The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-10-30
URGES SUPPORT
OF loan FUND
SECRETARY McADoo WRITES
TO CLEARING HOUSE
*ctlAIRMEN
COTTON PROBLEM
is MOST URGENT
Says 1t Is EiAperative That Intel
liges,t Financial Measures Shall
Bes adopted.
(By AgsocIated Press.) \

b.J
WASHINGTON. Oct. 29.-Secretary
McAdco tonight made public letter
he has sent tot clearing house chair
men throughout the country urging
support OF tho $135. 100000 cotton loan
fund. Ife said the cotton situation
preented problem "of the mot urg-
ent character5. sand' declared his con-
viction that prompt subscriptions of
the loan fund would "be productive of
Immensely beneficial results The
contemplated acceptance OF subscrib-
ers certificates as a basis for emer-
gency currency issues. be added.
"should greatly facilitate the banks in
making and taking care OF their sub
scriptions."
| More replies favorable to the loan
fund plan reached the federal re-
serve board today but members of the
board pointed out that consideration
hr clearins hanea e.scela..>:: I'd
then by individual banks might delay
final action in the matter for several
days. i,.sS9 = -
Secretary NdeAdoo's letter to the
essearsng huags o,,lairsne. .sssac.ss::
"The cotton situation in the South
presents a, problem OF the most urg-
ent character. II Is imperative that
EoLce intelligent financial measures
shall be immediately adopted to re.
iteye that situation. The problem Is
not local. but national. because SER
ipus hurt to tho South affects the en-
tire country. To help the South In
this emergency must appeal. there
lore, not only to our better instincts,
hut s aiiso so oIT material interests.
Governor Hamlin, Of the federal re-
scrve board, has sent you letter to-
day. together with plan which the
board has approved for raising fund
OF 100000 TO be loaned on cot.
sc. L is Ctr firm h5iief that tine
prornpt subscription of this fund and
its use as proposed III the plan will
be productive Of immensely beneficial
resuits.
II wish earnestly to urge upon you
the importance OF the banks in your
city and In your federal reserve die.
trfct promptly subscribing the amount
allotted to you. New York has already
led on with a s50.000.000 subscription, ),
and sincerely hope that there may
be no doubt whatever about the rails
ing of the remaining Ss0,00O,o0O in
the other leading financial cities of
the country. ami sure that we may
confidently count upon the loyal and
patriotic support OF the bankers OF
your city in this emergency. The
federal reserve board, ITSELF. notwfth-
standing the onerous duties which
now deTolve upon II In the organizs-
ton Of the federal reserve system
has. nevertheless. consented 70 con-
q fas-x IA
for the purpose C supervising the ad-
nintstfation of the proposed fund
because OF the seriousness Of the
emergency and the necessity for un-
sslfiah jeryice on the part Of every
citizen who wants earnestly to help
his country. so
In order to assist the banks which
may subscribe to this fund, desire
to say now that. in the exercise of the
Dover and discretion vested in me by
Jaw. IAahell, upon compliance by the
banks with the terms and provisions
Iof the Aldrich- -yreeiaad act, as
amended, accept the class A certffi-
Gates referred to In this plan as 'se-
eurfties, at 10 per cent. OF their face
value. as q basis for issues OF socall-
ed emergency currency when pre-
sented to me through national cur
rency associations. This should great
iy facilitate the banks In making and
takIng care OF their subscriptions.
VIII you be good enough to teie-
Er-@;S.h - on receipt of this letter ifI
gEe intrS count upon your coopera-
ton 2, y;! ~
The secretary said that in order 10
help The ScNthern banks which may
sbnsc Fibe for class b certificates he
had datArmined to accept them also
as SAectfit;es" as d basis for the is
ana ~ afnerssancv c,sPrarast, s2l9j