The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-06-17
TUESDAY. JUNE II, 1918,


ENk XII r y l. 4 ~ ftfNf.N&
The treasury department has had
printed, and now holds ready for de-
livery, $500, 600. 900 Of emergency cur
rency, to be issued when needed un-
der the terms Of the Aldrich-Nrealand
act which was devised for the purpose
Of providing the country with protec-
ton against a scarcity OF currency at
critical periods, such as often occur
at the approach of the crop-nloving
season. The announcement by Secre-
tary McAdoo that this currency would
be issued freely when the demand for
it arose, and the knowledge that the
mechanical work Of preparing the
bills. SO that they may he immediate
~ available. is said by financial writ
ers to have had a wonderful effect in
steadying the market This emergNn.
cy currency is just what its name APP
plies. II will not be. and is not in
tended TO be. a permanent addition to
the circulating medium. Under or
binary circumstances. and for ordi-
IIdIN pun EoSSS, We nave HlcIlls W
money in the country. But there are
times when temporary conditions Gre
ate a temporary scarcity. n occa-
sionally persons who are in a position
to do so take advantage Of their po-
sition to force up interest rates. and
there is a disinclination 10 nvest
which amounts to the same thing that
would result from the actual destruc-
ton Of large quantities of money. In
order to Offset this situation it has
been provided that under certain con-
ditions currency may be issued upon
the deposit OF proper security. and at
stiff interest rates. The rate of in
terest charged on this currency is so
high that it will not be called for IN
less there is real need for it. and it
than necessary. Bankers who are
charged with heavy interest which
must be paid or this currency will.
of course return il to the treasury
the moment that the rate at which
they can loan it falls below that
which will give them a proper mar
gin OF profit on the transaction. The
currency will. therefore. be issued
only when needed. and will be retired
when the iced is over.
Less than a year ago most of US in
this country were regarding With only
mild interest the little furry in the
Balkans" in which foul little nations
had united for the purpose of throw
Ing off the oppression which they had
suffered rom. the Turkish govern
ment. Generally our sympathies were
with the allies. but on the whole. the
contest appeared to be too far away
to concern us greatly. But it did con-
Germ US. and a good man, of our peo-
pie are now feeling sone of it's eff
fects, even If they &c not yet appre-
ciate thoroughly the cause.
Waste makes want. The
lation Of years Of saving cannot be
destroyed without the world being
poorer. 1t does not matter whether
the destruction be by fire. or ship
wreck. or war, or what not, every
dollars worth Of property that is de-
stroyed is the result of the labor and
thrift of somebody. Destroy thai
property and there must be more la
Dor and thrift before it ran be replac-
ed. That is one of the direct effects Of
var-the destruction of property
which must be replaced. But in a
situation such as that which We have
Just seen the actual destruction of
property in war is but a slight thing
compared with the secondary, but
was a relatively small disturbance.
The moment the alarm was sounded
the other nations began to
for h party that they might be call
ed on to play very soon. All were car
rying heavy loads in their naval and
military maintenance. but all at once
began with feverish haste the work Of
adding to their expenditures. More
millions We're appropriated for men
in the field. for ships, for supplies,
for ammunition. The mobilization Of
the Austrian armies must Of itself
have cost as much as many small
wars. The very air was full of ru-
mors Of a and every available dol
lar was gathered in for preparation
for 1t. Offers Of securities, American
among the number. which would have
been gladly accepted. were declined
with thanks. and the influence Of the
Balkan war began to be felt on this
side Of the ocean. This came about at
. time when the demand for money
on this side was at its highest. The
railroads, the industrial companies,
cities. drainage districts, all sorts of
corporations. business and municipal,
wanted money for the ordinary opera
lions Of their business. and for the
axpansion which they desired to
make. Tho failure Of the European
market to absorb its customary quaint
tiles Of American securities acted like
. frost on q ~bloasomins melon. patch.
the whole market began to shrivel up,
and people began to wonder II there
would be any money available for
anything.
AZ thas jnncture came the an
nouncement from the secretary re-
minding the country that It. had .
A(1ey aoDii1aas n the emergency
2cM1anAy lgpsaaea. aAA Tho a@usanes
%sES