Crittenden record=press. [volume] (Marion, Ky.) 1907-1909, 1908-07-23

The situation was dramatic. There
was never greater evidence to for
bearance exemph6ed. Banks loaned
money to each other and refused to
pay their depositors.
The people put up with it.
Every bapkn the country could
have been mede to- close or pay IT,,
depositor> ol proper notice, but this
drastic measure was not resorted to.
Now | wonder how much gratitude
there j., among the banking frateruI-
tyas result Of this leniency.
This was not al A au emer
seucy many bank, i.."'l script
to uda over the pAD,c ash to
call a'irp'ieu to tNc vuri, 4 Senator
Ovens, of Oklahoma in speech in
the United States senate. Feb, %
1908, on this point, which | had the
pleasure of hearing.
Mr.. Oven said III you will OBJ
serve the national banks and all 9th.
err banks issued clear-house certificates
issued cashiers checks, aud issued
various devices to the amount of hun
dreds OF millions for their own relief.
These various banks resorted to that
practice which We are told by the
chairman of the committee on finance
will not be endured again that the
country will not stand it another
time although the country will, all
right The country will stand il
and will thank God that the banks
violate the laws Of this country. a.
we all have done/heretofore. When
the New York banks, the Boston
banks and the Philadelphia banks
issued clearing house certificates, we
all knew 1t was a violation Of the law
and We thank the good Lord that
they had The nerve to violate the laws
as they were written and |, for one,
commend them for it, a. would
commend the suspension Of habeas
corpus made sufficient public danger
or a vigilance committee when COM
mon sense requires it.
The statement Of December 3.
showed that the national banks had
outstanding abou, ,Ixty-hve million
in clearing house certificates OH
er banks had many millions in certi-
hcates
National bank, have asked for the
privilege e expanding and contract.
ing the bank currency at will but it
takes four months to have the notes
printed and the present legal limit 10
nine million per month may delay
them in Withdrawing besides, while
it increases the volume Of money in
the country it doe, not increase the
banks supply a. the cost Of the GOV.
eminent bonds l. equal to the amount
ef circulation issued against them.
This handicap has caused the bank,
to ask for the privilege of issuing an
asset currency which was discuss.
ed for months by congress a d turned
down.
The enormous demands for money
incident to moving the great staple
crops shocked the business world and
creates stringencies that unsettle
values. Thu. is legitimate demand
But artificial demand created by
l1euLltu HlEh uudu't among STOCK
gamblers is not legitimate and should
not be responded to by the govern
ment or the banks.
The prosperity Of the merchant de-
ponds on the prosperity of the farmer
and the wage-earners.
The contestant disturbing factor
In the money market is the dumping
of the crops on the market faster
than needed by the consumers.
Every secretary of the treasury, at
the instagnation Of the banks, for
the last twenty years, advocated a
'fexible volume of currency"
1t distresses the financial centers
to furnish the enormous amount Of !
money required to move the wheat
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