The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1907-11-08
Want more Cash
The Need of the Financial and
Business World Is Stuff
cient Currency.
RIDGELYS PLAN IS FAVORED
Efforts for Currency Reforms Again
Being Alphabetically Meeting
of the Bankers Commit
tee Favored.

New York, Nov. indications
that the available supply of cash
would be materially increased within
short time with imports of gold and
the increase of the bank note circu-
lation, and that the movement of cot
ton and grain crops would be facili-
tated in every way possible with the
result of increasing our credits
abroad, were the salient features of
Thursdays financial situation. Ii
seemed to be recognized everywhere
that the acute stage of the crisis was
over and that all that remained was
TO obtain sufficient currency to re-
sumo currency payments upon broad
scale and thus to restore conditions
prevailing before the crisis. The en-
gagements of gold made in New York,
Chicago and elsewhere brought up the
total import movement within the
past week to $23,750,000. AS the
amount of gold will afford a basis of
credit to four times the amount, or
about S95,000000 it will in itself af-
ford much relief to the existing pres
sure. The action of the bank of En-
gland in raising its discount rate from
Az to 51s per cent, was in accord
ance with expectations in conservu-
tive circles. The fact that the in.
crease was not made to per cent and
chat the English rate remains per
cent below the German rate is accept
4 tn tt,of 1,n cit
at London is not considered acute
The prompt response of the Ma
tional banks throughout the country
to the suggestion of Comptroller
Ridgely that they should employ the
United States bonds as largely as pos
sible to secure circulation and substi
tute other bonds for those pledged
against deposits of public money,
promises a considerable increase in
the available stock Of currency. The
estimate of an increase in the bank
note circulation of $4,000, 900 is con-
sidered well within the probabilities.
It will require time, however, in some
cases for the banks to obtain proper
bonds to substitute for their United
States bonds. Mr. Vanderlip, vice
president of the National City bank,
made the fruitful suggestion that the
savings bank would at once improve
the general situation and add to their
circulation if they would sell their
holdings of United States bonds to
the National banks Even in cases
where they do not care to sell it is
believed that they will lend the bonds
to the National banks. as has often
been done in the past
1t is noted with interest by leading
bankers here that the present scarcity
of currency and the recourse which
had been had to tho National banks
circulation are arousing unusual inter
est in the plan for currency reform
which has been endorsed by the
American Bankers association. This
plan was adopted in December of last
year, after consultation with represen-
tatives of the New York chamber of
commerce and was presented to
congress at that time. The plan did
not receive the definite Sruroval Of
the American bankers association,
however. until the meeting at Atlantic
City in September last, but at that
tilae it was endorsed by nearly
unanimous vote after strong arguments
in lis favor by A. Bart Hepburn, presi
dent OF the Chase National bank of
New York and Repres ,ntatiye Charles
N. Fowler, chairman of the house COIL
inittee on banking. The committee
which framed the measure was con
tinued with authority to take further
action. It has not held n meeting
since the convention ut Atlantic CITY,
but some of the western members are
DESTROYS that such 4 meeting |
be called at an early date, in order |
to bring the subject property before
congress while public opinion Is |
aroused on the subject.