The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-08-11
NV. II.

washington. IL. -, aug S.-H 4.
MCQUEEN, of Wilmington. following
a conference at the Treasury De-
partment today will organize a Nat
ional Currency Association in North
Carolina next week. He believes the
organization can be competed in a
week. As soon 80 this w rk is done
North Carolina banks will be abb. 10
secure all the money they need under
the amended Aldrich-Vreeland act.
This ~ emergency ct re..cy. distin-
guished from the croI moving fund.
Under the Aldricii-> reel act as
amended, no bank can borrow from
the government more than % per-cent
of its capital and surplus. Municipal
and state bonds will be accepted as
collateral at 80 per cent of their face
value. Gilt edge commercial paper
is accepted at rs per cent O. its value.
Interest il ,harged at the rat of 3 per
cent for the first three months and one
half per cent more each month to "A
maximum of six per cent.
Tar Heel Bankers Tardy.
Virginia. Georgia. and othe- South
err States already have these or
CARNATIONS among their banks. BY
organization. the smaller banks ;-e
"a W 80
taReousiy as the larger banks. North
Carolina bankers either hsv We not Il
derStood the law or have b,sn tardI
for other reasons in placing them
selves III 4 position to take advanta {
Of 1t There is no limit 70 the amounI
North Carolina can get within reason
All Are Optimistic.
The financial situation was discuss
ed 10y Mr.. Mcqueen. A. W. Mclean
Senators SiunnpnnS md nyoYnaD ank
Secretaries McAdoo and Houston to
nay and all were optimistic. Senate
found that in -
his request the Treasury Departmea
has had printed for the Murchisri
National Bark. of Wilmington. $a23.
zoe: American National Bank. viii
miuston. s9s.eoo: New Bern Nationa
Rank s44 700. The names OF tn
banks are printed on this currenc,
This is part Of the allotment of tn
crop moving funds.
A delegation of bankers fror
Washington. \. G., and nearby town!
headed by A. NJ. Dummy. will com
here Monday TO see about Washing
tons share of the fund.
Secretary Daniels Advice.
The thing for cotton farmers
DC Just now is 10 sit steady in tn
boat. said Secretary Of the Nay
Daniels upon his return from q cor
terence in the Treasury Departmer
where the cotton situation was di:
CusSed.
he added: Secretary Houstol
WI" has given much study 70 II
ma clal needs OF the South n &c
une it's cotton crop TO the marke
anc Secretary McAdoo. Who was RI
nrSt Secretary Of the Treasury vi
mao the wisdom to advance mon
" the South and West To move the
crops. may be relied upon 70 {
everything that a Secretary of Asr
culture and a Secretary Of the Urea
ur\ can do. Both fully understaI
me needs Of the cotton situation al
ooth are alert to find the best met
We I" prevent loss to the growers
cotton.
CO-Opcration Needed.
secretary McAdoo believes that {
operation by the banks. the peoY
aha the is all that
"etued In this crisis. The ban
"toulo he quick to avail themSeiN
VI every provision of law to secure
Iu'a1uate supply of money. and tf
'"r easter than ever before unG
new legislation.
ne North Carolina bankers ia
- Tar failed To effect an organiZati
"hlch will enable them to secure I
uof'k benefits possible under t
.n'"oed VreeianG-Aldrich tempore
u''''cy act. Secretary McAGoo {
r'S,eo surprise today when he lea,
''a' North Carolina banks had