The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1908-05-06
SOLVES PROBLEM
TACOMA MAN WILL SHOW
BANKERS HERE new SCHEME
viii Read Paper Before North Yaki-
ma Convention to Give Some
Pointers On Currency.

MUCH curiosity mas Deen aroused
among business men during the last
few days att he appearance of some
new paper money in circulation
1t is in the form of 81 certified
checks, issued by w. r. Andrus
through the Fidelity Trust company,
says the Tacoma Ledger.
Mr.. Andrus states that the issue is
small and is only an experiment 20
illustrate some points he intends
making in paper to be read before
the state bankers convention IN
June.
Many years ago, states Mr. An
drus, who is cashier of the D. S.
Johnston company, when the hard
times were on and Tacoma people
had little else to do but sit around
and talk, he was one of group of
business men who used to gather at
intervals for the discussion of vari-
Gus topics.
II was always something of a
crank" said he yesterday to the
Ledger "and got started on this SUBJ
ject when there was not much else
to do. At that time I criticized the
monetary system and wrote lengthy
paper giving my views on how to
remedy conditions. 1t met with
some favorable criticism from those
who heard it.
THE money shortage last fall e.
called to some local bankers the ideas
I had brought forward and I was
asked to present them to the coming
convention. Naturally I would not
care to enter into any lengthy dis
cussion of the subject until that pa
per is read.
81 have contended that the govern
ment can not furnish an adequate
currency. 1t has been trying to do
it for years and has not yet succeed
ed. The problem is one for the
bankers to solve and some plan will
have to be evolved whereby currency
can be issued by them under federal
supervision.
so to illustrate some of my ideas
I issued these checks and had them
certified They will be coming in
shortly and I will have them to show
to the convention"
The checks. which are in 81 de-
nomination, have already received
quite an extensive circulation. Two
Of them were yesterday morning re-
ceived at the city treasurer's office.
They are simply made payable to
bearer and are certified by an official
of the Fidelity Trust company. In
explanation they bear on the back the
following statement:
This check is one Of a series is
sued to illustrate the Tacoma plan
for a national currency. These
checks will pass current wherever
the Fidelity Trust company is
known, and locally perform the func-
tions of a perfect currency. Bank
drafts on deposits in central bank
AN authorized depository and bank
of emption-issued in regular de-
nominations payable to bearer, will
everywhere pass current and form
perfect national currency.
"A national association OF the
clearing houses with central clear
ing house as a depository and bank
OF redemption will secure current re-
demption. Perfect elasticity and
flexibility can only be obtained by
continuous current redemption;
there is no other way. The fund re-
quired for current redemption, and a
provision that will prevent issues in
excess of deposits, will insure basis
so-extensive with the volume of cur
rency and guarantee perfect sound
ness.
"WALLACE r. ANDRUS"