The Sentinel=record., 1914-08-01

Washington, July 31.-President Wilson and the administration acted promptly today to reassure the coun- try against any threatening financial dangers growing out of the European war situation. First the president took steps to complete immediate the organization of the federal reserve board so the new currency law may become effective.
 Secretary McAdoo expressing ap- proval of the closing of stock eX- changes throughout the country, an nounced that a $500 100000 issue of emergency currency waiting at the treasury department would be made immediately available to national banks.
 Making more easy accessible the emergency currency authorized 5y the Aldrich-Vreeland act, the senate late today. at MT. McAdoo's sugges- tion, passed unanimously an amend ment to the currency law modifying the clause providing that banks of national currency associations to avail themselves of the issue must have outstanding currency notes "se- cured by bonds of the United States to an amount not iess than 40 per cent of it's capital"
 The amendment would give the sec retary of the treasury authority in his discretion to ignore this restric ton. It will be passed early toner row by the house and probably will be signed by the president before night. (
 To hasten perfection of the federal reserve board it was made known at the white house that President Will son would send to the. senate tomor- row his choice of a successor to Thomas D. Jones of Chicago, whose nomination was withdrawn The tense situation also brought to imme- diate action Paul NJ. Warburg, of New York, who for weeks had been ho.ding back from an examination by
 the senate committee on banking and currency, Mir. Warburg notified the president he would come to Washing ton at once and telegraphed Senator Owen, chairman of the banking and currency committee. he was prepared to appear before sthe committee at a convenient date.
 It was arranged that Mir. Warburg should appear before the committee tomorrow afternoon In the mean time the name of the other member will be submitted to the senate. To. night it was believed that Edwin A. Potter, a Chicago banker and re. publican, would be chosen.
 Official Washington was unusually optimistic regarding tue general si- nancial outlook in the United States. Secretary McAdoo had no worries over the exportatien of Amerinan gold, the seiretary approved heartily the closing of the stock exchanges in order to check it.
 America is in a position to take care of herself" the secretary said In the senate optimistic notes were sounded on all sides regardless of party affiliations, and Senator Nel- son of Minnesota, declared:
 Tn Europe they mobilize armies and navies and in America we mo- bilize bank reserves,
 The senate paused oniy long enohgh to allow several senators to laud present banking and financial conditions and to explain that the measure wsa passed merely as pre- cautiohary measure
 There is in the treasury fifteen hundred million dollars in goid and silver" Senator Owen said, $150,000,- 900 in the gold reserve and $130,000,- 900 free gold in the general fund. These immense funds, with s500,00D,- 900 emergency currency available would enable this country to face any financial crisis"