The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1913-08-12

Of the Treasury McAdoo to distribute
$4,000, e00 among the states OF the
West II South for the movement OF
the crops this year is meeting with the
highest commentators Of the bankers
who have considered the plan, and
those " h attended the conference
for consultation on the measure, call
ed up Secretary McAdoo. are speak
ing ont in praise of the plan ne pro-
poses.
The Raleigh bankers who have re-
turned from the conference in Wash
ington are highly pleased with the
plan presented by Secretary McAdoo.
They talked with other bankers of the
South and West and they report af-
fairs in most excellent shape, hat
they find no panic and no fear of a
panic. The actions of Secretary Nc
Adoo have been such as to give con-
idence to the entire country, and his
plan of distribution of $4,000, 600 in
the South and West gives assurance
" II t1oN -"
tie up" in the movement of the
crops for lack Of money
Among the nke who approve
the plan are Republicans as we'll as
Democrats. and a significant interview
with S. A. Fletcher, a Republican, one
Of the most prominent bankers Of
I nSin onnl;c Ind mos nrinto1 Fri
day in the Washington Post. Mr..
Fletcher gives unqualified approval to
Secretary McAdoo's actions and en-
dorses the financial policy Of the
Democratic administration. He goes
further than merely endorsing the
present plan. for he states that the
currency and banking reform bill now
before Congress is what is needed
that if it passes, and he says that by
all means it should be made a law
, that there would be no need of tn
: action taken by Secretary McAdOo
What MIR. Fletcher says in high en-
q dorsement Of Secretary McAdoo':
+ plan and of the need for the cur
{ rency n banking reform bill i
, worthy of favorable consideration
throughout the entire country, thi
being what the Washington Post give
after an interview with him.
Indiana bankers have joined the
aggregation Of financierS in
Washington who came to confer
q with tho Conroto r1y - tho vN~oo~
s ury relative to details of the de-
post Of United States money to
: assist in moving the crops. S. A.
n Fletcher, one of the most promi-
nent bankers of Indianapolis, is
: representing the clearing houses
IS Of the State.
S. Il entirely approve Secretary
/, McAdoo's plan,' said Mr.. Fetch
er, at the Willard. 1T will do a
le world of good If the money is
distributed in the proper places.
AS a Republican, l am not, Of
q course, in accord with the gem
~ eral policies Of his administra-
ton. but l would not be true to
my convictions if I did not give
g. my Endorsement to it's financial
!, policies, both administrative and
a. Legislative. Secretary McAdoo is
ne proving a wise, capable, and eff
; clent official, and he is certainly
entitled to credit. This latest
ed move by which he gives notice Of
:, a large distribution Of crop-say-
lng money is splenid. There is
OF no doubt that Eastern influences
nd were passing the word along to
banks throughout the country
IN with which they are associated
m that the time had come to bnild
up large reserves.
AT the psychological moment
81 Secretary McAdoo announced a
lce new policy whereby the Treasury
e. Department deals directly with
the banks OF the great crop-pro-
as duclng regions. While men Of
AL less capacity and more limited
vision are debating what ought
he to be done. McAdoo acts He
oh does things, and SO far has made
no mistakes. His moves have
lks been brilliant and have rested on
sound public policy. He put ont
$10.000. 600. following il -.