The farmer and mechanic., 1914-08-18
National Currency Association
of North Carolina Completes
Organization
So 100000 REPRESENTED
Headquarters in Raleigh, the
Home of President Joseph
6. Brown-Additi0nal Cir
cuIation Ready for Shipment
Within Thirty-six Hours At
ter Filing of Papers

ter Fling OF Papers i
Thirty national banks In
North Carolina, representing an ag-
gregate capital and surplus of $4,000
600. had yesterday signed the neceS-
sary papers Of membership IN the Ma
tional Currency Association OF North
Carolina organized at a meeting OF
bankers here on Wednesday. The
be Raleigh. 1t is probable that there
will be frequent meetings of the
executive board of the association in
this city. The president, Mfr. Joseph
c.. Brown, and the secretary, Mr.. f..
3. Crow, reside here. Vice-President
Thomas E. Cooper is from Whining
ton but as a member of the executive
committee will probably be in Raleigh
often. Besides the president and the
vice-president the executive board is
composed Of MeSSrS. w. c. Wilkinson,
Of Charlotte; j. +. Ramsey. of Rocky
Mount; w. ]. Holloway, of Durham;
Neil Ellington, of Greensboro; A. M.
Dumay. of Washington.
1t had been rumored that the funds
to secure which the association was
organized would not be available un-
der three weeks after the organization
papers were filed with the Treasury
Department in Washington. Mr..
Joseph G.. Brown, president, yesterday
stated that this report is without
foundation and that the needed cur
rency will be ready for shipment with
in thirty-Six hours after the proper
demands have been made on the
Treasury Department.
To Prevent Panic Is Aim
| Speaking Of the aim and effects OF
| the organization Of currency aSsocia-
| tions yesterday President Joseph G.
| Brown said:
| National Currency Associations are
organized under an act of Congress
| passed in 1908, the purpose being to
prevent any possibility of a recurrence
| of currency famine like that which
| prevailed in 1907. when cash was
| sold at premium in the open mar
| ket, and further to facilitate the
movement Of crops.
State Banks May join
In the original bill membership
In the association was limited to Ma.
tonal Banks but the amendmen,
passed on August 4th of this year ex
tends the benefits of the act to al
qualified State banks and trust com
panles which have joined the Fedora
} Reserve System or which may con
tract to join the system within fifteer
days from the passage of the act Of
> by August 19, 1914.
Member banks must have unim
3 pared capital and surplus Of no
less than twenty per cent and il
every association there must be a
least ten banks with an aggrecat
6 capital and surplus of not less thai
; five million dollars The territor
: covered by an association NAV be on
! state or any part of State or con
q tIguOus parts of one or more States
Ihe management Of the associa
o ton is placed in the hands Of
9 board consisting of the representatiy
= from each bank but the general now
3 ers or the board may be exercise
- Dy the executive committee of nc
p less than hve members chosen bv IN
3 board The North Carolina Associa
- tioh mas an executive committee z
% seven. five besides the president an
. the Vlce-presldent who are nember
ls me association begir
with thirty seven charter roemher
% representing an aggregate capital an
a surplus or eight million dollars. Man
Il other banks of the State have o,
~ pressed their purpose to become mon
Il oers as soon as they have the re
- qulred resolutions passed by the boar
:" OF directors
~ ->e't,> ." I'D fer Cent Capital ar
=. Surplus
10 Every member bank is narm;tt
- TO issue its own notes TO the ay.a,
OF l23 per cent of its unimpaired GA n
tai and surplus. Under this T roviSi1
the charter members of tn, Nor
le Carolina Association representir
eight millions of capital would be =
Id titled 10 ten million dollars
a Discretion of Secretary Of Treasu
AS this additional circulation is i
h tended only for use in emergency
tax was imposed in the original q
ar sufficiently large 10 enforce II prnu,
retirement when not needed for cor
as mercial purposes. Under the reca
:. amendment. however the Seereta
Of the Treasury is empowered to 81
penu certain provisions and at Il
o time the member bank is required
ps pay upon the average amo,,rt IF
G iri.ti Ia Inn t..x