Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-09-29
TO RAISE HUNDRED MILLION
Board Will Aid Banks in Taking Care
of Country's Foreign Obligations.

Board Will Aid Banks in Taking Care
of country's Foreign Obligations.
! Final steps were taken today by the
Federal reserve board to aid the
banks of the United States in raising
500, 600, 900 gold pool to meet the ma
tion's foreign obligations in cash, says
Washington dispatch Of Friday. As
surances were received from bankers
in Boston, New York, Philadelphia,
Chicago and st. Louis that the major
them on pledge Of other cities to take a
due proportion.
Following the race Of this word the
board sent out to the chief officers Of
the Clearing House associations in the
reserve and central reserve cities, cir
, culars telling of the plan and setting
forth the amount each particular city
has been assessed. 1t enclosed also the
report made by the bankers commit
tees which recommended the pool plan.
Endorsed by Board.
THE board" the circular says, has
carefully considered the committees s
report and concurs in it's conclusion
and recommendations.
The board shares the committees
belief that the creation Of large gold
fund will have far-reaching effect for
good, and will prove an effective fac
tor in restoring confidence and bring
ing relief In protecting and strength
ening the country's credit, and in facil-
itating the expectation of our pro-
ducts"
The bankers report recommended
that the fund be handled by resident
committee in New York and suggested
Albert H. Wiggin, William Woodward,
]. s. Alexander Francis l.. Hine, Ben
jamin Strong, Jr., and F. A. Vanderlip.
This committee the board in turn ap-
proved.
Pledge Committees.
Each clearing house association is
asked to appoint a committee Of its
own to secure the pledges for the quota
to be raised from the national and
state banks in it's territory. In accord
ance with the bankers recommenda =
tions, only $25,000,0 900 of the total is to
be paid down at present, but the whole
amount is to be pledged. To facilitate
the transfer of gold or gold certificates
to New York, contributing banks are
to be permitted to deposit with the
nearest sub treasury. The New York
committee will have authority to call
for instalments of the total after the
I first 25 per cent is paid. The bankers
committee had this to say in its report:
Keep Up country's Credit.
This committee is of the opinion
that the continuation Of the high credit
of this country abroad will be demon
strated, and that normal conditions of
the foreign exchange market will be
re- established by the prompt creation
of a large gold fund for export, if nee
essary, as suggested in our former re-
! port. We propose TO arrange the details
of the plan of administration with the
New York committee. SO that the re-
quirements of all parts Of the United
! States for foreign exchange will be
fairly and impartially dealt with, and
we suggest, in the event Of any COM
plant in connection with the distribu
ton Of use thereof, your board shall
appoint a committee of banks to pass
upon any such question, whose decision
shall be final"
The board did not make public the
amount assessed against any particular
clearing house association.