage immediate finan-
cial legislation, claiming that there
are no we'll defined plans and that con-
gress should be slow to act.
I'VE have hundreds of plans pre-
pared by different individuals and if
the authors of these various measures
will forego their anxiety to have 1t
law passed bearing their names, tn y