The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1914-12-09
PANIC DANGER
NOW IS ENDED
Secretary of Treasury Depart
ment Reviews Financial
Situation 10 Congress.

AdOO In his annual report 10 congress
today outlined at length the steps
taken by the treasury department 10
restore confidence aud support Ameri-
can business, shaken and weakened
by the European war.
"A catastrophe Of calamitOus pro.
portions said the report, was mar
rowly syerted. IL IL n tribute to the
economic strength and sOundness Of
the country and 10 the patriotism Of
its people In every class and walk Of
life that the shock has been 80 nd.
mirabiy withstoOd. A panic Of cata-
elysmlc proportions might easily have
resulted and II II had, the injury 10
the country would have been lnealeu-
liable and many years would have
been required to overcome its effects"
/ By formation Of the 100000, 100
/ gold pool, the $l35,O0O,OO0 cOtton loan
fund, issues Of emergency CURRENCY and
! the deposit Of crop moving money In
national banks, the situation was re
/ licved, and confidence WAS revived"
the report says.
/ Danger Is AVerted.
Through the prompt and effective
action Of the treasury department
and with the cordial and Intelligent
cooperation Of the banking and bust
ness interests Of the country the dan
ger has been averted," says the 70
port. Confidence has been restored
and specie payments have been main
tanned In the face Of the world.
AT no time since the war broke
out has there been, 10 the know ledge
Of this department with ths exception
ot a few isolated cases, failure on
the part OF any solvent national bank
To honor its checks In currency OF
money OF to meet its obligations
"The general revival OF business
throughout the country is the best ey-
tdence that confidence has been re-
stored. There is every reason why tho
country should look forward to- the
future with confidence so far as its
trade commerce and industry are uun-
/ cerned."
In spite OF drains from Europe,
where the nation owed about S45O..-
100000 ut the outbreak OF the war,
Secretary McAdoo says that the treas
ury's gold holdings show reduction
/ ~ only $Ss s650 30 on December 81.
1914, compared with holdings of 81
/ 25N2lS.357 on June 80 1913.
Secretary McAdoo referred In some
detuil To his action against banks
which. he publicly announced, were
boarding mp money, piling up reserves
aud charging high interest rates with.
I ont good cause II was a disagreeable
duty, he said. but one which result
ed In determination on his own part
10 withdraw government deposits from
banks not using such funds for the
benefit ~ their communities.
Larger War Tax.
The secretary makes several recon-
mendntlons He suggests to congress
that the war revenue tax law should
not expire December "a, 1915, hut
that lts operation should be extended
until the end N the European war, by
PROCLAMATION NJ the president.
Discussing the income tax law the
Secretary advocates change In the
law ~ that persons having q gross
income of $1,000 he required 10 make
q return instead NJ those persons with
~ net Income NJ that amount or over
Tile collection NJ revenue for the
fiscal yenr ended June 20, 1914" says
Mr. McAdoO. SHOW the suc,ess W
the tariff act NJ October 3. 1913, az n
rcvcnue measure He goes on to show
that this act Wns estimated AZ the
producer " S2TOOOOOOO In It's first
wear and that there was actually col
lected 5000 .32O.OlI.
That. however. included nine months
under the new law and three months
under the PAYNE Aldrich law. He
shows that the total raised under the
new law with its corporation and In
come tnN features was S3Cl 7Oi 2S0 on
50 SO35 In excess NJ the previous
years receipts under the preceding
revenue measure.
The European war" said the Sec.
pt0ry, seriously affected the reye-
n,ies " the government from imports.
The revenue from customs for Octo.
her 1911 was Sl027l ,s20 and FOR o..
tohcr 1913. II was S8OO000ia, a
decrease of Sl2.S0G. 30. The reduc
tion Ia solely due 10 the falling Off
In lmportRtions The estimate made by
the department indicated q yearly
decrease " between s6O 900 and
800 900 900 II II obvious that these
estimates cannot he accurate as no
one can forecast the course Of events
while the titanic struggle In Europe
IL In progress To keep the treasury
In strong condition IN these abnormal
times was obviously the first duty n
the hour Upon II largely depended The
safety " business and finan0 IN this
ssnuutrv