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Show THE WEEKLY REFLEX. KAYSVILLE. UTAH 8Sr CHANGES III JiewjyioneUwDisp!accsJ22r to consist of tha secretary of the treasury, the controller of tha currency and five oLher members. Two of these shell be expert bankers, but none ehall have banking affiliations or own bank',stock during their service. This board wlU exercise general control overtbeenth-feaysfe- 6 Five-twelfth- s two-twelft- one-twelft- SCOPE IN FAR-REACHI- h - Mott Important Law Relating to Finance Paaaad In ManyYesre Es eontial Features of tha -- Me-ti- Explained In Nontechnical Language. r x bill Th new 23 Washington, I affecting the currency, bankingof and the finances of the country la one to meanurea relating moat finance that hate been enacted In Biany years. The magnitude. of the subject, the diversity of interest affected and the length of the debates In both branches f congress has to follow the changes and grasp the essentials ofthhi highly technical measure In Its Important bearings on money, finance, banking and the entire range of fiscal subjects, public and private, which it affects. P II Bu m m s ry, ctih With a view, therefore, of presenting succinctly and In fealanguage an epitome of thu salient as framed, finally ture of the measure tha following summary is given of the I bill as a whole and of Its principal de- tails : Generally speaking, the first steps to be taken to bring Into operation the unties' sew financial system will be through an organisation committee consisting of the secretary of the treasury, secretary of agriculture and currency. controller of . Hanks have (10 days within which to file their applications for membership ta the new system, and one year's time la allowed before the government ill compel the dissolution of any national tank that refuses to Join, Will Take Up th Slack." Tie new law will make little direct "haage In the operation of Uie preeat, national banks, 'except to allow, theta to loan a certain amount of their funds upon farjri mortgages, chief purpose Is to add a new machinery to the banking gleoe yaMtu) that will take up the slack" during the changing business roudl-- i tleus of each year; that will give the tuuaks a place to quickly convert their sacks into CHHh in time of need, and that will bring out new federal currency when It la needed, and retire It iahen money becomes "cheap." Tl ltanks are now required to keep a certain percentage of their deposits as reserves." part in cash In their own trault end part of which may be in the bunks of New York, Chisago, St. Louis and other designated cities. 1 f sodden financial times when banks have loaned up to the full limit of their resources, these reserves furnish little relief, because II they ere paid out to meet demands the banka are left In a precarious j-1l- eon-drite- ' , JSaalc Principle of Law. The basic principle of the new law la to get there reserve funds out into circulation when necessary without . tesaenlug the safety of any bank, and a place to which local ta rush In a crista and get t banks may essh for the "prime commercial they bold In their vaults, Tils is to be accomplished through m chain of regional reserve banks, or reservoir of reserves," in which all backs hall deposit a stated part of the money they are required to hold mo reserves. , - " Under" the new system, when a flaanciai flurry comes the banks can take commercial paper, such as notes, d rafts and blits of exchange, to these reaerroira," and secure the uee of their awn reserve, or, 1! necessary. pa-pe- ( mrm the reserve-o- f other- - banka, by depositing this security. The new regional banka will ref of the bank receive shout serves of the country. They In turn will be permitted to loan back to the banks all but 35 per cent, of these ruworvas, so that In case of emergency lions of cash can be brought out touto circulation quickly. The banks will have to pay for theae loan. however, as individuals have to pay Cor a loan from any local bank, and this charge is expected to prevent the too free use of the raaervea held by the regional banks. Maw Paper Currency. A wew form of paper currency Is also provided for, to come out In case of emergency, and which is expected to go back Into the hande of the government when times are normal. Theae treasury notes" will be printed by the government and Issued through each regional reserve DiUiir.andwlir hear the guarantee both of the regional hank aud of the government. If the demand for currency in any aeciion of the country exceeds the ' upply of circulating money a regional hank can secure this new money from the government and put it Into cbneulatton ; 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 behiud each note one-hal- tu-i- ! fawned. ' This provision Is expected to be the Influence that will drive the new sober back Into retirement wheu it , Is no longer needed. Clearly Explained. The following analysis presents the details f the. new law without adhering closely to the technical division er laatgusge of the measure: the head of the system will stand it OF, THE CURRENCY i BILL Issue of currency, guaranteed by the government, based upon notee and bills representing commercial transaction and backed by a gold reserve. The new currency ! expected to contract and expand to moot the of trade. Concentration of the bank reserves of the country In regional institutions capitalized by the banks of the country and controlled by directors elected by the nds d and-fnobill- one-fifteent- h Seven-eighteenth- s e , one-hal- - non-taxabl- d one-ha- lf . s over-exparslo- n m io -, dvlsry-couircil.'tnd- e one-thir-d , Oie-thlr- pur-pti- a . v EURQp Firet Essential Is Elimmltbi . J the.-abov- e -- - dairy-in- 7 g ee-- f Holstein-Freisi&n- , . . -- Keep Calvoa Coming." the calves "coming, whether they suck the cows or hand fed. Skim milk calves will grow strong and thrifty If they are given a chance. The milk should be clean and enough of it be used for they need something-t- o take the place of the cream that has been taken away. Corn and oats crushed together or Just plain com coarsely ground and fatf irjkkes a good substtfute. Keep de re-sv- IH Star . rasrv-,uotPSi'parto- DAIRYING. Boarders,1! Br A J LEOG.) There Is n diversity of opinion as to the advisability of plowio to th v, i fNo Country Hat Natural iler time. Aovantl It Is generally conceded, however,1 f Production of Dairy Product that sod lands should be plowed in the Enjoyed by United States-- EL freezing and winter season. Th ficientCows Rdqmrcd betthgwlng of the soil puts it in much ter cofldltlon than It cam he put by th It is the history of the 9orid plow and harrow after tha spring has it is not the largest nations, tr.at h opened. done the really great things many also destroys Winter plowing world it has remai.tq for Insects that would damage crops ff dairy countries little of Denmark, Hour! to live. they were allowed to Scotland and achieve the most There will be much more moisture nomlcal production of Ugh6, I kid up la the soil and saved for the The production1?, Ose of the growing crop the next year dairy products. In what every AmerJ? milk clean windofa If the plowing ia during the must come to ter season than there would be if it dairyman can hope to attain for our dairy were left antll sprlng. ucts the high standard of cxceli" The capillary connection with the so in the dairy prodJj! subsoil will have time to be renewed of conspicuous countries. Is done If the plowing early.In general, Europeoan dairyffiei. This Is an important item that is not learned most thoroughly th"at t have Often considered. make money in dairying the first I have made a practice for several la to eliminate sential of all my years of getting as nearly boarder that puHs down the profit? sod laud as I can turned before It and to have & good herd, a herd ? quits freezing. which every Individual cow is an nomlcal producer of a high' order GOOD NOTES OF DAIRY FARM The Amertpan dairyman should wake up td the full realization of hit Excellent Plan to Have Two Seta of natural advantages in the cheap feed Milk Utensils, Always Keeping and good markets, and go at dalryiw Calls Sweet and Clean. in earnest, realizing that it require brains, study and common sense Powdered borax used occasionally In place of soap will keep the milk cans sweet and clean. It is a good plan to have two sets of milk utensils. Rinse with clear hot water In which they is a handful of salt. Use no soap, and let the utensils used for the nights milk have the sun and air during the day, and those used for the morning's milk leave the air at night Every dairy barn should be built on high ground so that the water will Cow Stahls in Scotland Double Stalls run away from it Instead of toward it Are Divided by Glazed Tile partand the yard should be thoroughly itions TH Floor Is Paved Win drained with tiling. Brick and la Scrubbed Daily. Every calf intended for the dairy shonld have its horns eliminated by succeed.- - He should fit up convenient, the use of caustic when a week old. Not one cow in 5 (that Is confined to substantial and permanent buildup the dairy barn gets as jmuch water as and not shift from one phaset of agri, culture to another,, but stay-asheteedsr-for a lifetime. In no country doe We cannot expect the separator to give place to dairying as ft everything work smoothly and easily unless all of the bearings are all cleaned fre- does in Denmark and Holland There Is no dairy country, though quently and oiled every day. The uneven running of separators Is the land may be worth $1,000 an acre, that has the natural advantages the cause of Imperfect separation. for the production of dairy products enjoyed by the United States. None ot BARN HARNESS HOOK FOR THE the intensive dairy countries of Europe can produce and preserve ta Blacksmith Can Utilize CM Wagon good condition for winter feeding ol ' Tire by Cutting and Bending .It dairy cows the amount of digestibla Into S Shape ae Shown. , nutrients per acre that can be f cured in our own country with com Anold wagon tire can be utilized. silage and alfalfa hayL Have the blacksmith cut and bend it One of the first things that attracts in an S shape (see A)., To make the the attention of the traveler in' Hosupport (B) for the hooks, get a 2x4 lland is tha large number of fine black and white cattle. Everywhere, as far as the eye can reach, the landscaps was dotted with fine cows. A mors beautiful dairy scene could scarcely bs imagined. History tells us that fix 2,000 years Holland has been famed for s are tbs its cattle. cows of that section, and during th past 40 years they have spYe&d so rapidly to America that at present this breed is found In almost every stats in the Union. Successful dairying flenends largely upon efficient cow4, keeping them comfortably at all times by properly Hjndy Harness Hook. supplying their .wants, and treating Jong enough to JubI go "between the them kindly. Iu this particular the Dutch cannot be excelled. Holland U posts of the barn. Nail block (C) one at each end to the barn, then nail often called the cows paradise, aud beam B to the block., it well 'deserves the name. The history of the rise ot dairying' in Denmark ia one of the most inter Keep Constant Watch. Keep a sharp lookout ' for vermin. esting and instructive chapters in agri No stock can do! their - best where culture.- - To' show The marvelous" re these pests appear. Spraying In the cent development in Danish dairying winter is not always convenient, It Is only necessary, to state that th thodgh a dash of kerosene' about' the receipts from cows at the present tlma' stalls will help materially in keeping are more than 17 times what they the pee is down.- - If applied with a fine sprayer it soon evaporates, yet not until Its mission is filled. Insect powder Tubbed Into the hair does not inconvenience the stock and If fresh it Is sure death to mites. But unless It Is strong enough to make you Sneeze" make up your mind you have been humbugged. - re-se-- -- PLomais favored Pressing end Thawing of Soil Put It M Bettor Condition Than Can Ba Done by Bpring' Work per cent.;of time deposits. must be held In the banks own vaults for two years and four -if; ha after that.- For the first year commust be kept in the reThe temporary "organization mittee," ct the federal reserve board, gional bank. Increasing will select from eight ttf twelve cities each six months thereafter until It where regional reserve banks shall be reaches of the total relocated and will divide the .entir serve. For three years the unallotted part of the reserve may be kept in country geographically with these .cities as thij ceniers of districts- AH the- banks of reserve cities' 'After banka. national banks in a district will be that rime it must be kept either In Creation 'of a market for tho nerequired to subscribe for the stock of theoustry banks and vaults or In the commercial paper which gotiable Vie regional reserve bank in that dls regional reserve bank. bulk of tho asaeta of tho forms th Reserve city banks Total reserve trlct and to keep a portion of their In tims of stroos, hanks, where, reserves there. required, IS per cent of demand and 9 thoso asset may bo easily and 6 per cenL of time deposits. Known as Member Banks. without loos transformed Into caeh. must be kept In the bank's Local banks will be known as "memEstablishment of. from eight to ber banks" because they will own the raults for the first twojrears-Sgntwelve banks regional groat f tlmeiThree-flthat after stock of the regional reserve btfhk will tho which throughout country, of their district. Each member bank teenths must be kept In tne regional Issue currency, rediscount paper Inreserve first for bank the year, will be required to take capital stock and centralize tho resix every of the regional reserve bank, equal to creasing serve of tho local banka. months theteafter until reaches it 6 per cent, of the member banks capiCreation of a federal reeerve For three year the .untal and surplus. The capital of the reboard of seven members appointed or be reserve allotted tha may portion gional Vnk will Increase or decrease y the president, with final powers kept In other banks, In its own so that It always represents 6 per df control and supervision over the or In after the regional bank; vaults, cent, of the combined capital and surentire ayetem. two plus of all the hanks of the district that time In one of the latter places. that have Joined the syptem. Central reserve city banks (New days; provided, that notes, drafts and National banks are compelled to Total bills drawn or Issued for agricultural Join and state banks are permitted to York, Chicago and 8t. Louts) If they bring their reserveyeaulrh. Fhaied onTive stock and reserverequlmlXpetcenLJfdeiJ.1rarposer mand and 6 per cent, of time depos having a maturity not exceeding six men! slip to rite standard' set for nain the regional months may he discounted fn an tional banks and submit to national Its. reserve hanks and the remaining amount to be limited to a percentage examinations in either place the barh of the capital of the federal (regional) Public Can Buy Stock. reserve bank, to be ascertained and Public ownership of the stock of the may choose, Uflxed by the federal reserve board. regional reserve banks is permitted Regional Reserve Banka.-ThesImmense funds of nerves only in case enough banks 4o not Join Th Elastic Element In any district to provide a capital from member banks," together with ' The new treasury notes, which are stock of 14 000,000. In such event the government moneys, will make up the to furnish the elastic element in the public may purchase the stock In deposits of the regional reserve banks currency system, and to add to the quantities limited to $26,000 for esch Each of these banks will be adminis- country's circulating money In time of Individual, but the voting of this stock tered by a board of nine directors, six need, will come into use In the followwlll-b- e of whom will be elected by the banks, placed In the hands of governway: ment representatives on the board of and three appointed by the federal re- ingThe notes will be printed by the govdirector of the regional reserve bank. serve board. with a distinctive style for ernment, The regional reserve banks may do The regional reserve banks may each regional reserve bank. One of business only with their member that Is, buy at a discount the three directors named by the fedhsnks, not with th public, except that from It. member banks prime com- eral reserve board for each regional certain '"open market operations" such mercial paper when the member bank will be known as the federal re as the purchase and sale of gold, gov- banks desire to convert these assets serve for that bank, and a supagent ernment, or municipal bonds, and cer- Into money, ply of the notes will be placed In his tain forms of bills of exchange, are Character of Paper. custody. v The exact terms of this Important permitted. These batiks .will make Should a bank deBire to their earnings from the loans made to provision as to the character of paper pay out moreregional than its cash remoney member banks, and from the purchase Wtpon which the regional reserve banks sources will permit, the law provldea and sale of bonds and foreign bills bt .may furnish cash are as follows: that ft may put some of its rediscountexchanged "Upon the Indorsement Qf any of Its ed, commercial paper Into the hands Must Put Up Cash. member banks, with a waiver of de- of the '.federal reserve agent, and reMember banks will be compelled to mand notice and protest by such ceived in return the new treasury f of their banks, and federal (regional) reserve notes. put up In cash only subscription to the capital of thfe new bank may discount nbtes drafts, .and For each note that It puts out Into bunks, the rest can be called for If bills of exchange arising out of act- circulation, the regional reserve bank ual commercial transactions; that is, must set aside In needed by- the regional bank. Divigold 40 per cent, of dends of 6 per cent, will be paid on notes, drafts, and bills of exchange Is- the value of the note as a guarantee this stock to the member banks, and sued or drawn for agricultural. Indus- for Its redemption. This gold, with trial or commercial purposes, or the the commercial the stock will be paper held by the After these dividends-are-paiproceeds of which have been used, or ."federal reserve agent," Is the proof the surplus net earnings goes are to be used, for such purposes, the tection behind the new money; hut to create a regional surplus fund, and federal, reserve board to have the these notes will also be guaranteed by when tills lias reached 40 per cent, of right to determine or define the char the government and may be redeemthe regional banks paid In capital acter of the paper thus eltgmle for ed In gold U tka United States treasthese earnings are to go Into tha discount, within the meaning of this ury - Vnited States treasury. The balances act. Reserve Required. of the net eartilngs are to be paid to Eligible for Discount. Each the United States as a franchise tax. Nothing In this act contained shall must keep a reserve or 35 per . With the machinery thus created be construed to. prohibit such notes, tho deposits It has received, besides for a new banking system that-Iand bills drafts of supexchange, secured th 40 per cent, gold reserve behind plementary to the commercial , banka by staple agricultural products, or oth- tbe treasury notes it issues. If tbs of the country, the law provides for a er goods, wares, or merchandise, from gold reserve behind tho notes falls begradual transfer of part of the bank being eligible for such discount; but low 40 per cenL a heavy tax Is imreserves to these new "reservoir" inch definition shall not Include notes, posed on the bank, which in turn adds hanks. drafts, or bills covering merely Invest- the tax to the rate It charges member In order not to disturb business conments or Issued or drawn for the banks for rediscounts. Thl.waa do. ditions, or to withdraw too suddenly purpose of carrying, or -t- rading - In signed to stop an of th heavy deposits of country banka In stocks, bonds Or other lnvestm'entse-curitles- , In time of sudden stress currency. the large cities, the law provides that except bonds and notes of the the federal reserve board can suspend three years may be consumed In shift- government of the United States. these reserve provisions, in order to ing these balances and that. If neces-ry- , "Notes, drafts and bills admitted to furnish quick relief to any commudiscount under the terms of the parapart of the reservea transferred to the regional banks may consist of graph must have a maturity at the nity. One regional bank cannot again paycommercial paper. time of discount of not more than 90 out the notes of another, except under a heavy tax. These notes are expected to return to the regional banks and be withdrawn from circulation ' w hen HOW,. DISPUTED POINTS WERE ADJUSTED the need of their use passes. Take Up Bond None of the existing, forms of cut The following changes affecting points at difference between the rency except the national bank notes senate, and house-wemade' In- - conference': w ill be disturbed by the new law. Th Comptroller of currency and secretary of agriculture retained as United now used to' be-- ' Stats bonds, members of organization committee. . cure the Issue of uational bank notes, member of federal reserve Comptroller of currency made are to be taken up at the rata of board and total membership retained at seven and the term of office fixed a year by the" regional reat ten years. serve banks and new treasury notes Alaska excluded from provisions of act or short term three per cenL bonds After federal reserve districts are established, national banking assowill take their plspe. National bank ciations shall hare 30 days In which to subscribe for capital stock of reserve banka. currency is expected gradually to retire. Individuals may purchase up to 325.000 stock in federal reserve hank Tha federal reserve board will exerInstead of $10,000, as provided In house bill. cise final central over the entire opStock not held by member tanks shall not be entitled to any voting elation of 4he system. It can compel power whatever. Ob t regional bank to loan to another Number of regional reserve banks to be not less than eight nor more la tlma af need; can suspend all rethan twelve, as provided by the senate. The minimum capital of regional reeerve banks fixed at $4,000,000. st, Hctions surrounding the reserves No senator or representative can be an officer of a federal reserve wich regional banks must bold, and bank caj remove directors of regional No dtrector of Class C directors of federal reserve board shall be an banka whenever It is believed asoessary. officer, director, employe or stockholder of any- - bank. Each member bank Is permitted to nominate one candidate for Class Banks In Control. A and pne for ClasdB directors. Ahlle the banks retain control of Subscription of member banks 6 per cent of capital and surplus of th boards of the regional reserve subscribing bank. banks, their connection with the fedt Senate provision for, the guarantee of national bank deposits elimeral reserve board is only through, inated. an- up' of on --Uee-of federal reserves of member banks represen Utl re tram each federal stricken out. district This council will meet of the reserves of the country banks must be held At least la Washington to confer with the f( - . In the vaults of local banka eial reserve board on general busiHouse provision for collections at par practically restored, banks to ness conditions and to make rec be permitted to collect only actual expenses. and suggestions concernRetirement of 2 per cent, bonds aggregating $100,000,000 within 20 ing discount rates, note issues, and reyears provided for as against retirement of $125,000,000 In senate bill. stive conditions. Gold reserve behind the notes remains at 40 per cent., with a graduAn Important change in national ated tax against any depletion. banking methods embraced in the new Salary of members of the federal board increased from $10,000 to lew will permit all national banks ex$12,000. cel t those In New Yorw. Chicago and Members of reserve board shall Berve two, four, six, eight and ten St Loula'to make direct loans on fire years Instead of one to five years. year farm mortgages up to per cent Reserve board can liquidate or reorganize reserve banks. , of their capital and surplus, or up to Compensations for directors, officers and employes of federal reserve d of their time deposits. ' banks shall be subject to the approval of th federal reserve board. Another provision In the law perRecess appointments to reeerve board shall expire 30 days after the mits national banks having a capital following session of congress opens. of $1,000,000 or more to open foreign Net balance of amounts due to and from other banks shall be 'taken brunches. Similar authority la given as the basis for ascertaining the deposits against which reserves shall be the regional reserve banks,1 the to determined. ' , being to facilitate tbo develop meat of Amanean trade abroad and five-twelft- IS mmER FIVE FUNDAMENTALS varied-dema- Code. Year-Ol- d The amount of reserve-requir- ed from every bank under the new law, and the place where it mast be kept, are as follows; Country beaks Total reserve required, 12 per cent of demand deposits a' federal reserve board at Washington, appointed by the, president, and Unprofitable Heifer. The young heifer that is not kept growing, that is not kept in good condition during the early months of her life will never make up Tor It later. Butter or Cream. economical production of or cream Cor of very rich ilk that is suitable for a fancy trade)pi it is best to keep Jerseys or Guernseys. Pr the butter ' Hustling Needed. There is plenty of good dtatfyblood ia the country, but there are too few dairymen 'w ho have the perseverance and pluck to get out and find It Good Clover, Producer. stable in Holland. Note th raised platform and double cow stall with windows In front Cow were 80 years Ago. From the millioa dairy cows of Denmark is exported 200,000.1)00 pound., of butter a year, worth $44,000,000. do sot have as gbod a dimate or coil as Is eajoyed In many parts of our own country. They have small patches' of different crops and s cannot take advantage of teams, large Implements and machinery as we can. They cut much grain by hand and many of their methods are laborious. The important question, then, U: How can the Danes afford to import and fee- - our corn, as he does, and sell his butter In competition with a He does this by being a close student of all th principles of dairying. He understands that dairying requires brainB, thought and skill; that he must hav efficient cows, economically fed and well cared for. There must be great opportunities ahead of the American dairyman If. Denmark can profitably feed our grain and maintain through dairy exports, her place a on of tbs most of theft? The-Dan- e pea. soy bean and alfalfa bays are milk and flesh producers. When possible they should form a large pr.rt of O farm cow 'a ratio. the vrorii fonr-hor- |