The Washington times., 1908-06-07
EMERGENCY MONEY
FOR QUAKER CITY
Philadelphia Bankers First
to Take Advantage OF AL
drich-Vreeland Bill.

Philadelphia IS the first city 10 make
application to the Treasury Department
Tor permission TO organize a National
Currency Association under the terms Of
the AIdrich-VreeIand currency act re-
Gently passed by Congress. Several other
cities have also made applications. but
their names are kept secret for the pres
ent The New York banks viii. It is
expected, take the necessary steps Tues
day.
In order to form such associations,
anj thereby secure the right 10 issue
emergency currency when the need
arises. upon putting up proper secur-
icy, not less than ten banks must as
sociate themselves together, and by
their officers file with the Secretary Of
the Treasury a certificate setting forth
the names Of the banks composing the
association, the principal place OF bust
ness Of the association. and the name
which it desires 10 go by. This name
viii he subject TO the approval Of the
Secretary Of the Treasury.
Authorizes $500, ,Ooo, 900 for Emergency.
A calculation has been made OF the
amount OF the emergency currency cir
cuIation authorized by the bill which
can be issued under the terms OF the
act in the different States and sections
of the country. The total amount is
S500O 10000. and the amount that each
bank will be entitled 10 issue . based
pro rata upon it's capital and surplus.
Under these restrictions. the quota Of
the New England States will amount 10
$50. 600. 900. OF these. Massachusetts, VIII
get the largest share, with S3l, 72O, 600. Of
the Eastern States, whose total quota
Will be S2J7,S00 900. New York gets S101
800.O 600 which is more than onc-fifth of
thu entire amount of the emergency cir
culation. Pennsylvania comes next.
with SIS, ,7O0,60
The quota of the Southern States
amounts 10 a total of $50. zoo, 600. OF which
Texas viii be entitled TO slg5 100000. In
the Middle Western States there will be
available SIS. $4,000. Of which Ohio's
quota Will be S29,17O,Oo0; Illinois, S29, ,420,-
O00: Missouri. S15.160 600; Indiana, 81, ,460, =
005, Minnesota, SO. $4,000; Iowa, 50, ia, 900:
Wisconsin. S7.4Sl.O0O. and Michigan, ST.
$4,000 The quota Of the Western States
win be S2S. $4,000, and of the Pacific
States. S24,120.0O0, OF which California
will be entitled 10 SI5,l6O,O0O.
Inquiries Piling In.
A great many inquiries have been re-
ceived at the Treasury Department
from banks throughout the country as
to the regule tions that are to go into
effect with enforcement of the new
law. In order to respond TO these ia.
quiries a special letter is being prepared
which will be mailed to all national
banks early in the week.
one of the points upon which the
banks have asked for information IS as
to when those of them which. as TEN
porary depositaries." hold Government
money, viii have to pay the / per cent
tax imposed upon those deposits by the
law. The law does not specify any par
ticular time. but the Secretary of the
Treasury has. it is understood. decided
that the ta- shall be paid semi-an-
nualiy
There are 1880 such temporary deposi-
taries which hold $72,O00.000 of Govern
ment money The tax of l per cent on
this amount viii bring in a revenue to
the Government Of $4,000 a year.