The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1913-06-27

WASHINGTON, June II. = Seere-
tary of the Treasury McAdoo Jester
day gave impressive evidence of the
administration 8 Willingness to do
evc;ything possible to relieve any feel
ing of uncertainty in the BUSINESS
world that may exist on account OF
"rcsent conditions or fear of the tariff
that he "'woull not hesitate to issue
$500 000o of new national bank
notes under the Adrich Vreelani
emergency currency act, if the banks
desired them. ta4ri.ss i,F
This announcement, II was made
clear, was given out merely for tho
purpose OF removing any uncertainty
that may exist in the minds Of hGnke =
AS TO what Secretary McAdoo's atti'
tude would be upon application of ti
character. Mr., McAdoo explaine
that no application for emergency eur.
rency had been received from national
banfs. aud that his statement was not
prompted by any special Development
in the bus ness world
Act Not invoked
No currcncv ever has been issued IN
der the provisions of the Aldrich.Vree-
land law since it was passed in May,
1908. During the financial strinre ncy
last fall. hankcrs attempted to get See
retnry of the Treasury MacVeagh to
let them avail themselves of the priv
lepe extended bv the Aldrich- Vreeland
act but he declined.
The $500 100000 of notes authorized
under the law have been pr nted for
some time, aud ere ready in tn" treas
ury vaults for distribution in case the
banks should care TO call for them.
II was believed yesterday that Mr..
McAd doc = announcement waa intended
bv President Wilson as an expression
of the administration y willingness to
do everything possible to relieve the
business world of uncertainty and to
inspire confidence. Up TO this time
there have been no re9orts of serious
money stringeney, but the administra-
ton apparently is acting partly with
an eve to the demands that will no
made when the crop-moving period be.
gins.
The secretary said that the Aldrich
! NIeeland act passed Ave years ago
authorizes the secretary Of the treasury
10 issue additional currency to nation.
al banks and currency associations up
on the security of State and municipal
hcnr'ls Us well ms Government, and also,
under certain conditions, to currency
/ associations, ON hghelass short timed
commercial paper, as well as on gov.
crnmont, state and municipal bonds.
Issue Is Ready.
! In aceordance with the act. the see.
rotary Of the treasury has actually in
/ hand $500 coo 600 in new national bank
notes, which can be issned Immediately
90 nav national banks or currency as.
sociations applying therefor and com.
! plying with the provisions of the act.
TIE secretary said that he would not
/ Hesitate 10 issue currency to any banks
maxim" application and qualifying uu.
der the act.
The sec"oarv ext la ned that The new
currency is, of course, exactly like ex.
isting national ank notes. aud that il
such currency should be issued there /,
botninp in the notes or in the mann
Of their delivery 90 indicate thst they
pc 'pee'r' currency Issued under tho
Aldrich-Vreelapd act.
National currency associations ha",
been organized IN various parts of IT,,
country. from Massachusetts Ia Cnii
fornia, from the large cities of New
York, Chicago, ~ Louis. md Others
md rre now qualified 10 take the hene
fits ~ the net 30 that the nationa
banks aud these currency associations
upon compliance with tho net, ma,
1nirklv receive additional currency /
the eXteut Of t5on000 900 II thew re-
quire A. mon application 10 the treas
my department