South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-08-03
POUR EME REGENCY
CURRENCY INTO
TRADE CHANNELS
House Passes Bill Placing Hun
dredS of Millions at Disposal
of SeCy. MCAdOO--ChiCagO
Asks Fifty Millions.


Chicago Clearing House association
today wired to Secy. McAdoO and re-
quested him to deposit 500, 900, 600 in
currency in the Chicago sub-treasury
where it may be drawn on by Chicago
I banks in conformity with the pro-
visions of the Aldrich-Vreeland cur
rency bill.
CHICAGO, Aug. THAT 100000
GOO in gold lies in Chicago banks and
in the vaults of the sub-treasury and
that the city is well prepared to meet
any financial crisis was the reaSSuring
statement of Irving Shuman, assistant
United States treasurer and head OF
the local sub-treasury today.
WASHINGTON, Aug. 3.-The house
today Dy vote of 321 to passed the
senate emergency currency bill max
ing available to national banks hun
dreds of millions of emergency cur
rency now in the vaults of the treas
ury. Not only did the house author
ize the removal of restrictions in the
treasury currency laws regarding the
use of the $5O0,000,O0O now ready for
issuance TO the banks, but it raised
the limit of the emergency issue and
gave the secretary of the treasury
discretion to place at the disposal of
the banks twice that sum should the
banks make call for It.
NEW YORK, Aug. 3.-Currency
totalling $40, 100000 arrived here this
morning from Washington and was
delivered to the sub-treasury. 1t was
in denominations of 81, $40, $40 and
1850. Arrangements had been made
some time ago to have this money
shipped in, and its arrival was not
caused in any way by the war situation
in Europe. 1t was admitted that the
presence of so much new currency
would have a cheerful effect on the
situation here.
NEW YORK, Aug. 3.-Secy. of the
Treasury McAdOO today established an
/ Office in the sub treasury and took
effective steps to protect the finances
of the country from reaching the ap-
palling state of those in Europe.
Throughout the day McAdoo was in
constant communication with Wash
| ington over a private wire.
| 1t was announced today after con-
| ference far into the night between
! Mr.. McAdoO. Comptroller Of the Cur
/ rency Williams, Asst. Secy. of the
| Treasury Hamlin and w. p. Harding
of Birmingham, Ala, who will be a
member of the federal reserve board
I
| bankers that the finances of this
country were in excellent shape, that
| there was not the slightest cause for
worry and that the steps already
taken would insure absolute protection
! for the financial condition of the
| United Steps.
Among the protective measures de-
cided upon ct the conference was one
! that involves the immediate issuance
- 20
protect the gold supply. This act is
permissible under the Vreeland law
which authorizes the issuance OF
50O,000,000 emergency currency. OF
this allowance only 500, 600, 600 has
been Issued. Leading bankers here,
however, feel confident that an issue
of s1GO. 900 will meet any contin-
gency.
NEW YORK. Aug. 3.-The clear
ing house committee at a conference
today decided to issue clearing house
certificates. This is the first time
these certificates have been issued
since the 1907 panic.
In explanation for its act the COM
mission declared it was merely a pro-
tective measure. 1t was pointed out
that there was enough currency in
the United States to take care Of all
needs, out rather than TO take any
chance OF a shortage in currency. ii
was decided TO issue the certificates.
The issuance Of the certificates IS ex-
pected TO add the finishing touch on
the protection placed over America s
gold supply.
The certificates will be put into cir
culation as soon as they are printed.
The committee also adopted a reso-
luton making available in payment
- - l.
sued under the authority o. the gov
eminent
Following the committee action in
voting to issue the certificate the New
York state bankers at a meeting OF
their own decided 10 exercise the CO.
! day clause in regards TO Withdrawals.