The Birmingham age-herald., 1917-10-10

New York, October s-(opeciai' peniamin Strong, Jr., governor or the federal reserve bank of the New Yorh distr;ct. is quoted as having said that the aggregate amount of money, actual cash as he calls it, now in the unlted States is a trifle over s3,000, 0,00O,00O. It is apparent therefore, according to Mr.. Strong, that 1t would be impractl- cable, even impossible, to take up the second offer of liberty loan of s3,ooo'- 000. 900 by actual payment or casn. Even though it were possible to collece this money and bring it into the pos session of the federal reserve system, nevertheless, to do that would pc equivalent to setting afioat influences which would undoubtedly so grow as to develop into the greatest panic this country, or perhaps the world, has
 ever seen.
 How then, Governor Strong asks, are the subscriptions to the second liberty loan to be met and the funds turned into the federal treasury? and he him. self replies to this question by saving that 1t can only be done through utili : zation of credit. Behind the aggregate credit O the United States and it's peo- pie stand considerably more. than 200, 900, 900, 900 of wealth represented lby industries, agriculture, railroads and various other incidentals to our prosperity.
 One of the best authorities in the financial district said this morning, while speaking of the new liberty loan, that he was inclined to think that the farmers of the United States were in better position to pay cash for the bonds, or equivalent credit which they possess, outright, than any other in
 dustrial class in the country. The esti- ate is commonly made that agricul-
 ture will receive this year as the re- ward of it's industry at least $6,0o0,- 900 ,ooo, and if the latest estimate oi 1 the money value of the cotton crop
 $2, 0o0, ,00O, ,0o0, be accepted as correct then the farmers of the United States will receive for their products about
 $7 900 Ooo 900.
 This authority also said that agri- cultural industry is to be the greates l factor in maintaining prosperity ane the ability of the government to finance Hts needs
 l Ii has also been said, since Governor Strong asserted that the $3,00O,000, 00' liberty loan would be absorbed througl the utilization of credit that he nigh
 have pointed to the record made by tn New York Clearing House association lin the 12 months which ended on Sep tember 30 For through that institution lpassed various evidences of credi
 which in the aggregate amounted t. about s1S5,0O0, 100000. Some of thes checks and drafts represented sub
 scriptions to the first liberty loan.
 There seems to have been some dis
 position to look upon the first week subscriptions to the second liberty loal as disappointing. One man who pos sesses great capital said that he wa somewhat concerned about tho succes of the loan because at the beginnin
 so many very large subscriptions wer , announced. For that reason he wa waiting until later in the month be
 fore making his own subscription. Th
 treason he gave for this view was base !upon his apprehension that the grca
 body of the people who possess smal
 means or moderate incomes might persuaded that there is no need of thei aid in floating the loan since it is eyi : dent that the men and corporation