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Show EINCIAL SITUATION DEGLAREOEXCELLEWT WASHINGTON Aug 4 Af er two das of conferences wn h banke s from man sec ons and carefu n es gat on of ond tons h oughou he oun y Sec etary McAdoo in a formal sta ement on ght de a ed the s tuat on o be ex ce ent and announced that the e woud be suffic en currency to mo e the crops and meet a the demands of business The secretary s statement sa d The pasfaa0e by unanimous vote of the house and senate th s afternoon of the amendment to the federal re serve act whereby the secretar of the treasurv s ested w th power to issue addit ona national bank cur rency in such amount exceed ng e en $500 000 000 as in h s judgment i may be necessary to protect the busi i ness si tuat on In this country puts at 1 rest anj quest on as to the ab ity I of the baJiks to take care of the situation The b 11 as amended autho zes the secretary In his dlscret on to permit na onal banks to ha e out&tanding a maximum of clrculat on no es equivalent to 125 per cent of their un mpa red capital and surp us This provision w 1 enable banks which have now outstanding circulation equal to their capita stock to secure a a ge amoun of add tlonal clrcu a t on Appl cations ha e been re celved from a number of nat onal cur rency associations throughout the country for additional currencj and these app ications are be ng promptly responded to A ready $100 000 000 of currency has been shipped to the subtreasury off ces in New York, Chi cago St. Louis Cine nnat San ' Franc sco Bo ton and Ph. adelphla ln order that the needs of the banks ma be promptly supp ed In many cases banks have app ed for addi tiona currency mere y as a precau t onary measure The s tuation throughout the coon try is excellent and no greater test! monial to the inherent strength of our financial and econom c pos t on and condit on -cou d be gi en than the way n wh ch the coun ry has w thstood the shock of the greatest European d sturbance n the last 100 years The unanimous vote In the house and senate Is an n p r ng e dence of the patriot sm of the representat es of the Amer can peop e, who when ever there s a threatened danger for get pa ty 1 nes and present a solid front n support of the common n ! terest j The treasury department cont nued to (day to sh p out additional currency to assocations throughout the countrj but : the mo e as the secretary sa d was i ooked upon as pure v precaut onar 1 The fact that Pre ident Wlson today 1 rlom nated F De ano for he federal reser e board was taken as an ndica t on that t e adm n st at on s hopeful hat the federa reser e bank ng s stem can be pu in operation wlthn a com parat e y short time The rese ve board under the currency aw has power to fix the d Bcount rate a fac or wh ch in European countr es leads to the control of the e -por at on or mpo tat on of go d It s e pec ed here that w en the board assumes off ce it w II be abje to go a ong w ay toward keep ng American go d at home. Pres dent W son ton ?ht s gned the amendment to the Aldrich ree and aw esting the secretary of the treasurv w th d sc et ona y power as to the amoun of cu rency o be "s ed under tha act Late today the secre ary sent o he hou e a reques fo an erne en ap p op a on o $30 465 fo he p nt ng of 8000 sheets of nationa bank and Un ted Sta es no es |