OCR Text |
Show 10NEY IN ABUIIDAICE FDR CRM SIGHT lans Now Being Mapped Dut to Place It in Actual Circulation OMMITTEE AT WORK eps Toward Providing dequate Warehouse Fa-; Fa-; cilities Considered WASHINGTON Aug 26 Assured that the currency necessary to finance the i intxy's cotton and other staple crops . 1 be furnished by national banks on ! rehouse certificates a committee of hteen representative p anters manu ' ;turers dea ers and bankers and gov , iment offlda s ton grht began working : plans for actually bringing this money . o circulation Steps toward providing safe and ade : ite warehouse facilities throughout the : kluclng centers already are under way 3 leaders in the movement are confident it in the course of a tew weeks the ' ergency created oy the European war 1 have been me ? e comrn ttoe was appointed after a ifere ce at the treasury department to f and to co operate with it Secretary Adoo des gnated WPG Harding of i federal reserve board C J Brand ef of the office of markets and T N rver of the offloe of markets and rural ;anlzat one n an address to the conference Secre y McAdoo emphat cally condemned val zatton schemes and suggestions that te banks Issue currency He dwe t on the dangers of an inflated currency d declared that the integrity and the anclal structure of the United States pended upon the nat ona! banks lution Is Suggested. It is not neces a y to have everybody u ng cu enc sa d the secreta y he nat ona ban ng system of this intry p operl nspected and under vernmenta superv slon should be t e tro ng agency for the Issue of th s rrency In order that we may know that sry dol ar that Is In c r ulatlon has Bn supenised by the government and (fit t w pass current wherever it ap irs If jou turn monev over to the nation banks it v find ts way to the state nks nevitab y T s is what s 1 appenlng in the lasury department every day State nks are a tua y depos ting their se It es with the nat ona banks and the t ona banks a e getting the issue alnst t ose secur t es and turning it er to the state banks It is perfectly nple to get t A vou have to do Is have p ope se ur t Ir McAdoo nga n po nted out the t-ess ty of banks des ing to obtain erency cur ency jo n ng the national -Jrency a oc at ons il stated here yesterday e added tfhat It was mv purpose to accept f om a banl of those cu rency assoclat ons jes and obligat ons secu ed by cotton Jrehouse receipts prope ly cert floated Issued by responsible warehouse men vare euse companies I do not say those warelouses have got to be : of brick stone s eel or anything or that they must be bonded tection Is Asked J"AU I ask s that tl ose warel ouses .All be of such a character as to protect j cotton Use f from deterlo -at on or Itructlon with adequate Insurance rklnst fire and backed by responslb e encles so that when their warehouse eipts are iss ed e know that they present something actua ly in storage -ere something that can be had on eqentatlon of re e pts What does that mean? It means that Jt nat onal banl s of this country can rrow to tl e extent of 70 per cent of sir unimpaired cap ta and surplus on tes secured by warehouse rece pts for b e products (not cotton alone) that I tjnk it is safe to lend on Secretary McAdoo also sa d ton grht that problem of moving g a n exports was jfild y clearing up W ithln the past ek he e plained near v 11 000 000 she s of grain had been taken from the If ports by steamers for Europe The 'atest conge t on st 1 Is at Ga veston iere there are about 7 60 000 bushe s lit ng and at New Orleans where the e s 6 100 000 bushels |