Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1918-02-07

SECRETARY OF TREASURY NC
ADoo SENDS MESSAGE TO
BANKERS
REQUEST BANKS TO ASSIST
Each Bank to Reserve One to Ten
Percent per Week Out of
Loanable Funds

Announcement has been made by
Secretary of the Treasury, McAdoo, to
bankers everywhere of the offer to
banks of treasury certificates of in
debtedness of the United States, tele-
graphic communication having been re-
ceived today by the local banks of
Grangeville. Bankers are requested to
cooperate and to reserve eacn week
out of the loanable funds of the insti-
tuition, about one percent, and not 10
exceed ten percent of the gross resources
of the istitution to invest in treasury
certificates.
The purpose is obvious and may be
explained by any banker. 1t is proposed
by the secretary to postpone the next
liberty loan issue until such time as
the call will not have its effect is drain
ing sections of the United States of
money at time when it is most urgent
" required for farming, business and
industrial operations. The telegram is
an appeal to bankers to assist and the
patrons of the banks will also have
their part to do. The following is the
text of the message received by each
of the local banks:
Washington D. c. Feb. 6, 1918
To the Banks,
Grangeville, Idaho:
Between now and the time for max
ing the next liberty loan ! shall offer
for subscription treasury certificates Of
indebtedness in amount OF Five Humid
red Million Dollars or more every two
weeks. 1 desire to postpone the next
liberty loan issue until conditions will
in insure a wide distribution OF the
Al. =
der successfully to carry through this
program and to provide for the allies
I must have the whole-hearted coOpera-
ton of the bankers Of the United
States and to that end ! request the
board of directors or trustees of each
bank and trust company to reserve each
week out of its loanable funds for the
use of the government of the United
States about one percent of the gross
resources of their institution not to eX-
ceed in the aggregate ten percent and to
invest that amount in treasury eartIf |
Gates of Indebtedness. The exact amount, |
interest date and maturity mot exceed |
ing ninety days. of each issue Of certi- |
:icates will be announced from time
to time by me through the federal re-
eerve banks. There is a steady growth !
in the movement FOR economy. Banks |
should be able by participating in the
campaign for economy. which ,ncMls
economy Of credit as well as of eX-
penses, to teach their customers to save
and to accumulate the means to buy
the governments certificates and bonds.
By this method distribution of trea-
sury certificates of indebtedness should
become possible which win relieve the
subscribing banks of q part of their
purchases and furnish the means of
payment for the next issue of liberty
bonds without undue strain. The needs
of the government for the war are
great and imperative. The resources
of the country are ample to meet their
needs, if every bank will do its share.
! know that once it is realized that by
cooperation all around and by
every one doing his part this vital and
patriotic service can be performed
Every bank will do its share. We are
all approaching a critical test on the
battle front in Europe. American sons ,
are now actually shedding their blood
in the trenches. If the banks which
are the first line of financial defense,
fail to support the government fully in
its necessary operation, we shall i'm
perial Americas army and Americans
safety. I know that ! have only to
state the case to command the support {
of every patriotic bank and banker.
This is the supreme duty of patriotism.
May l count upon you to do your part
and to telegraph me Immediately at
my expense that you will. | am send
ing this telegram to every bank and
trust company in the United States. I
w. G.. McADOO. !