El Paso herald. (El Paso, Tex.) 1901-1931, 1915-02-10
Money Freely Offered Now

RESULT Of
bankers to lay off theroPrO-
vnasu capitalize seshness and take interest
other sections Their newly awakened interest and keen
for business have cHu enough resulted IN action by the Dig eastern
tending the federal banks by
the simple ezpedient Oflowerng the discount rate
time probably the southwest and of most Of
the SOUTH actually urged by the
big money rates lower than be-
prevailed The eastern banks some instances have almost refused to accept
repayment Oans
succeeded in keeping their money out working even
though the country specially need of it
Different explanations for this unprecedented state Of
things that business dull the exchanges in the eastern
cities that heretofore
with the eastern balances country" banks
the east too slow to need all the money available in the banks 1t
might attention the east
by prosperity ordinary
al secondary
which concerted effort the part
banking interests defeat the primary purpose the federal
servesy TEN and make i Intellectual ridiculous
Gradually and of the federal reserve banks will settle down
where belong the public ordinary
times as well protection against But there
upon still too largely under the
servet people
They virtually began business dollars of assets
which thew seemed determined to keep out of use through stipulation
excessive the start such restrictions
on the kind paper limited to the last
se degree the banks in the west
and south These restrictions generally
modification and relaxation after while as the reserve
banks became their functions became
more clearly of all the federal reserve
redunt high to be actually pbhV became
attention of the secretary Of the treasury and
little serious dsseusOn IN some OF rne
governing
the big eastern noticed that the federal reserve bank boards
successfully defeating the intended purpose OF the Ieaea reserve PAM
banks opportunity twist the knife which they
country money amount requested at rates well
eastern money the federal rate percent the
banks borrowing in the east at as percent repay
~ Il ag effort all too Obvious to keep country"
their old Commercial banking connections and
nDeaT totally useless in ordinary times
me e Svstsr was nnts Gain to the member banks
ng o. e s thew Tecd an undance of money at rates lower
than thew had ever been able to get it before
rates The next result Of the eastern bank aSn was T tb @
discussions IN the Vous b o 6 ondT for SSS sooUnt
banking channels outside Of the reserve systs and the group more
federal reserve bank system y Pa i 55 Outside of the boards
successive Of the redcoun rates until today in nearly all
the federal districts the aoount rates stand at percent on 60 day
paper As percent 90 day paper and percent on longer with
The federal banks are increasing rediscOunt they
country it is necessary say accept
table paper handle
channels borrowing system
and
g So b y business and the pg pe 6f paper this
part ne P o 5 Eo5 oU1 y 5 oSn Of tbe sort Of
% % paper 5S a ;S H b uone t5s1 Tsrf m bs
But y T o Yo s S M tue s D assets a
way plenh currency supply though the federal banks
the Local banks viii have good deal to the
needs considered Already there has been marked change toward greater
iscOunt paper the Dallas federal bank In time the
regulations Dallas
different kinds Of local negotiable and more fully than the
9eiqat function 50 essential to smoothly working bank e system and
connections good working order though they
appreciate federal
charged Country" banks BY their
kindly" the
cities.
/ the
States y which technically meant all banks outside Of New York city,
operate with the federal banks to make them useful and sereeable practical
perfected I
they hold Oof and remain hostile suspicious the will be failure
should
fully
should to the
thieves
Of
American world
best position this work Of public