The Mena weekly star., 1907-11-28
INSTRUMENTS ARE NEAR
Banks of Larger Cities Ready to Resume Paying Currency when
 Agreement Is Reached.
MORE CONFIDENT TONE IN WASHINGTON
Success of New Government Loans Practically Assured-chicaeo Clear ing House Believes Resumption Will Be Possible Within Two Weeks Western Bankers Will Cooperate.

Washington, Nov. 27--A more con- fident tone in regard to the success of the new loans prevailed at the treasury department Tuesday than at any time since the announcement of the loans, week ago. The visits of MT Morgan on Friday and Satur- day were followed Monday by visit from James B. Forgan. president of the First National bank of Chicago. MT. Forgan saw the president, Sec retary Cortelyou and Treasurer Treat, and expressed his belief that the banks throughout the country would soon be in a position to resume cash payments. The subjects is of pe- culiar interest to the treasury of government receipts have been de- clining as a direct result of the scar city of currency. Distillers, brewers and others, who are required to pur- chase internal revenue stamps. have not been able to secure currency in sufficient quantities from the banks with which to purchase these stamps, and as the collectors are not al- lowed under the law to receive certi- fled checks. of anything but lawful money, except at their personal risk. the result has been that even a suf- flcient amount of stamps to cover inn mediate needs has been difficult to obtain The government is insisting that depositary banks shall. as soon as possible, meet the demands for currency in this respect. There seems to be a general desire among the bankers in New York. Chicago and other sub-treasury cities and payments at the earliest possible mo ment. and Mir. Forgan's visit was made with view of learning the views of the treasury officials on this particular subject. Mr Forgan repre- sented that the Chicago banks would be able to resume upon an under standing with the banks in other cities, within the next week or ten days at the latest. Minneapolis and St. Paul banks, he said, were quite ready to resume at any time and might take the initiative in this re spect very soon. It is believed among the treasury officials that complete understanding was arrived at between the banks in New York, Philadelphia. Baltimore, Cincinnati, Chicago, St. Louis, New Orleans and San Fran cisco. by which there will be gen eral resumption of currency pay ments within the next few days and possibly before the close of the pres ent week.
 Chicago. Nov. 27.--Direct reports to the Chicago clearing house from hun dreds of western cities encouraged the local bankers Tuesday to believe that a resumption of cash payments will be possible within fortnight
 When the clearing house committee met the members had before them more than 500 letters in reply to the circular letter sent out last sweek ask Ing for statements of conditions throughout the west. Practically all of the letters, 1t was announced, ex- pressed willingness to cooperate with the Chicago bankers in resuming cash basis.
 There was considerable diversity of opinion. however, as to how general resumption should be brought about. Some thought 1t feasible to lift the lid In every banking center on the same day: others that the loosening of cash should be gradual movement. begin ming in the east and spreading to other parts of the country.