Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1908-07-10

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- SRe
ment circular calls attention to the
1act that there are two methods OF ap-
plying for additional national bank
currency under its provisions. Banks
occupying contiguous territory mas or
game currency associations. providing
there are at least ten banks in each
association with minimum aggregate
capital and surplus of $4,000, 900, while
individual banks have unimpair-
ed capital and surplus OF not less than
20 per cent. Any member of such an
association with outstanding circulat-
ing notes of not less thar 40 per cent
OF its capital may obtain additional
circulating notes under section l Of the
act National banks of the same stand
ing as to capital and surplus, but not
members of an association, may obtain
additional circulation under section 3
Of the act. The Treasury Department
will furnish blanks to bank officers
upon which they may file application
for Joining an association and other
wise take the necessary steps to COM
ply with the law. and prompt approval
OF ~disapproval is promised. The indi-
vidual banks of the association, how
ever, desiring to obtain additional cir
culaticn, must submit their applica-
lions to the officers of the association,
and not to the Secretary ofthe Treas
ury, and those officers will apply to
the department. Applications for ad-
ditional circulation under section 3 by
individual banks not members Of asso-
Citations may be addressed to the
Comptroller Of the Currency, who will
advise them as to the procedure. One
per cent per annum upon the average
monthly amount of public deposits held
will be paid by depository banks, to be
computed from June Is, 1908, and to
be payable July 1.
One reason why the West has greater
difficulty than usual this year in OBJ
tanning farm hands to help in gather
ing the harvest may be found in a bull
letin issued by the bureau of immigra-
ton at Washington. The bureau re-
ports that nearly 100000 laborers have
left the United States since last Octo-
Der, returning to their homes in Europe.
During the first four months Of this
year 239,O1O labOrerS went back to Eu-
rope, compared to 96,731 for the same
period of 1907. II addition to this
drain on the labor supply, the bureau
says, the number of immigrants who
arrived in his country in the first four
months of this year was only 124, 800,
as compared with 0 ,332 who landed
between January and June Of last
year. The net loss to the labor supply
for the four months was 114,61S, while
the loss since last October will be il
excess of 100000. Nevertheless, the
numbe of men out of employment in
the large cities should be great enough
to guarantee farmers abundance Of
help.
Secretary Taft has conferred with
the President in relation to the pro-
posed purchase Of 100, 900 acres of land,
some houses and other property in the
Mantiago and Orienta provinces of
Cuba. This purchase Is largely for the
purpose of pacifcatiOn, as the land has
been settled upon by Cuban soldiers,
the veterans of the Cuban revolution.
If the land is not purchased these set
tiers, who are merely sQuatters, would
be dispossessed in the process Of the
church taking control of it's property.
Such an event would tend to create dis.
order. - .
Steamboat men on the Mississippi
and on the great lakes have been in.
vited to send their views as 70 advis.
able changes in the navigation laws
to the commission appointed by the
President to examine and make report
as to the statutes at present in force.
The commission will devise navigation
regulations TO sailing vessels
u motor boats as well as steam vas.
sells, and will give particular attention
to the proposed reorganization of the
navigation inspection service.
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The government plans to construct
a fleet of swift cutters for a campaign
against smuggling in the southern Phil.
ippine islands, where an extensive IL
licit traffic in opium, Cinnamon and
various dutiable goods Is carried or
between Borneo and other foreign
points and the island of M%indanao, OF
the Jolo group. Hundreds Of vinta,
and other craft are engaged in the
trade, which has been carried on fol
ages practically unchecked, the Moros
being the principal offenders.
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The Interstate Commerce Commits
sion has ruled that an agreement, un.
der which a shipper agrees to assume
all the risk of loss is void, but that an
agreement STIMULATING hat the rail.
roads liability shall not exceed a Ger.
tain amount is valid.
A Treasury Department circular has
been issued carrying into effect the
new currency act. The main points are
that in organizing the currency asso.
Citations there must be at least ten
banks III contiguous territory for each
association and named for the locality
i'll which they are formed, that State
lines be observed as much as possible
and that 1 per cent upon the average
amount of public deposits held will be
paid by the depository banks.
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