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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Dec. 23, 1913)
tttt: MOn1G ORF.GONIAN, TUESDAY. DECEMBER 23. 1913. 20 CURRENCY LAW 10 BE FAR REACHING 'Analysis Is Made of Bill De signed to Improve Money System of Country. OPERATION IS EXPLAINED JJy Giving Elasticity to Banking Me dium, Establishes Safeguards, Abolishing Obsolete Methods KncII of Flurries Sounded. WASHINGTON, Dec 12. The new bill affecting the currency, banking find finances of the country, which both branches of Congress prepared to pass before adjournment tonight, is one of the most far-reaching measures relating to finance that has been en acted In many years. The magnitude of the subject, the diversity of in terests affected and the' length of the debates In both branches of Con press, lias made It difficult for the ordinary observer to follow the changes and grasp the essentials of this highly technical measure in its important bearings on money, finance, banking und the entire rauice of fiscal sub jects, public and private, which it af fects. With a view, therefore, of present ing succinctly and in not technical language, an apltome of the salient features of the measure as finally framed, the following summary is given of the bill as a whole and of its principal details: Generally speaking, the first steps to be taken to bring into operation the Nation's new financial system will be through an organization committee consisting of the Secretary of the Treasury. Secretary of Agriculture and Comptroller of the Currency. Banks have CO days within which to file their uppltcatTons for membership in the new system, and one year's time Is allowed before the Government will compel the dissolution of any National bank that refuses to join. Karaa MorliRra Ioaa Basia. The new law will make little direct change in the operation of the present National banks, except to allow them to loan a certain amount of their funds upon farm mortgages. Its chief purpose is to add a new pieec of ma 4 hinery to the banking system that will "take up the slack" during the hanging business conditions of each year; that will give the banks a place to convert quickly their assets into t-Ksh in time of need and that will bring out new Federal currency when tt is needed, and retire it when money becomes cheap." Banks are now required to keep a certain percentage of their deposits as "reserves," part in cash in their own vaults and part of which may be re deposited in the banks of New York, Chicago, tit. Louis and other desig nated cities. In times of sudden finan cial demands, when banks have loaned up to the full limit of their resources, these reserves furnish little relief, be cause If they are paid out to meet de mands, the banks are left in a pre carious condition. Tlx basic principle of the new law is to get these reserve funds out Into circulation when necessary without lessening the safety of any bank: and to provide a place to which local banks may rush In a crisis and get cash for the "prime commercial papei" they hold in their vaults. Reserve Baaka la C fcala. This is to be accomplished through a chain of regional reserve banks, or "reservoirs of reserves," in which all bunks shall deposit a stated part of the money they are required to hold :.- reserves. Under the new system, when a financial flurry comes, the b:mka can take commercial paper, such : a notes, drafts, and bills of exchange, to these "reservoirs" and secure the use of their own reserves, or, if neces sary, the reserve of other banks by de positing this security. The new regional banks will receive about one-haif of the bank reserves of the country. They in turn will be per mitted to loan back to the banks all but 35 per cent of these reserves, so that in case of emergency millions ol ah can be brought out Into circula tion quickly. The banks will have to pay for these loans, however, as indi viduals have to pay for a loan fron. any local bank; and this charge is ex pected to prevent the too free use of Vie reserves held by the regional banks. A new form of paper currency la also provided for to come out In case of emergency and which is expected to go bn-'k into the hands of the Government Wien times are normal. These "treas ury notes" will bo printed by the Gov- rnment ami Issued through each re gional reserve bank and will bear the K:arintee of both the regional bank and the Government. .nn Well Secured. If the demand for currency In any section of the country exceeds the sup ply of circulating money a regional bank can secure this new money from tho Government and put Into circula tion; but a gold reserve of 40 per cent and commercial paper equal to the full value of the note must be held as a reserve behind each note so Issued. This provision Is expected to be the Influence that will drive the new money back into retirement when It is no longer needed. The following analysis presents the details of the new law without ad hering closely to the technical division or language of the measure. At the head of the system will stand a Federal reserve board at Washington appointed by the President and to con sist of the Secretary cf the Treasury. Controller of the Currency, and five other members. Two of these shall be expert bankers, but none shall have lanklng affiliations or own bank stock luring their service. This board will exercise general control over the en tire system. The temporary "organization com mittee" or the Federal reserve board will select from eight to twelve cities where regional reserve banks shall be located, and will divide the entire country geographically with these cities as the centers of districts. All National banks In a district will be required to subscribe for the stock of the regional reserve bank In that dis trict and to keep a portion of their re serve there. Members to Take Stork. Local banks will be known as "mem ber banks" because they will own the stock of the regional reserve bank of their district. Hach member bank will be required to take capital stock of the regional reserve bank equal to 9 per cent -of the member bank's capital and surplus. The capital of the regional bank will increase or decrease so that it always represents ( per cent of the combined capital and surplus of ail the banks of the district that have joined the system. National banks are compelled to join id state banks are permitted to If they bring their reserve requirements up to tho standard set for National banks and submit to National examina tions. Public ownership of the stock of the regional reserve banks is permitted only in case enough banks do not join in any district to provide a capital stock of $4,000,000. In such event the public may purchase the stock in quan tities limited to $25,000 for each In dividual, but the voting of this stock will be placed in the hands of Gov- ernmsnt representatives on the board of directors of the regional reserve bank. The regional reserve banks may do business only with their member banks, not with the public, except that certain "open market operations, such as the purchase and sale of gold, Government or municipal bonds and certain forms of bills of exchange are permitted. These banks will make their earnings from the loans made to member banks and from the purchase and sale of bonds and foreign bills of exchange. Member banks will be compelled to put up in cash only one-half of their subscription to the capital of the new banks; the remainder can bo called for if needed by the regional bank. Dividends of 6 per cent will be paid on this stock to the member banks and the stock will be non-taxable. After these dividends have been paid one-half of the surplus of the earnings goes to create a regional sur plus fund and when this has reached 40 per cent of the regional bank's paid in capital, these earnings are to go Into the United States Treasury. The remainder of the net earnings are to be paid to the United States as a fran chise tax. with the machinery thus created for a new banking system that is supple mentary to the commercial banks of the country, the law provides for a gradual transfer of part of the bank reserves ta ; these "reservoir" banks. In order not to disturb business con ditions or to withdraw too suddenly the heavy deposits of country banks in the large cities the law provides that three years may be consumed in shifting these balances and that if necessary part of the reserves trans ferred to the regional banks may con sist of commercial paper. Mlpalarloaa Are Listed. The amount of reserve required from every bank under the new law and the place where it must be kept are as follows: Country banks Total reserve re quired, 12 per cent of demand deposits and 5 per cent of time deposits. Five twelfths must be kept in the banks' vaults for two years and four-twelfths after 'that time. For the first year, two-twelfths must be kept In the re gional bank. Increasing one-twelfth each six months thereafter until it reaches five-twelfths of the total re serve. For three years the unallotted part of the reserves may be kept in the banks of reserve cities; after that time It must be kept either In the country banks' valuta or In the re gional reserve bank. - - Reserve city banks Total reserve required 13 per cent of demand and 5 per cent of time deposits. Six-fifteenths must be kept In the bank's vaults for the first two years and 5-15 after that time. Three-fifteenths must he kept In the regional reserve bank for the first year, increasing 1-15 every six months thereafter until it reaches -15. For three years the unalloted portion of the reserve may be kept in other banks. In Its own vaults or In the regional banks, after that time in one of the latter two places. The central reserve city bank (New York. Chicago and St. Louis) Total reserve required, 18 per cent of demand and 5 per cent of time deposits. Six eighteenths must be kept in the bank's own vaults; $-18 In the regional re serve bank tor the first six months and S-18 thereafter." After six months the remaining six- eighteenths must be kept in the bank's own vaults; seven-eighteenths in the regional reserve banks, and the re maining five-eighteenths in either place the bank may choose. Discounting Sight Kxvlalacd. These immense funds of reserves from "member banks, together with Government moneys, will make up the deposits of the regional reserve banks. Kach of these banks will bo adminis tered bv a board of nine directors, six of whom will be elected by the banks and three appointed by the Federal Keserve Board. The regional banks may rediscount that Is, buy at a discount from its member banks "prime com mercial paper," when the member banks desire to convert these assets Into money. The exact terms of this im portant provision as to the character of paper upon which the regional re serve banks may furnish cash are as follows: 'Upon the Indorsement of any of Its member banks, with a waiver of de mand notice and protest by such bank. any Federal (regional) reserve bank may discount notes, drafts and bills of exchange arising out of actual commer cial transactions; that is. notes, drafts and bills of exchange issued or drawn from agricultural. Industrial or com mercial purposes or the proceeds of which have been used or are to be used for such purposes, the Federal Reserve Board to have the right to determine or define the character of the paper thus eligible for discount within the meaning of this act. "Nothing in this act contained shall be construed to prohibit such notes, drafts and bills of exchange, secured by staple agricultural products, or oth er goods, wares or merchandise from being eligible lor such discount; but such definition fhall not include notes, drafts or bills covering merely invest ments or issued or drawn for the pur poses of carrying or trading In stocks, bonds or other Investment securities, except bonds and notes of the Govern, ment of the United States. no Days Allowed. - "Notes, drafts and bills admitted ta discount under the terms of this para graph must have a jnaturlty at the time of discount of not more than 90 days, provided that notes, drafts and bills drawn or issued for agricultural pur poses or based on livestock and having a maturity not exceeding six months may be discounted in an amount to be limited to a percentage of the capital of the Federal (regional) reserve bank to be ascertained and fixed by the Fed eral Reserve Board." The regional banks may also discount "acceptances based on' the importation or exportation of goods." The new Treasury notes, which are to Xurnish the "elastic" element In the currency system and to add to the country's circulation money in time of need, will come into use in the follow ing way: The notes will be printed by the Gov ernment with a distinctive style for each regional reserve bank. One of the three directors named by the Federal Reserve Board for each regional bank will be known as the "Federal Reserve Agent" for that bank and a supply of notes will be placed In his custody. Should a regional bank desire to pay out more money than tts cash resources will permit, the law provides that it may put some of its redlscounted com mercial paper into the hands of the "Federal Reserve Agent" and receive In return the new TreasiS-y notes. For each note that it puts Into circulation the regional reserve bank must set aside in gold 40 per cent of the value of the note as a guarantee for its re demption. This gold, with the commercial paper held by the "Federal Reserve Agent," Is the protection behind the new money; but these notes will also be guaranteed by the Government, and may be re deemed In gold at the United States Treasury. Kach regional bank, under the act, must keep a reserve cf 85 per cent of the deposits It has received besides the 40 per cent gold reserve behind the treasury notes it Issues. If the gold reserve behind the notes falls b?low 40 per cent, a heavy tax is Imposed on the bank, which in turn adds the tax to the rate it charges member banks for re-discounts. Notes Expected to Regulate. One regional bank cannot again pay out the notes of another except under a heavy tax. These notes are expected to regulate the regional banks and be withdrawn from circulation when the need foe their use passes. None of the existing forms of cur, rency except the National bank notes will be disturbed by the new law .The United States bonds now used to secure the issue of National bank notes are to be taken up at the rate of $25,000,000 a year by the regional reserve banks and new treasury notes or short-term 3 per cent bonds will take their plaoa National bank currency is expected gradually to be retired. The Federal reserve board will exer cise final control over the entire oper ation of the system. It can compel one regional bank to loan to another in time of need; can suspend all re strictions surrounding the reserve which regional banks must hold; and can remove directors of regional re serve banks whenever it is believed necessary. While the banks retain control of the boards of regional reserve banks the connection with the Federal reserve board Is only through an advisory council made up of one representative from each Federal reserve district. An important change in National banking methods embraced in the new law will permit all National banks ex cept those in New York, Chicago and St. Louis to make direct loans on five year farm mortgages up to 25 per cent of their capital and surplus or up to one-third of their time deposits. Jfl jpL To keep that universally rec- iftilSl l! JSK1IW ognized individuality which BV I 1 ! vxfsis - t -a-- - - - - j - rio H.I i jr ,ino STORM HALTS BIG SHIP STEAMER MOXTEAGLE FORCED TO STOP ISf MID-PACIFIC. Glaat Wavea Break Over Canadian Liner and Barometer Drops to 2S.2, Says Report by AVlrelesa. VANCOUVER, B. C, Dec. 22. With huge seas sweeping over her and threatening to do great damage to her deck fittings and cabins, the big Ca nadian Pacific steamship Monteagle, Captain Bailey, had to be hove to In mid-Pacific on her present outward voyage from Vancouver to Hongkong, according to word brought by officers of the Empress of Asia, which berthed yesterday. The Empress was reeling off 18H knots an hour when a wireless was received from the Monteagle, stating that she was hove to In latitude 53 north and longitude ISO west, with a howling easterly gale raging and a terrific sea sweeping over her. The Monteagle ran into dirty weath er as soon as she passed outside Cape Flattery. Southeast gales battered the ship and the disagreeable conditions reached their height when the liner was In mid-Pacific The Monteagle's officers reported that the barometer was down to 28.2. which is the lowest glass to be recorded on the Pacific in many years. The ship was hove to for about 24 hours, when the storm subsided and the steamer proceeded at slow speed. The Monteagle Is one of the best sea boats of the Canadian Pa cific fleet. MAN IS STABBED AT DANCE Farmer's Son Says Ho Used Pocket Knife in Sclf-Defensc. MOSCOW. Idaho. Dec. 22. (Special.) At a late hour Saturday night, at a dance at Onaway, a small village near Potlatch, a young man known as "Coyote" Smith, of Elk River, was stabbed several times by Waiter West, son of a prominent farmer, residing near Potlatch. Smith and a party of friends on entering the dance hall began to make themselves obnoxious. An argument ensued in which Smith was cut in the arm and hip by a pocket knife in the hands of Walter West West says he opened his knife In self-defense. Sympathy of the com munity is with West. West was placed under arrest and brought to Moscow last night. Today County Attorney Nesblt and Deputy Sheriff Sterling took the prisoner to Potlatch, where a pre liminary hearing was held. NEW BAKER JUDGE NAMED R. D. Carter, Democrat, Appointed to Succeed Late Peter Basclic. BAKER. Or., Dee. 22. (Special.) R. D. Carter, Democrat, vu appointed County Judge of Baker County today by Governor West to succeed the late Peter Basche, who died a week ago. Judge Carter took the oath of office and entered upon his new duties at once. Judge Carter received the appoint ment from Governor "West, virtually unsolicited. He was asked by friends to make a formal application for the position and this he did. . Judge Carter was elected Mayor of Baker in 1900 and served two terms, four years, after having served five years as a member of tho City Council. He has been president of the Library Board since It was organized. Mr. Carter always has been a mem ber of the Democratic party and in for mer years, uuuer mo uiu witvcxuiw system, was chairman of the Baker I Democratic Central Committee. To keep that universally rec ognized individuality which has made W. H. McBrayer's Cedar Brook the world s most famous aged bottled-in-bond whiskey during three gen- erations. millions have been invested. So many people who know its quality require this, that onlv bv carrvinsr each year's enormous supply for 7 to ; 8 rears riDeninp- before it is bottled-m-bond or marketed could that , rich, smooth, mellowness, which our grandfathers demanded be attained in W. H. McBrayer's Cedar Brook Bottled-in-Bond 7 to 8 Years Old. Unlike other advertised 4 to 5 year old whiskies made in Kentucky, Maryland, Pennsylvania or elsewhere, which are bottled-in-bond at about 4 years the-limit required by U. S. Gov't Law Cedar Brook is always the same, always satisfactory to the most refined taste, and consequently has a larger sale than all those others combined. , Found always in Leading Bars, Hotels, Restaurants and Clabs. Try it. W. H. Mf BR AVER'S jjlj s?" I IWfW -1 HV WWW UP The Worlds Finest Whiskey -.5irce 1847- T YEARS OLD it,.- -n" G I ILL! . I..UIHIS I I - - I ' j I II mars ROTHCHILD BROS., DISTRIBUTORS BIG BANK 10 J National Shawmut Prepares to Enter Currency System. OTHERS FILE APPLICATIONS LAND OPEN; NO ONE FILES Tracts- Offered In Whitman and Asolln Counties "ot Desirable. WALLA WALLA. Wash., Dec. 22. (Special.) Although tracts of land ag gregating about 200 acres In Whitman and Asotin counties were thrown open to entry today, no person appeared to make a filing. The entry is to be under the enlarged homestead act, which permits entries of 320 acres In certain designated localities where the settler has taken up 160 acres of land or less, if the desired land adjoins that filed on. and in case the settler has no tproved up, or when the person has no previous entry, tracts up to 320 acres may be filed on. It is said the land is not desirable and the Land Office officials do not expect many entries. A few persons have Inquired of the office to learn particulars of the order and the where abouts of the land. There are no large pieces of land in the area embraced. Demonstration Given at Genesee. GEXESEE, Idaho. Dec. 22. (Special.) The Moscow University special dem onstration train pulled into Genesee yesterday. A large crowd was waiting to go through the train. Professor Id dlngs talked on beef cattle and showed some fine types which are owned by the University. Professor Blneharl talked on dairy stock and showed some fine dairy cows, also belonging to the University. A number of other profes sors made short talks along the lines of agriculture, hog raising, silo feed ing, etc About S00 people heard the addressee. The Ancient Order of Good-Fellows at the Globe Theater Wednesday. Adv, j Signing of Bill by President Expect ed to Be Signal for Bulk of 3fa- tlonnl Honses to Act St. Johns, Or., Applies. WASHINGTON. Dec 22. What Treasury officials regarded as an in dication of how financial circles will receive the new Federal currency sys tem came today- from ,Boston in a message to Secretary McAdoo, from the National Shawmut Bank, one of the largest institutions in New Engr land. The message declared that the executive committee of the bank had voted unanimously to advise its direc tors to accept the new law and to enter thft svstem. Receipt at the Treasury of scores of informal applications from an parts of the country has led Mr. McAdoo to believe that there can be no question now that a large part of the National banks intend to come into the system. There are about 7500 National banks In tho United States, and not more than a few hundred have wired their intention to apply for membership in the Federal system,- but a rush of applications is expected as soon as the bill is signed by president vviison. Many of the banks, realising that thev cannot get in the first applica tion, and not caring particularly about the relative position they may obtain. are understood to be awaiting the signing of the bill. Applications today came irom me following cities: Salt Lake. Pasa dena. Cal.; Col ton, Cal.; Waterloo. Ia.; Boston. Omaha, Westfield. N. J.: Chat tanooga, Madison, Wis.; Lynchburg, Va.: Ottumwa, la.; Wilmington, Del.; Blooming-ton and Springfield, 111.; Marion, Ind.: Columbia and Sedalla, Mo.; St. Johns, Or.; Grand -Rapids, Mich.; Topeka and Parsons. Kan. BAN 0 N SPUDS HOLDS CAXADIAX ,ASD EIROPEAX PROD UCT STILL QUARANTINED. Order to Be Raised on Potatoes Which Are Shewn to Be Free From " Wart or Powdery Scab. WASHINGTON, Dec. 22. Secretary Houston isued an order today continu es the quarantine put temporarily into effect September 20, last, forbld bldding potato importations frcm the British Isles, v Canada and all con tinental Europe. This action was modified, however, by a second order under which the quarantine may be raised under proper regulations and inspection from for eign countries or districts which can show that they are free from potato wart and powdery scab, the two dis eases which the Department of Agri culture alms to keep out of the coun try. The first becomes effective De cember 24, but will admit until Janu ary 15 potatoes covered by consular Invoices issued on or before Wednes day' next. The second becomes effec tlv January IE, next Representatives of various coun tries affected appeared at hearings re cently held at the department and pro tested against the quarantine. In the cases of certain provinces in Canada and certain countries and dis tricts of Europe, the officials believe the absolute prohibition can be lifted in time to allow the movement of the present year's crop, under regulation and Inspection, which under the sec retary's order is similar to that for nursery stock. In a statement accompanying the or ders, the department announced that "the present potato excitement is ap parently duo to a misunderstanding of the yield of this year." The department experts estimate the crop at 331,525,000 bushels, which, the statement says, "is considerably above the 10-year average, and exceeds the annual food and planting consumption of potatoes in the United States." The present supply In farmers' hands is large. . Grants Pass to See Football Game. GRANTS PASS. Or., Dec. 22. (Spe cial.) A record football game has been fixed for New Tear's day, according to arrangements that are being concluded bv the Commercial Club. The opposing teams will be composed of ex-high school graduates of Grants Pass and a select team of Medford's alumni. If the trustees of the club decide that the sport should be held under the auspices of the club. It will assure a large attendance. Another game be tween the same teams will take place in Medford on Christmas day according to the present plans. Oregon City Bakery Burns. OREGON CITY, Or.,' Dec 22. (Spec clal.) Fire destroyed the Home Ba kery, at Seventh and John Adams stheels, at 1 o'clock this morning. It was the second blaze in the city with in 24 hours. The loss on the building is estimated at J3000 and on the stock and fixtures at $5000. William Mc Roberts owned the stofck. The build- ina- was owned by Caleb Bros. It was partly insured. Grants Pass May Get Xew House. GRANTS PASS, Or., Dec. 22. (Spe ciaL) It is quite likely that another corporation dealing in fruit and pro duce will open a house here for busi ness after the first of the year, accord ing to the' statements made by J. H. 1 'I take pleasure in recom mending Chamberlain's Cough Remedy to my customers be cause I have confidence in it.; I find that they are pleased with it and call for it when again in need of such a medi cine," writes J. W. Sexson, of Montevallo, Mo. Randolph, who has been here looking over the field for the purpose of negoti ating for a suitable building. Mr. Randolph represents the Fruit Pro ducers Company of Medford. If a vacant building cannot be found the company will erect ona for its busi ness. It is the Intention of the com pany to handle all kinds of orchard machinery and supplies and deal In fruit and farm produce. . Educational facilities In th Philippines aro becoming so lilghly recognized in the Orient that the bishop of North Borneo has obtained permission to send children to Fil ipino schools. . I ToSpol ane.i$14 To Walla Walla and return . . .$. 9.75 To Lewiston and return ...... 14.20 To Pasco and return 9.30 To Bend and return 9.90 To Eodmond and return ' 9.20 Ticket sale Dec. 18 to 24. Return limit Jan. 5. Corresponding reduced fares to other points in . Washington, Idaho, Central Oregon and British Columbia via North Bank Limited Trains the line of superior travel, comfort and service. . North Bank Limited at 9:55 A. M. Inland Empire Express at 7:00 P. M. 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