The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1914-08-06
SOUND FINANCE
IS GUARANTEED
Emergency Currency Authorized
10 Aid American Banks
WILSON APPEALS TO PEOPLE

ed States to Add to Worlds Excite
men.--Will Do Our Part Toward
Helping Mankind During Crisis
Aid For Americans Abroad
Washington, Aug. More than
billion dollars in currency is to be
added to the circulating medium in
the United States by the action OF
congress In passing the bill removing
technical restrictions on the issuance
OF $500 GOO 900 Of reserve currency
to meet the situation resulting from
the european crisis.
This new money, backed by the
prime assets OF the banks, may be
issued under modification Of tho
bank law, passed in both house and
senate, then compromised in confer
ence and approved by the administra-
ton for final action In both houses.
All national banks and state banks
and trust companies, members OF
the new federal reserve system. and
those which have agreed to join, may
issue notes under the Aldrich- Vree-
land section Of the bank law up to l25
percent Of their combined capital and
surplus.
Hundreds of millions of the new
notes are ready for the call OF the
banks; shipments TO financial centres
A. a ba IA. ~
ing is making more Usht and day.
While trading in Ian street had
been nervous for some time prior 30
the suspension Of trading, the In
definite closing has tendency to
steady the situation and conditions
are considered satisfactory. The
clearing house has been placed on a
certificate basis for the first time
since l9o..
Fifty million dollars OF emergency
currency issued by the government
has been received in New York; saw
ings banks are enforcing the sixty
day clause relating to the withdrawal
Of deposits, and all possible plans TO
meet any crisis that may arise are
being adopted.
The Chicago wheat market con-
tinues suspended, as conditions are
too uncertain to allow intelligent trad
ing.
More conferences are being held in
Washington. Secretary McAdoo is
watching the crop moving procedure
in the west and the use Of his s34,-
900 900 deposited for the purpose.
Admir-. stration officials are hope
ful that IT will not be necessary to
provide additional sources Of revenue
TO Offset the less Of duty on imports,
which would follow a long war.
President Wilson appealed to the
people CT the United States to remain
calm during the war in Europe. He
declared the United States owes it
to mankind to help the rest of the
world during the present crisis.
The president declared the United
States could gain great and perma-
nent glory during the present trouble
provided no one lost his head. The
president urged that nothing be done
In America TO add TO the excitement
OF the world.
There is sure to be Inconvenience
to financial institutions Of the coun-
try, he told the callers, but added
that the administration is fully pre-
pared to help out all difficulties. He
urged that no credence be given un-
confirmed reports OF sensational
The president declared there was
40 cause for any serious alarm In the
United States. The administration is
bending every effort. he said, toward
getting ships to carry the foodstufrs
States to all the world and to bring
home Americans stranded in Europe.
A proclamation Of neutrality, the
president said, will be issued as soon
rs il can be completed by the state
He does not believe
here will be any necessity for con-
yress TO remain In session because Of
he situation in Europe.
New York bankers arranged with
he state and treasury departments to
.end 50 500 900 in gold coin 10 Eu-
-ope to relieve American tourists
stranded there and unable TO get cash
or their checks and letters Of credit.
Plans were virtually completed for
he care Of Americans In war-torn
europe. Congress, at the request Of
Wilson, appropriated $3.50
100 az an initial step and viii grant
more funds II desired The appropria-
ion will be used In caring for the
needs Of Americans, es-
,eciaiIy those without means Of OBJ
aiming any funds.