New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-04
BILLION DOLLARS NOW
AVAILABLE FOR BANKS
cent. A larger fund may be exacteu
by the Secretary in his discretion
W. &c prooressiycs.
Continued from page !

cent. A larger fund may De eNa0'9N
by the Secretary in his discretion
Vote of Progressiyes.
ONLY six members Of the House
voted against the emergency currency
hill They were Representatives. Mur-
dock, Bryan. Ripley, Kelly, MacDon-
aid and Lindbergh. all Progressiy,ees.
The Progressive attitude was that Ihe
Hill resuscitated the Aldrich-Vreeland
law and was more in the interest OF
Tho investment bankers of New YORK
Citv than the discount bankers OF the
country at large. There was praeu-
cally no Republican opposition TO tne
bill beyond questions as to the need
ave are to-day neither Democrats
ror Republicans" said Mr.. Madden, an
Illinois Republican. ave are Amerl-
can patriots. We are following the
lead of the man who is in control OF
tho affairs Of the nation, and whose
duty il is to tell US what the emer-
gencv is. The emergency is here. IL
ought TO be met, and met promptly.
Representative Mann, the minority
"The world is confronted to-day
with the most serious situation which
history records. There was never
time when there has been such danger
TO individuals, to nations, 10 economic
situations, TO trade and commerce. In
times like this we certainly should
rise above partisanship, and seek 10
do what is for the good OF our own
people and the world itself. think
/ might properly criticise the admins
tration for not having put in force the
new currency law, and yet this IS not
the time for criticism. This is the
time to follow the lead of men who
must be in command, and TO do things
which may render the threatened DIS
aster of less effect than if we did
nothing"
Patriotic Spirit Commended.
Mr.. Underwood congratulated the
minority for its patriotic spirit, add
ing:
"The situation that confronts US to-
dav is not one of our own creation
and does not arise from conditions that
are existent on this side of the ocean.
A vast deal of our business IS done
by credits and not by money. All Eu-
rope has begun 10 hoard gold; every
demand will be made on this country
for its supply. If we were in condi-
ton to market our crops that gold
supply would return to US shortly, but
we have that condition to face. lt
was a national necessity that the Stock
Exchange should close in order that
Europe might not dump its securities
upon US and take away our gold. The
closing of the exchange has made time
leans in place of call loans, and, al
though these banks are solvent, there
is no place for them to get the money
to-day 10 meet the demand OF the
banks of the country when they call
for the reserve. If the new currency
law were in effect it would be taken
care Of. but something must be done
Immediately. The bill proposes to give
the banks an opportunity to issue an
asset currency to meet present critical
conditions"
The Treasury Department continued
TO give it's moral and physical support
20 the banks. During the day It re-
spcnded to requests from national cur
rcncy associations in various parts Of
the country and put in the hands OF
express companies millions IN Aldrlch-
Vreeland emergency currency. Ship
ments were made to several large cities
i'm the Middle West and as soon as pos
sible all sub-treasuries will be sup
piled with sufficient currency to meet
any demand by banks in their terri
tory.
McAdoo Back at Post.
Secretary McAdoo returned late to-
day from his Sunday night conference
with New York bankers, took up the
thread of financial developments and
announced that he had the utmost con-
fidence in the ability of the govern
ment and the banks to take care of
the situation as il existed or of any
situation which might arise. 1t was
pointed out that for the present the
outfow OF American gold to Europe
had stopped and that there could be
li.tle doubt that American trade with
Europe would feel a normal and reas-
surfing reaction within a short time.
IL seemed 10 be the opinion here that
the next few days would show which
q the nations now at war would con-
troll the seas, and that with that ques-
ton settled there was no reason to
fear that the American export trade
would not be resumed to large ex-
tent.
Hundreds of millions Of the new
notes are ready for the call of the
banks: shipments TO financial centres
have begun, and the Bureau of En-
craving is making more of the notes
night and day
Further relief for the situation was
expected by the organization of the
! federal reserve board.
President Wilson selected his NOM
inee for the place of Thomas d. Jones,
but will not disclose his identity until
the man accepts.