The Miller press. [volume] (Miller, S.D.) 190?-current, 1909-08-26
BUT NATIONAL BANKS PREPARE
TO PROVIDE THE MONEY.
NEEDED.
BANK CIRCULATION INCREASING
Nations Golfers Too Low to Permit
More Deposits.-Middle West
Shows Big Demand for Bills
Of Small Denominations.

Washington, d. C-Treasury Of
icials who are in the city say they
have no information about the report
I'd conference between President Taft,
Assistant Secretary Norton and Chas.
i. Dawes, former controller of the
| currency, on ways and means for pro-
Viding money to move crops.
The records of the controller of the
currency and the treasurer of the Uni
ted States, however, show that the
banks generally are alive to the neces-
sity for accommodating money for NOV
ing the vast crop that is now being
harvested
Ii is stated that the treasury funds
are at a low level, and therefore it is
impossible at this time to make fur
Their deposits of government funds in
national banks. But to meet this con-
dition the national banks have been
taking out additional circulation.
On July 1, of this year, the amount
Of national bank notes outstanding
was $6S9,920,074. On Aug. 2. the con-
troller's statement shows that this
amount had been increased to $685.
554, l64. Since the beginning of the
month there has been a further in
crease in national bank circulation to
$685., 595,405 This is an increase since
July 1, of approximately $7,500.000
and since the beginning of the pres
ent month, Of $2,500,000. This will
help some. according to treasury Of
fcials, although it may not meet all
the demands that will be made upon
the banks.
The treasurer of the United States,
who handles the federal currency,
has had his force busy during the last
month supplying the demands of the
banks in the middle west, with notes
Of small denominations.
According to c. c. Bantz, the as
sistant treasurer, there has been more
han the usual demand of late for
treasury notes Of the 81, 50 and S. de-
nominations. Up to this time there
has been no lack of money of these
denominations, as the bureau of en-
craving and printing, having had ex-
perience in previous years. has been
turning out notes of the smaller values
for some time.
The working balance OF the treasury
was $31 ,582 ,459. which is really below
The safe margin. in the view of the
treasury experts. According to the
same statement, the amount of gov
eminent funds In national bank depos-
itaries was S53,113.354 ..r
Treasury experts say that it is hard
ly probable that any more money will
be deposited In national banks at this
time, because of the low working bal
ance. In the money panic of 1907, the
working balance in the treasury was
reduced to about ten millions, but, ac-
cording to department officials now in
the city, 1t is hardly probable that
anything will be done to reduce the
balance to that figure again. unless
some emergency arises that is not now
anticipated.
The tide of gold continues toward
Europe from the United States. Dur
ing the seven months, ending July /,
our exports OF gold amounted to $780,
406,119, an excess of s57,000,642 over
our gold importations. During the
first seven months Of 1908 our gold
exports were $5S,363,247, or $29 ,O06,17
over imports. During the twelve
months ending with July 1909, we
shipped $103. 34S,32S worth of gold
abroad, as compared with $69,790,S30,
during the fiscal year 1908, and $751;
575,294 worth in the fiscal year 1907
The silver expectations in the first
seven months of 1909 have aggregated
S34, 409,032. as against s30.445,2 POI in
1908, an excess of $S,963,741, while
the silver importations during the
same period for 1909 amounted to $780,
79S,l4o, an increase of $2,617,216 over
1907.