Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1908-10-08
Ia C0OLDGE|

the notes into such shape that they M
might be put upon the market. ~
Acting Secretary Coolidge of the
treasury overlooked the work and the
bureau of engraving and printing
which put out the currency was in
charge Of Superintendent Ralph,
Each day Superintendent Ralph de-
1ivered into the hands of the treasury #M
officials between $1,000, 900 and $4,000
600 in the new style notes. Before the k&
end of summer there was over $780, N
100000 rcady for delivery to the banks
on call #
Congress meets again in December @%
and then The Legislators will be greeted
by the great outlay of cash. If there
should be- a panic this fall, which is
far from likely, officials declare, this
great amount Of emergency currency ME@
would be delivered to the strick- IS
en- districts within a few hours and it is @
believed the trouble would end with
she appearance of the cash.
Up to August / only one emergency 8M
currency association had been formed,
but soon organizations began to ma M
tcrialize all over the country and the M W
interest in the new act was heightened WI
ITO a great extent. The banks Of the
District Of Columbia had their articles
of association approved by the secre-
tary Of the treasury about the middle
of July and to them belongs the honor - :
:. =: q: !; !: 8: :: E: !: s.. !: :: I: :: {: :.; e: 6: IS: !: !: :. s.: s: :: !: IN
of being the first members of an or UhM
sanitation authorized under the emer- UHV
:gency currency law. W
The banks in New York and other
financial centers were not disposed to QNkU
fully commit themselves pending a de-
termination of the question whether a bank join
ing an association could withdraw from it afte
complying with all the requirements of the law
The treasury officials regarded this question a
purely academic but they took the matter IN
der consideration and a decision was reached OF
this point in a very short time. The act itseI
is entirely silent on the subject.
The proposition Of putting out such a grea
amount of currency was one which held the bU
Teau Of printing and engraving in its throes 70
many anxious months, for it was pointed on
when the measure finally passed congress afte
a long fight that while it was decidedly improt
able that there would be a panic this fall,
was certainly necessary that the currency b
ready for deliverance in case unsettled cond
tions should introduce themselves into Wa
street and other big financial centers Of tn
country.
But if the word of the trainers of the Aldricl
Vreeland statute is to be believed no such col
ditions can arise. simply because of the existenc
of the emergency currency act.
Most readers of congressional news in the dali
papers remember well and followed closely tn
struggle which took place In both the house an
senate coincident to the passage of the bill. Til
senate refused to accept the Vreeland bill, man
featured in the lower branch, while the house {
representatives could see nothing but evil thing
IN the Aldrich measure-that is, the majority.
Speaker Cannon Of the house paid several visit
TO President Roosevelt at the White House. I'll
executive insisted upon work being done by CO
gress, If 1t were only this law. Finally Il
opposition forces met in caucus and then thel
was another caucus, most of the points In dspu1
being settled. The bill passed the house vii
much acclaim from those who had aided in effec
the compromise.
Then came the struggle in the senate with Sc
ator LaFollette, Senator Gore, the blind legisl