Evening journal., 1908-08-22
ON FLOOD TIDE
OF PROSPERITY
Country Shows Evidences Of
Steadily Improving
Conditions
MORE MONEY CIRCULATING

WASHINGTON. Aug 20 Charles A.
conant who IS recognized as one of the
foremost authorities on finance and
who inaugurated the ananciai system
now prevailing in the Philippines. is in
Washington consulting with the treas
ury authorities over certain features
of the Aldrich emergency currency law
It appears that up to ;hc present tins
only one currency association Of loca.
banks has been formed. This is the
association Of the national banks in
Washington The banks Of Baltimore
and other commercial centres have not
organized because OF the objections
raised TO tie law One is that there
is no provision BY whlch a bank after
once joining a local currency associa-
ton can withdraw from IL. Anothe~
Is that under The law each bank has
the same voting power in the associa-
ton. no matter how great may be the
difference IN capital between various
banks. The Treasury Department H.
now carefully studying these objec,
lions, whose Importance is fully real
lied. and Il is believed that both OBJ
jections can be overcome in ample
time for banks TO organize associations
so that they can take out emergency
currency to meet the demands that are
anticipated TO move TIC vast grain
crops of the West and the cotton crops
Of the South.
Getting Brighter.
Mr. Conant is sanguine Of improved
business conditions. business and
financial conditions are steadily iri
proving" he said to-lay "rrue there
is some distance to &c before we get
back to the conditions that prevailed
before the panic Of last year. but there
are gratifying Indicators of improve
ment
"There is plenty Of Idle money ready
for Investment when confidence is rc-
stored on both sides--on the one siic
Of the banker as lender and on the side
OF the business man or the promoter
OF new enterprises rs borrower So
great is the vast excess of cash ncw
piled up IN the banks Of New York
that / am I'm doubt as to whether k
viii be found necessary for the banks
in that city to avail themselves of the
new Aldrich law to take out emergency
currency. I cannot speak for ihe
banks in other sections.
II look for a steady revival Of busi-
ness as the election approaches If it is
clear that the affairs uf the country
are to be entrusted again to the con-
structive and conservative ability Of
the party now in power
Acting Secretary of the Treasury
Louis A. Coolidge is equally confident
that conditions are rapidly improving
He said:
a Good Sign.
"That buster times ere at hand Is
indicated by a gradual Improvement in
conditions shown through the ordinary
operations of the TreaeIrv. Our Gus
toms receipts are looking up. They
have shown a consider able improve
ment during the last few weeks. ana
while they are not yet restored to the
figures Of a year ago. we have every
reason to look for a continued advance
Our internal revenue receipts are also
higher than they We're For the cur
rent month they havs run almost even
with the receipts for The correspond
ing period last year. These are obvious
causes for qualification. Our sub
treasures report an increasing demand
for subsidiary and fractional coins.
''The demand for small coins is a.
ways a pretty good thermometer a
business activity. and during the pas.
yea- it has been very snail indeed, but
there has been noticeable change IN
the past few weeks II is also signil-
cant that fewer national bank notes
are received for current Redemption
than was the case few weeks age
Ever since the first OF January the
increasing tide of bank notes for re-
cemption has heen nnprecedented IN
volume. II Is only within the last
few wceks'that we have noticed turn
in tho tide. indicating fer one thing
that the bank currency ,s being gradu-
ally absorbed IN business. These arc
some Of the things which encourage us
/ 20 look for better times"