Show t Jm 1 1 TIme The he provident of the Now Nov York Clearing PlaN hag hll publicly stated that nt mit lt the tho origin of or tho the recent mon men money mone ey Cl e panic In iii loan Ilan bail 1111 been heen h Cn I theta then thelo The Tho amount during the of 1693 which heli held the llO previous record r was ISO I The rho money mOlloy In II th the 1111 thorn Ihor jf In III November wa Wll SO 30 o par 1101 coOt cent Cont of ot the practically lift tho til same us 11 at J t the tho crisis of l 10 Those loan latin 1011 undoubtedly i saved loved the tho banks under u mi I ov ru strain lt I which would have havo mushy ot or ori i thorn but for Cur the tho help hell of at theme credit papers j Those ThelO certIficates meant simply that 1 the banks bunUs lent 1011 their to I the to weaker ones onea The Thu latter Iller did not l I I demand tho the monay mOllo no ao placed U 1 to their th h credit but bUI accepted these theme six aix per l r cent cant due duo bills Instead This Thin 01 served to fiuty by b reason of the he I credit of ot the largo ones hut But If nIl all ni the tho hanks banks were wore to tako take out such luch and were vere to use tio them In payment of or balances to 10 ono one another the Iho of ot the device would have been ben defeated The result would woul lm imn ply Illy be that no nn batik bank would pay PI for fur Its Ita 1 dally daily Indebtedness to other clear clour r big Ing 11 Institutions In ono one month of ot 1831 1893 no loss 1085 than 95 9 per Ier cent c nt of thoM theio mutual balances was paid pall In loan bun lO n certificates and Ind something like thin this must moat have happened last November It I therefore unwise and anti unsafe 1 I to 10 rely permanently upon such XI clover clever and serviceable as tta they the have often been b n Hankers Bankers should grapple with wih this problem In a it I larger er erU way U The belief belef that l nt tho the morn mom lern re rc resources sources of the banks themselves would be he to guarantee confidence and to prevent the disastrous eret s a 1 of an nn unnecessary panic has his boon wen dis disproved dl disproved proved Suspension of ot payments oc oe occurred occUrred on a it largo barge scale In 1907 arid ami were at nt least kant as an ni serious among among the banks ns in tho the panic panl of t r 1173 arid Ind Tins fh money system arid and tho the banking system BIm of this country deserves all 11 the tire attention It Is now receiving with lh this tho view of oC finding a n remedy for their dem dour demonstrated weakness wE knels |