The Dawson news. (Dawson, Ga.) 1889-current, 1914-09-08
THE PLAN OF ISSUING MORE CURRENCY

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ton, and a lien will extend to and
cover the assets of all banks with the
association, pursuant to the provis-
ions of law, but each bank compos-
ing such association will be liable on
ly in proportion that its capital and
surplus bear to the aggregate capital
and surplus of all such banks.
This plan vdght TO enable the farm
ers to pick and market their cotton
if the bankers, merchants and cotton
manufacturers will cooperate with
each other and with the farmers, and
will avail of the relief offered by the
treasury within reasonable limits.
Such cooperation is earnestly urged
upon all these interests. The farmer
cannot expect as high a price for cot
ton this year because of the Euro
pean war, yet he should not be forced
to sacrifice his crop. The banker and
the merchant should not exact excess
sive rates of interest, and the manu-
facturers should replenish their
stocks as much as possible and pay
reasonable prices for the product. If
this is done, and it can be done If
every one displays a helpful spirit, a
normal condition can be restored,
and there ought to be no serious diff
Guilty in taking care of the cotton
problem.
This is time when the entire
country expects that purely selfish
interets shall be subordinated to the
common good; that undue advantage
shall not be taken of the necessities
of each other.
1t is not my purpose to prescribe
the character of warehouses in which
cotton and tobacco may be stored.
The banks will be relied upon to see
that warehouse receipts issued by re-
spOnsible Warehousemen or ware
house companies alone are accepted,
and that cotton and tobacco stored
in such warehouses is covered by adj
equate fire insurance and is protect
ed against injury by the elements.
In order to obtain such currency
the following things should be OBJ
served by banks applying therefor:
l. Not less than ten national
banks in any given territory, each |
having an unimpaired capital of not |
less than 20 per cent, desiring such |
currency shall form a national cur
rency association, with an aggregate
capital stock of not less than S., 000,- |
900, as required by the act. Full |
particulars and blank forms for this |
purpose may be had upon, application |
to the comptroller of the currency,
Washington, D. c.
2. Any national curreny associa- !
ton formed in accordance with law |
will receive the approval of the sec |
rotary of the treasury. Already 81 |
such associations have been organiz-
ed in the various states.
3. Under the law the secretary of
the treasury may accept as security
for currency
(a) Bonds of any state or of any |
city, town, county, or other legally !
constituted municipality or district
in the United States which has been
in existence for a period of ten years
and which for a period of ten years
previous to such deposit as security,
has not defaulted in the payment Of |
any part of either principal or inter
est of any funded debt authorized to |
be contracted by it, and whose net |
funded Indebtedness does not exceed |
ten per cent of the valuation of its |
taxable property, to be ascertained |
by the last preceding valuation of
for the assessment of taxes.
OBJ And securities, including COM
mercial paper, approved by the sec
rotary of the treasury, held by ma
tional bank and made available |
national currency associa-
ton under the direction and control /
of the secretary of the treasury, at |