The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-09-25
M'ADOO CONTINUES FIGHT
TO MAKE MONEY EASIER
tion Regarding State Banks and
Trust Companies.
ANOTHER MOVE IN CAMPAIGN
If State of Tennessee Finds Bankers
Unwilling to Renew Il 81 I,400,O00
Loan, Secretary Of Treasury Him
self Will Undertake to- Arrange It.

WASHINGTON. September 24.-The
antimoney boarding campaign
launched by Secretary McAdoo against
national banks. particularly those
which have received Federal crop NOV
ing money or which have taken out
emergency currency, was broadened TO-
day TO takein State institutions. Mr..
McAdoo sent telegram To superintend- =
cnts of banking in each state announc-
ing the restriction of)credits by nat =
ional banks and the high interest rates
charged and appealing for all available
information regarding State banks and
trust companies. He declared that if
banks VIII be persuaded TO use re-
sources intelligently, the present situa-
tion will he greatly relieved.
This was the secretary's second move
to-day in the campaign Earlier he
made public statement in which lie
announced that If the State of Tennes-
see continues to find bankers unwilling
to renew q sl.400.000 loan, he himself
will take up the task of finding banks
who will make such a loan. 1t was un-
derstood that n list of banks which are
piling up reserves or boarding money
will be made public tomorrow. and that
as announced last night, the practice
will be kept up as long as there is oc-
casion for it.
SENDS TELEGRANS TO STATE
-.
! After announcing the restriction OF
credits by national banks. Mr. McAdoo'.,
telegram to State banking superintend- =
! ents. says:
There is at this time more currency
In the country than at any time In its
/ previous history, there having been is
! sued through the Treasury Department
since August more than $4,000 900
/ of additional national bank currency.
which should create an abundance OF
/ Ioanable funds This department. will
withdraw government deposits from
banks found TO be boarding money and
charging excessive rates Of interest and
! Will rcdeposit them with banks whose
funds are being loaned at reasonable
rate sto meet the legitimate demands
of business and for moving the crops
This department would like very
much to have your cooperation in its
efforts TO remedy these unsatisfactory
conditions, and respectfully asks IL il
/ would not be possible for you to secure
from all State banks and trust COM
panies in your State statements which
will show their cash reserves as of a
| recent date. the rates OF Interest which
/ they are charging on existing loans,
ami the rates which they are demand
! ing for new accommodations, and give
! this department the benefit of the in :
( formation disclosed by these represen-
/ tativeS.
( 1T is confidently believed that if all
: banks can he persuaded TO use their
resources intelligently and consider
ately, and at reasonable rates OF in
/ tcrest. the whole situation can be
/ greatly relieved, and business restored
! to a satisfactory if not an entirely
normal basis.
KINDLY answer"
STATEMENT CONCERNING
TENNESSEE, STU ALTON
/ Secretary McAdoo's statement con
corning the Tennessee loan situation
follows:
Senator Lea. of Tennessee, informs
! me that the state of Tennessee has
continued on Eighth Page.)