Bisbee daily review., 1914-11-18
SHINES
 BEHIND ALL
 CLOUDS NOW
Future is Clear and Bright, With Promise Best Things Says President As He Re views Opening of Banks.
HISTORY OF SHIFTING
 GREAT GOLD STORES
First Day of New System De voted Counting of Cash Wilson Refers to Many Newer Legislations.

WASHINGTON, Nov. 17.-"The fu- ture is clear and bright with promise of best things" was the way the president summed up his view of the business prospect tonight in a letter to Secretary McAdoo of the treasury department congratulatng him upon the opening of the federal reserve bank system.
 "The fundamental wrongs once righted as they may now easily and quickly be- wrote the president, "all the differences will clear away. We are all in the same boat though ap- parently we had forgotten it. We now know the port for which we are bound We have and shall have more as our new understandings rip en with the common discipline of patriotic purposes. We shall advance and advance together with new spirit and new enthusiasm and new cordiality Of spirited cooperation. It is an inspiring prospect
 How S17O,OOO 900 in gold, and lawful money was shifted without a hitch yesterday from banks which are mem bers of the federal reserve system to their reserve banks was told in to- days report to the federal reserve board Of this total about $l37, 100000 was in gold or gold certificates and the rest in other forms of money. According to estimates, between sev- enty and eighty million is yet Co be transferred from member banks to the reserve banks to meet the pres ent reserve requirements.
 The first day of the twelve reserve banks apparently was devoted large ly to counting money and to the usual ceremonies accompanying the launching of a new organization. Only a few millions worth of commercial paper was re-discounted. Officials watching the operations of the banks predicted large amounts of redis- counts In the near future. At the pres. ent there is close to three hundred million emergency currency and pos. sibly one hundred million clearing house loan certificates outstanding or in the hands of banks.
 Emergency currency is subject to a tax by the government of three per cent for the first three months and an increase after that period un tn it reaches six per cent Clearing t,,,,.. ,ovtfgaofae ro a1cp t,ut puf a high interest rates. Both emergency currency and certificates are secured by paper which officials believe in most instances to be subject to re discount by federal reserve banks.
 Wilson referred to the new tariff law. the new currency law, the new trade commission law. and the laboi provisions of the new antitrust law as a means through which the soi has everywhere been laid bare out of which monoply is slowly to b' eradicated
 He added that undoubtedly tn, means by which credit has been se is at the heart of all these things is the key piece Of the whole struc ture." Referring to "opportuneness of the currency law the presiden said
 War which has involved the whol' of the heart of Europe has made | necessary that the United State should mobilize its resources in thu most effective way possible" H spoke of the difficulty of marketin the cotton crop of the country am added that there is no doubt in th light of the new day, with it's ne, understandings, that the problems O railroads will also be met and deal with In a spirit of candor and jus tice"