The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1908-10-08
LII GOOLLDGE

the notes into such shape that they Il
might be put upon the market.
Acting Secretary Coolidge of the
treasury overlooked the work and the III
bureau of engraving and printing "a
which put out the currency was in s
charge of Superintendent Ralph &
Each day Superintendent Ralph de-
livered into the hands of the treasury 8
officials between $2,O0O,O00 and $4,000, Is
900 in the new style notes. Before the
end OF summer there was over $780, z
100000 ready for delivery to the banks
on CALL ~
Congress meets again in December e
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
would be delivered to the strick-
en- districts within a few hours and it is
believed the trouble would end with
the appearance of the cash.
Up to August 1 only one emergency
currency association had been formed,
but soon organizations began to ma
teriaize all over the country and the
interest in the new act was heightened
W d 81 cat CAISub. lhS VI luG
District of Columbia had their articles
of association approved by the secre-
tary of the treasury about the middle e
of July and to them belongs the honor
of being the first members of an or m
ganization authorized under the emer. H
gency currency law. II
The banks in New York and other II
financial centers were not disposed to u
fully commit themselves pending de-
termination of the question whether bank
ing an association could withdraw from it
complying with all the requirements of the
The treasury officials regarded this questio
purely academic but they took the matter
der consideration and a decision was reache
this point in a very short time. The act
is entirely silent on the subject
The proposition of putting out such a
amount of currency was one which held tn
reau of printing and engraving in it's throe
many anxious months for it was pointed
when the measure finally passed congress
a long fight that while it was decidedly i'm
able that there would be a panic this ia
was certainly necessary that the currenc
ready for deliverance in case unsettled {
tions should introduce themselves into
street and other big financial centers of
country.
But if the word of the trainers of the ALI
Vreeland statute is to be believed no such
ditions can arise, simply because of the exis
of the emergency currency act.
Most readers of congressional news in the
papers remember we'll and followed closel!
struggle which took place in both the house
senate coincident to the passage of the bill.
senate refused to accept the Vreeland bill, I
factured in the lower branch, while the hou
representatives could see nothing but evil
in the Aldrich measure-that is, the majorit!
Speaker Cannon of the house paid several
to President Roosevelt at the White House.
executive insisted upon work being done by
gress, if it were only this law. Finally
opposition forces met in caucus and then
was another caucus, most of the points in di
being settled. The bill passed the house
much acclaim from those who had aided in {
the compromise.
Then came the struggle in the senate with
ator LaFollette, Senator Gore, the blind le