Show CLEARING HOUSE LOAN CERTIFICATES Amount Issued During Financial Stringency Was But in Use UseIN UseIN UseIN IN 1893 ISSUE alien 11 IL Vas About 10 i IVr Cent eit of tho but In 1007 Amount i Only 5 Jor Tout S t r i 4 hl York Jan inn IS The loan Joan carU certificates i tell Issued by l tho tio Now ew York Vork clear clearIng i Ing ng during the tM X stringency reached a 1 tUtU total oC of f according lo 10 a Il statement prepared 1 U by President 1 Gilbert of tho th Br i Clearing House association Of OC this tit III 1 1 amount however only 7 In was put into liUo actual 1150 i i Tho to U retire theRo corti II CaleB utter after the tw r crisis I ot oC o tho th financial situation was Wt Yf i passed and atul huH haH rapidly g lJ IJ y fut fill tho hit greater grater proportion pro i i of ut the tho havo now itow been toured retired This Is It tho lir t public that hUll ban been mado ot or tho extent to whom j the house houta hou o to r L to prevent tho tim banks being drained of oC o otheir their cash and to prevent tile the bank em cw embarrassments cwi Fi i urrall which might nIght have luwe ed d tho the continued requirement ot of o g payments nt LU tho th clearing how 0 when the th recent panic was at its height In lf 3 when shen the clearing house I loan the tilo amount i taken out was or 01 more titan than under tinder or tho amount of ot the tho of ot 1007 1107 Mr trio We W point however that so large has hns been the thc Increase In bunk bank deposits that whereas ls In ISaI 1893 tho the loan amounted lo tt about 10 per pel cent of or the tho thuI deposits the tIt certificates In lii 1907 1901 I V amounted to tells less than r 6 per lIeI cent of IC f tho the thoi V i total Tim Thu gro rett t gout galu in cash cosh made by tho the banks tho the owl cUll ot of lx IN INV V shown by ity thO fact that within tho the se V UH en II from Nov No 23 to Jan Jati 18 IS tho tIto V cleaving banks Were able uble to con convert vert vort crt a of or moro than 45 V V Into u LL c over and Id V 1 at tho ho same saino tIme the certificates C II V Tho T he Issuance il o of these thesa certificate V Mr dr Ir says furnishes tho the bust it t object lesson leMson of ot an nn cur currency V 1 V lenc rency no that Is III perfectly secure j V and pU which can be put Into Inlo effect V VV f V V without t nn complicated bank mach machi machinery V V On Or this hits point Mr Gilbert says saps V 0 S All I that th t la lb Iane needed tf tf to adapt such sucha V V a system to our requirements Is 1 de development zV I l until mid J I feet feel confident that It V V V the tha subject be referred to the thel V V clearing el l house committee of tho the thre V central reserve cities an emergency j currency plan plait could V bE evolved that would bo b In harmony with our OUI nation national V C V V al at banking system and lind bo be sub subject subject V to and opposition than V V any other system sy tem which has yet ct beon been fet V Wet proposed |