Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1914-03-15
'PUT NEW CURRENCY
Law into EFFECT
Only Few Weeks Remains
Before it Will Be of I'm
portance to Nation.
EVERYTHING IS READY
Practically All Banking Capital Of Ma
ton Enlisted Its Support for
New System.
by Jonathan Winfield.

is now set for the putting, into effect
OF the new currency law. Within a
few weeks it will be an established
and vital part of the financial and
economic fabric of the nation. All OF
the elaborate machinery required for
it's operation has been designed and
constructed
Whatever doubts We're held at the
first regarding the national banks
entering the network of governments
al cooperation created by the law
have been dissipated All the threats
OF banks to keep themselves severly
aloof from the system, all the fears
that the Wall street influence would
be arrayed against the new law, have
vanished like q summer thunder
storm. Even the most optimistic OF
the Treasury Department experts
have been astonished by the disap-
pearance of all opposition.
On February "a no less than 1915
per cent Of all the banking capital Of
the nation had enlisted it's support for
the new currency system. The CAPT
tai of the banks applying for mem
bership amounts to $1,O54,53 ,554. The
capital of the banks not accepting
membership is placed at $1,990,O00,
and that of those not heard from
amounts to 100000.
There are only IS banks in the ma
ton that have not applied for mem
bership and most of these, it is under
stood, are arranging for absorption VI
amalgamation Of some type or anoth
er. OF the ten not heard from
two had asked permission to liquidate
and three had been too recently Or
ganized to pass the necessary resolu-
lions OF acceptance.
There has been as yet no tabulation
of the figures of the state banks and
trust companies that desire to enter
the system. 1t is known that 60 such
institutions have asked for approval
of their applications and it is estimat-
ed that the capitalization will be suf
ficient to put the total of all banks
applying to date beyond the 81 ,100,
000, 000-mark.
With this solid support from the
banking interests of the country, the
Organization Committee, consisting of
Secretary of the Treasury William
McAdoo, Secretary of Agriculture
David T. Houston and Comptroller OF
the Currency John Shelton Williams
will make it's report in a few days.
| The report will announce the selection
of the cities which have been chosen
for the federal reserve banks and thus
end the strenuous rivalry that has OBJ
tanned ever since the members of the
committee started in their tour of the
country
The national banks will be required
! to subscribe six per cent of their
capital stock and surplus to the stock
of the reserve banks in their dis
| tricts, one-half to be taken within ten
months.
! 1t is probable President Wilson will
announce his selections of members of
the Federal Reserve Board at the
same time he makes the report of the
| Organization Committee public. There
are many reasons to believe the presi-
dent has practically determined the
| personnel of the board, which he has
compared in Importance to the Su-
preme Court of the United States.
| Myron J. Herrick of Ohio, ambas-
sador to France and former governor
of Ohio: James j. Hill, former presi-
dent of the Great Northern railroad.
and one of the empire builders" of
the northwest; Paul NJ. Warburg,
banker, and Isador Straus, merchant,
of New York, are among the names
which have been under consideration.
1t is understood that Mr.. Hill has
definitely declined to be considered.
| Economists believe that the new
| currency law is the most significant
and far-reaching enactment that has
| been put upon the statute books OF
/ the United States for a generation.