Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-09-25
NJ 'ADOO' 5 FIGHT
FOR EASY CASH IS
ON IN EARNEST
Secretary Of Treasury Viii
Punish National Banks That
Hoard Money and Charge
High Interest.

nv hoHkiNu JOURNAL sSsctht Lstsnu Wingi
Washington. Sept "a 4.A-'rhe anti
money y-hoarding campaign launched
By Secretary Meadow against nation
IaI banks particularly those which
have received federal crop-moving
money or which have taken out
emergency currency was hroadened
today TO take in state institutions.
Mr.. McAdoo sent a telegram to su-
perintendents of banking In each
state announcing the restriction Of
credits by national hanks and the
high interest rates charged, appealing
for all available information regnrd-
ing state banks and trust companies.
He declared that If banks will be per-
suaded to use resources intelligentls
tho present situation would be greetly
lTelieved.
second Move IN Campaign.
This was the secretary's second
move today In the campaign. Earlier
he made ptiblic a statement in which
he announced that If the state of
Tennessee continues 90 find bankers
unwilling to renew q 81 400 loan he
himself will take up the task Of find
ing banks who will make sncil loan.
II was understood that a list OF
banks which are piling up reserves or
boarding money viii be made public
tomorrow and that. as announced last
night, the practice viii be kept up as
long as there is occasion for It.
MIR. McAdoo's telegram TO ihp state
banking superintendents follows
Telegram Ia Snperintcndenss
Reports now being received ny the
comptroller Of the currency from
national hanks throughout the cDun~
try indicate that money scarcity j.
being occasioned in large measure he-
cause OF the boarding Of funds hE
many national banks. which are car
rvIng reserve In some cases Two or
three times AZ great as required hg
law. and also that credits are being
restricted and that excessive rates Of
interest are hcinr charged te custom
efs There is az this time mere cars
rency IN the country than ~ any time
in its previous history. there having
been issued through the treasury de-
paftment since ANeuSt more than
ss9a, Nee eco Of additional national
hank currency. which, Together with
the relaxation in business, should f7es<
ate an abundance ~ aoanahfe funds
I44t NfffHI4IItH4 Wttt H#tiftitHH AHf@
ernmenf deposits from banks found te
ne boarding money and charging TX
eeSsiee rates OF interest ana xiii res
deposit them With hanks whose funds
arc being loaned 81 reasonable rates
4a nacei The feeai4hate demands nf
business and for MOVING she ssH0Fis.
NantS s'o-n4rras1oa.
This department wo8s9a llke vtfx
mach to have yoH4 corporation IN rs
effort 10 remedy sfeSs uHsasisfaeo3s
conditions and respet4fagIs ASKS y Il
would he possible fof <t6A th aecufe
ffe4a ags SgAte banks And 4ttEss conn
panie&. N your ssAte Statements which
o4ll SHOW theH ohsh reserves ~ u
recens dare, tffe rAfes ~ Interest,"
wfich 45ep are cha4'NlHs s'n exfsiifk
aoanS. ard ghe fates which tlltx ERE
demanding fof Hsw accommodations
and eivt this daphiguHsnl fho heHefil
Il SnSofsastloh disclosed BY 4liese re-
ports
M j. confidently believed shifl #
aH banks can ID pcFHuaaed 70 ilsa
tFsif rersstrces Infeiiirehfiy afsa ctsi=
siaerateIs and ~ feaaenatie Fhtes ef
9ntespsl - meet fiit iegitiihafe -
nAfds II 4hpfi Respective communities
me Whole situation cah - greafly Re
4fes'eh Ana hfsisiess restored fh \ Silf
sSfaetols basis. kinilIx snSwcF.