The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1914-12-09
.C0NFIDENCEHAs
BEEN RESTORED
AsSERTSREP0RT|
Secretary McAdoo Says Hanil
Was Averted at Outbreak
Of European War
Or ssscelAIGp resssl

I or ssseelslse essss,
WASHINGTON, D. E. DEC.
Secretary McAdoo IN his anhitH t5
port to Congress today outiined q
length the steps taken by the treas,itl
department to restore confidence hf1
support American business, ali4i. h
and weakened by the European war
A catastrophe OF calamitoUB pi q
portions said the report, " was fii
rowly 9yerted, II Is a tribute 10 tila
economic strength and soundnesk 81
the country and to the patriotism
its people in every class and wall ~
life that the shock has been So 4dk
miraIbiy withstood A panic ~
cataclysmic proportions might ei.si
have resulted and II IL had. the in5ili
to the country would have been iii
calculable and many years 4 would
have been required to overcome
effects" sil
BY formation OF the $i00;08a: :OnAE
gold pool, the $lS5,000 Geo cotton loan
fund, issues OF emergency ctrfenc
and the deposit Of crop moving andilo5
In national banks, the situation Ma 3
relieved, and confidence was Revived
the report says.
Through the prompt and excel
action OF the treasury department
and with the cordial and inteilieent
cooperation of the ban king ana bus
ness Interests OF the country. thu
danger has been ayerted. rays III
report Confidence has been restDfa'|
and specie payments have been ma
tsaf
no time since the war broke out lia
l.there been. TO- the itnnwiedg ge pf this
department, with The exceptio ot
few isolated cases. q failure Oh O.
part of any, solvent national bank Io
honor its checks in currency 6r mon
eysor to meet It's Obligation
general revival Of business Through
out the country is the best xidane
that confidence has been re6t0ted.
There is every reason why the c0,iii
try should look forward to the fiitlfte
with confidence so far as It's tfkdA
commerce and industry are con
cerned. l'
In spite OF drains from Eur6nl
where the nation owed about $45o.
100000 at the outbreak Of the war
Secretary McAdoo says that kiie
|treasury's gold holdings show q yes
duction OF only $SS,656, ,279 on Oct ct0be
81, 1914, compared with holdink ot
t,2oS, ,21S, ,357 on June 80, ~ 1aI I.
Secretary McAdoo referred IN some
detail to his action against bank
which. he publicly announced were
boarding up money, piling up Tesegfes
and charging high interest IL
without good cause. twas q Dis
agreeable duty, he said. hut one which
lresulted In q determination on his
own part to withdraw goyernment
deposits from banks not using sslci
funds for the benefit Of their com
nunities.
"This action" he said, chad y
Statutory influence, because II Waa
followed by a general icoBenink un
OF credits; and while It is not for i
moment contended that the impfo
ment is attributable wholly to flle
action Of the department It Is. nere
theless, believed to have had beil6t
ticial effect upon the situation
Mr.. McAdoo's report is dexnfe d
largely to q review OF the actiF ties
OF his department for the fiscal gaa
ending on June. 30, before the va
began. hut he included detailed state
ments of the treasury's participati ton
in various postwar problems
The secretary makes several rec,
Concentrations. He suggests TO- Con
gress that the war revenue tax lls'l.
should not expire December 81 1915
but that Its operation should be
tended until the end OF the EUROPE Al