davidaulloa/AmericanStories huggingface dataset:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-21

Have you tried "Durand's" Steam.
ed Oysters? They are delicious.
The Calumet news., 1913-12-24

currency system. and To add to the
conurty's circulating money in time of
need. will come into use In the fol
lowing way
The notes viii be printed by the
government, with a distinctive style
for each regional reserve bank. one
of the three directors named by the
federal reserve board for each regional
bank viii be known as the federal
reserve agent" for that bank and a
supply OF the notes viii he placed in
his custody
Should regional bank desire 60 pay
ont more money than it, cash resour
ces will permit the law provides that
IL may put some of its rediScounted
commercial paper into the hands of
It's federal reserve agent and receive
ia return The new treasury notes For
each note that IL puts into circulation.
the regional reserve bank must Sc,
value of the note. as Il guarantee for
its redemption. This gold. with the
commercial paper held by the federal
reserve agent" Is the protection be-
hind the new money; but these notes
viii also he guaranteed by the gov
eminent ana may be redeemed In gold
al the United States treasury
Eacn regional hank, under the act,
must keep q reserve of 30 per cent Of
the deposits ~ has received, hcSadcs
The forty per cent gold reserve be-
hind the treasury notes il issues. II
the gold reserve behind the notes falls
The Calumet news., 1913-12-24

y striking indication of The flnancia
low barometer in Wall street is fur
1ished by The fact that an eight days
campaign Of the Salvation Army for
Christmas contributions from the
bulls" and hears" has made the
treasury Of that organization richer by
only thiry-tiye dollars and six cents
or lhis amount ten dollars was com
priscd in single gold piece dropped
into the box on the first day of the
collecting period, suggesting conjec-
Wro as to whether it came from q
bear who had made q killing" or a
casual visitor 10 the street. In previ-
Gus years the regular habitues of wall
Street have been famed for the liber-
ality with which they responded To ev-
cry appeal for financial aid This year
the business of speculation is so nearly
dead that many broker will be hard
put 10 it" to pay his office rent,
The Calumet news., 1913-12-24

mine or define the character Of the
paper thus eligible for discount, with
in the meaning OF this act
Nothing ia this act contained shall
bee construed To prohibit such notes.
drafts and bills of exchange. secure by
staple agricultural products. or other
goods, wares or merchandise from be-
ng eligible for such discount. hut
such definition shall not include notes
drafts or bills covering merely invcst-
ment OF issued or drawn for. the pur-
pose Of carrying OF trading ia stocks.
bonds OF other investment securities,
cNcept bonds and notes Of The govern
ment of the United States.
Notes. drafts ana bills admitted 10
discount under the terms of this para
graph must have a maturity az the
time If discount or not more than
ninety days, provided. that notes,
drafts ana bills drawn or ISSUED for
agricultural purposes or based on live
stock ana having IA maturity not eX-
ceeding six months NAV be- discounted
in an amonnt To be limited 10 per
centage Of the capital Of the federal
rePionaD reservo banks 10 he ascer-
tanned and fixed by the federal re-
serve banks"
The regional hanks may also dis
connt "a%eptances based an the inn
poratlon or eXportatlon az domestic
shipments Of goods"
The now treasury notes. which are
The Calumet news., 1913-12-24

below forty per cent, q heavy tax is
imposed on the bank. which in urn
adds the tax TO tho rate il charge
member hanks FOR rodlscounts This
was designated Ia stop an oyer-ex
pansion nf currency In times OF
sudden stress, the federal reserve
board can suspend these reserve pro
visions. in order 10 furnish quick re-.
lief Ia any community.
one regional bank cannot again pav
out The notes OF another. except iin.
der heavy tax. These notes arecex-
pected 90 return 10 the regional banks
and he Withdrawn from circulation
when the need for taeir use passes
None of the existing forms Of papc,
currency will be- Disturbed by the new
law Provision is made. however that
the government two per cent honis
upon which national banks now So.
cure the issue of their bank notes"
may he purchased by he government
At par. through the regional banks.
'''f' Wv '''A' - ~ NV A'd W. ItHillI III
the gradual retirement Of most Of the
national bank currency.
The federal reserve board viii exer-
else final control over the entire op-
Grafton of The system. IL can compel
one regional hank to loan 10 another
in time of need; can authorize banks
to use the treasury notes or oven ma
tioEal hank notes as part Of their
Continued on 7th Page. 5th Column.
The Calumet news., 1913-12-24
T. r. TO THE RESCUE.

Colonel Roosevelt has been having
a really bully time in Santiago, Chile
! IL seems that the former Chilean min
ister to Washington. Or. Marcial Mar
tuez remarked publicly within the
cGloHels ken that the Monroe doctrine
.a "a dead issue. Immediately the bull
moose pricked up his ears and snorted.
lie also contradicted Or. Martinez with
great emphasis aHd directness. assert
ns with some heat thar the Monroe
doctrine is very much alive and a
vital principle of the foreign policy Of
the United States
And the colonel was right reclares
the Detroit Free Press. True, the chill
can diplomat was doing no more than
to echo the sentiment prevalent in his
country Probably in no part Of
South America is the Monroe doctrine
quite as unpopular as il is in Chile. II
is even possible also that in that coun-
Try and in Argentina and in Brazil il
really is more or less Of a dead issue
because the three states through their
alliance with one another have made
themselves strong enough To hold their
OWN against any probable European
attack But the states Of the 4. B. G.
alliance are not all the countries Of
America outside the United States, and
the assumption, that because they no
longer need the protection of this
country no other country needs it, is
pure selhshness.
II is not necessary to assent TO all
the interpretations put on the Monroe
doctrine by some recent expositors and
who have sought to
make il weapon Of imperialism in
order 10 see the essential correctness
Of Colonel Roosevelrs position. If the
doctrine no longer applies to Chile it
is because Chile no longer needs the |
protection which assisted il in its early |
struggles for nationality But there
are plenty of countries in America |
that do still need il, and just so long
ass they remain weak aud there fingers
any danger that European or Asiatic
nations may try to gain foothold in
hor territories just so long the Nom
.or doctrine win continue a vital issue.
The Monroe doctrine, now ninety
ears old mas become unpopular in
south America. not because it is out
srown or useless, but because it has
reduenuy been misinterpreted if not
lr'ually m.sappled and it's significance
distorted. II is good to learn that
oloncl Roosevelt has stood as it's
hampton because since he has been in
south America he has not always
poEen as enthusiastically Of American
as patriotic citizens would
yish
The Calumet news., 1913-12-24

new form of paper currency is al
so provided for, to come out in case of
emergency and which is expected TO
SO back into the hands of the govern
ment when times are normal. These
treasury notes" will be printed by the
government, and issued through each
regional reserve bank and viii bear
the guarantee both of the regional
bank ana the government
If the demand for currency in any
section of the country exceeds the sup
ply of circulating money, II regional
bank can secure this new money from
the government and put IL into circu-
lation. but gold reserve of forty per
cent. and commercial paper equal to
the fun value of the note, must he held
as a reserve behind each note so is
sued. This provision is expected TO
be the influence that will drive the
new money back into retirement when
1t is no longer needed.
The following analysis presents the
details OF the new law without adher-
ing closely To the technical division of
language of the measure:
AT the head of the system will stand
federal reserve board at Washington.
appointed by the president, and to CON
sist Of the secretary of the treasury
and six other members. Two of these
shall be expert bankers, bat none
shall have banking affiliations or own
bank stock during their service. This
board will exercise general control
over the entire system.
The temporary organization COM
mittee," or the federal reserve board,
will select from eight 10 twelve cities
where regional reserve banks shall be
located. and will divide the entire
country geographically with these
cities as the centers of districts. All
national banks in a district will be re-
quired to subscribe for the stock OF |
the regional reserve bank In that dis
trict and 70 keep portion of their
reserves there.
The Calumet news., 1913-12-24

The Identification Of the state leader,
Claude Q. Taylor, with the project is
not very reassurng that the proposed
state labor convention TO discuss the
stkire will be productive of any ma
tcrial progress toward a solution OF
It's difficulties. comments the Mining
Journal. II is but "A few weeks ago
that Mr.. Taylor was delivering him
self Of extreme communication TO
Governor Ferris because the governor
took effective measures to preserve
peace and order in the strike district.
The neutrality Of the proposed gath
ering will doubtless prove. even I'm Its
early stages. To be merely nominal.
The Calumet news., 1913-12-24

After the first Of the year all va,
caneies in the mines will be filled will
outside men.
Isn't u nearly time for you, M
Striker, to be awakening TO a resiiza
tion Of what this means 10 your IN.
less you make up your mind 20 returr
10 work by January | you will be shu,
out Of your Job. You will be com
PEELED to 90 elsewhere for work, TO-
ultimately the agitators Will leave you
ia the lureh.
It's time foe you 20 be doing your
own thinking. The lgitators are IN
the business OF keeping you in idieness
because Il is fat thing for them. And
It the federation wins you will be
drawn on each month toe dues 80 help
Pay those big salaries and strike as
sessmerts.
Why continue working for the asi
tators2
The Calumet news., 1913-12-24

total benefits received by the strikers
are small compared with what the as.
tstors got out OF il and with s.hst the
strikers would have earned 4 shsy had
been working.
The Calumet news., 1913-12-24

The basic principle Of the new la "
is To get these reserve funds out into
circulation when necessary. without
out lesseninE the safety Of any bank
and 10 provide a place TO which local
banks may rush in crisis and get
cash for the prime commercial paper
they hold in their vaults
This is 10 be accomplished through
a chain Of regional reserve banks, or
reservoirs Of reserve" ia which all
banks shall deposit a stated part Of
the money they are required 10 hold "a
reserves. Under the new system, when
a financial furry comes, the banks
can take commercial paper. such as
notes, drafts and bills Of exchange. to
these reservoirs" and secure the use
Of their own reserves, or if necessary
even the reserve of other banks, by
depOsiting this security.
The new regional banks will receive
the country. They. in turn. will be
permitted 10 loan back to the banks
all but 35 per cent of these reserves,
So mat in case of emergency, mil
lions of cash can he brought out into
circulation quickly. The banks will
have 20 pay for these loans, however.
as individuals have To pay for loan
from any local bank, and this charge
is expected to prevent the too-free use
of the reserves held by the regional
hanks.
The Calumet news., 1913-12-24

Member banks will he compelled &
subscription Ia the capital Of the new
banks; the rest can be called flr n
needed by the regional bank. Divi-
dends of six per cent will be paid nu
this stock 10 the member banks. and
the stock will he non n-taxable. After
these dividends are paid, one half of
'he surplus net earnings goes ~ create
"a regional surplus fund. and VIII "a
this has reached forty per cent Of The
regional banks pdil-in capital, these
earnings are 10 go into the Unite /
states treasury. The balance Of the
net earnings are 10 be divided be-
tween the payment OF United states
franchise tax, and the creation Of a
innd 10 guarantee the payment Of de-
postors in member banks that may
fail.
VITA the machinery thus created for
new banking system that is supple
mentary To the commercial banks Of
the country, the law provides for a
gradual transfer OF part Of the bank
reserves 10 these new reservoir"
banks. In order NOT 10 disturb busi-
ness conditions, or 10 withdraw too
suddenly the heavy deposits of The
country banks in the large cities. the
law provides that TWO years may he
consumed in shifting these balances,
and that if necessary. part of the re
serves transferred Ia the regional
banks may consist of commercial
paper.
The Calumet news., 1913-12-24

! their district. Each member bank
will be required 10 take capitol stock
Of the regional reserve bank. equal 20
six per cent OF the member banks
capital and surplus The capital II
the regional bank will increase ~ de-
| crease so that IL always represents
siN per cent Of The combined capital
and surplus Of all the banks If the
district that have Joined the system.
National banks are compelled 10 jain,
and state banks are permitted 20 if
they bring their reserve requirements
mp IN the standard set for national
banks. ana submit Ia national examin-
ations.
Public ownership of the stock of The
regional reserve, banks is permitted
only in case enough banks do not JOIN
IN any district TO provide a capital
stock of $4,000, 600. In such event the
public may purchase the stock ir
quantities limited Ia $4,000 for each
individual, bat the voting of this stock
viii be placed in the hands Of the
government representatives, On the
board of directors Of The regional re-
serve bank.
The regional reserve banks may do
business only with their member
banks. not with the public. except that
certain open market operations m,ch
as the purchase and sale of gold. gov.
ernment or municipal bonds. and Ger
tain forms of bills Of exchange. are
permitted. The banks viii make their |
earnings from the loans made to NOM |
Der banks. and from The purchase ana |
sale of bonds and foreign and domcs
tic bills of exchange.
The Calumet news., 1913-12-24

The amount Of reserve required
| from every bank under the new law.
and the place where /, must hc kept,
are as follows:
Country banks-Total reserve re-
phired. !. per cent of demand dep Js-
lis and live per cent of time deposits.
Four r-twelfths must be held In the
| banks own vaults; two-twelfths i'm the
regional reserve bank for the first six
months, increasing one-twelfth each
six months until it reaches five
tweliths. After two years the re-
naming three e-twelfths Of the reserve
must he kept either IN the country
banks vaults or in the regional rc.
serve bank
Reserve city banks-Total reserves
required, II per cent of demand. and
five per cent of time depcsds. Six
fifteenths must be kept in the banks
own vaults; three flfteent,s in the
regional reserve bank for the first SIX
months, increasing one fifteenth each
six months until it recches six-h.-
teenths. After two years. the re.
IIldiIlIle III lptntnS D1 tie
serve must he kept either in he bank
own vaults or in the reSiGnal reserve
bank.
Central reserve city banks (New
York, Chicago and ST. Louis) ..TJlal
reserve required, lS per cent or de-
mand, and five per cent on :ime de-
posts. Six eightecnths mus; pe kept
in the banks own yaults; three eight
eenths in the regional reserve bank
for the first six months and six
eighteenths may he kept in the banks
own vaults or in the regional re-
serve bank.
These immense funds az reserves
from member banks" together with
government moneys, will make up the
deposits of the regional reserve banks
Each of these banks will BE- admins
tered by board of nine directors, SIX |
of whom will he elected by the banks, |
and three appointed by the federal |
reserve board.
The Calumet news., 1913-12-24

The regional reserve banks may re-
discount-that is, buy at Il discount
from It's member hanks-'prime com
mercial paper" when the member
ba nks desire to convert these as?cts
into money The exact terms of this
important provision as 10 the charac.
ter Of paper upon which the regional
reserve banks may furnish cash are as
follows:
Upon the Endorsement of any of its
member banks, with "A waiver of de-
mand notice and protest by any such
banks, any federal (regionnD reserve
bank may discount notes, drafts and
bills of exchange arising out Of actual
commercial transactions; that IL. notes
drafts, and bills Of exchange issued or
drawn for agricultural. Industrial Or
commercial purposes. or the proceeds
Of which have been used, or are tn be
used, for such purposes the federal re.
serve board 10 have the right to deter
The Calumet news., 1913-12-24

q financial statement Tor the quarter
ending SEPT. 30. 1918, giving tie
amounts paid TO ssitators IN the cop
per country strike is published ia
Truth the official paper Of the Cit;
zens' Alliance, today. It IS an Hlun7.
mating array particularly so because
they arc the Western Federation 81
Miners own figures. We advise a thor
ouqh perus7l % the statement by all
strikers Il should open their eyes
10 the real situation. While they have
been getting three 70 siz dollars a
week the asitators have been drawing
down on the average OF Over one hun.
dred dollars . month each and some
OF them as high rs $3.50.
Ben cosgin got s24s.5o on July p
s173.2o August 4; and s1644O septer,-
Der 3. SO do you wonder why Goggn
vas so active in behalf Of the Western
Federation of Miners2 Peter Jedda
Steve Oberto, w. j. Rekard, Nor Opp
man, Jonn Vsliraki, Louis Arsensult
Joseph .. Cannon and others Of their
dk also have been paid Handsomely.
Cannon, one Of the most active OF the
lot, got gte9s0 on Aug. 4 and S256.50I
Sept 4. II certainly pays Joseph d.
we'll 10 re an aqitater. Altogether &c.
1914 was paid 10 these strike makers
in two months On the other hand the
The Calumet news., 1913-12-24

Local banks will he known as "mem-
her banks because they will own the
stock of the regional reserve bank of
The Calumet news., 1913-12-24
Summary of Currency Bill
Just Signed by the President

is One the Most Far Reaching Measures Relating
Has Been Enacted Many Years
The Calumet news., 1913-12-24

4 Good Fellow also has come to
the s,d Of the Salvation Army he
has rescued IT'S Christmas effort in be
half OF the poor OF tie district, which,
up 90 lew days ago when his proifer
OF assistance was made, promised e.
be only q partial success. Thanks &C
his splendid generosity the local corps
of the Christian Army viii now be
snls 80 so as much as "a former years.
OWING 90 the strike the contributions
10 the Salvation Army's Christmas
tuud tell Oft the considerably tins yesr
aad only half the amount usually do
mated had been received when this
Coed fetoa heard about u aud
opened his purse stunss We believe
these purse strings had been previous.
" opened by hun, ho~ever-for Ne
strongly suspicion that he and tho
Prince Of Good Fellows Who "a.
structed the Associated Charities to
see that all children Of strikers are
remembered this Christmas at his e..
pense .are one and the same person.
The Calumet news., 1913-12-24

These agitasors draw tat salaries
winch are paid 20 them Just as long
as they can arolong the poverty Of tire
strkers by keeping them away from
work. They have no thought Of the
future for these men which holds out
ns hope TOR the success OF the strike
ard which oeans that with the first
Of the new year outside workooen viii
be brought INTO the district to hll all
vacancies in the mines. shutting or.
the men stil on strika.
The Calumet news., 1913-12-24

Despite the fact that the strike has
now been IN progress for five mosths,
during which period the strikers have
received only meaGre benefits. we be-
l,eye We ars safe ia saying that not a
family among them will be without .
bountita measure Of Christmas cheer.
Add this also is true of unfortunate
families outside the ranks Of the strik-
ers. Through the philanthropy Of the
Prince Of Coed Fellows, other ind.
viduals Of his noble fraternity,
churches and various organizations, all
needs will be provided Food, clothing,
shoes, toys and candy viii be d,strib
,ted before nightfaIt.
So then, reader, you can picture the
Joyous scenes in the homes Of Calumet
aud ne1hbor,ng villages tomorrow
morning. The true spirit Of Christmas
and It's accompanying JOY viii abound
IN them,
The Calumet news., 1913-12-24

The now treasury notes. which are
% furnish the "elastic" clement In tie
The Calumet news., 1913-12-24

! Washington, ID. g, Dec. 2t--The
new bill affecting the currency bank
ing and finances OF the country, which
was signed by President Wilson la Il
| night. is one of the most far reaching
measures relating To finance that has
been enacted In many years The
| magnitude Of the subject. the diversity
| Of interests affected, and the length If
The debates for the ordinary observer
20 follow the changes and grasp the
essentials of this highly technical
measure in its important hearing on
money finance. banking and the en-
tire range of fiscal subjects, public
ana private. which IL affects. With a
view therefore, of presenting succinct-
ly and In non technical language. an
epitome of the salient features of the
measure as finally framed. the follow
ing summary Is given Of the bill as a
whole and Of its principal details:
Generally speaking, the first steps
to be taken 10 bring into operation
the nations new financial system viii
be through an organization committee
Of three members TO be named soon
by President Wilson. Banks have 60
days within which To file their appl-
cations for membership in the new
system; ana one years time is al
lowed before the government win com
pei the dissolution of any national
bank that refuses TO Join
10 Il.
change in the operation Of the present
national banks except To allow them
10 loan a certain amount of their
funds upon farm mortgages Its chief
purpose is 10 add a new piece of ma
chinery To the banking system that
viii take up the slack" during the |
changing business conditions Of each
year that will give the banks a place |
TO quickly convert their assets into |
cash in time of need. and that Will |
bring out new federal currency when |
il is needed. and retire it when money |
becomes cheap"
Banks are now required 10 keep Il |
certain. percentages OF their deposits as |
reserves part in cash in their own |
vaults and part Of which may be re- !,
deposited in the banks Of New York,
Chicago, st. Louis and other designat-
ed cities. In times of sudden financial
demands. when banks have loaned up
TO the fun limit of their resources
these reserves furnish little relief be-
cause if they are paid out to meet de-
nands, the banks are left in pre-
'arious condition.
The Calumet news., 1913-12-24

Continued on 9TH Page. 5th Column.
Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1913-05-17

MACON. Ga. May l6 A distng
uished gathering ol business men
and financiers flllsd the auditorium
OF the Hotel DEMPSEY this morniur
when President u " Hunt, oi At
lnnta. called TO ord r The annual con
vention OF the GecJ in Bankers AS
soclation. Mayor .ohn r Moore oe-
liyored an address of welcome and
W. W Banks Responded for the
visitors. Following The annual re-
ports OF Officers and committees the
bankers engaged ~ general dis
cusslon OF the new Georgia banking
law.
At the afternoon session the con
vention was addressed by William A.
Law OF PHILADELPHIA William b..
Burns. the we'll known detective. and
Burgess Smith OF rue United States
treasury department Tomorrow
morning President Andrew VI. Soule,
OF the Georgia state college OF Ag-
riculturc. will tell lhp bankers OF the
Agricultural Reg.n alton OF Geor-
gia." The oonyer "a will conclude
with the election fflrers tomor-
rsG af...0. ae.e