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Show I OGDEN AND SALT LAKE BANKERS BANK-ERS IN LINE. We are pleoaed to note that the banker, of the county are falling in I'.ne and accepting the new currency bill. When the measure was first introduced intro-duced there was a tremendous protest from the banking element and dire unity was predicted Some of the thfaglB that the bankers objected to were eliminated, which had a molll f.iug effect and some of the features w)lcl) were net clearly understood were explained, until finally, when the bill passed, even our Salt Lak bni.kera who were beyond talking to in their rage of denunciation, became be-came reconciled to the new conditions condi-tions and the lenders among them endorsed the change. W. W. Armstrong of the National Copper bank is quoted as saying: "We have been heartily In favor of j the currency measure and some days lc,o sent our application to the secretary secre-tary of the treasury, who we believe received it this morning. We believe that the law will be particularly help-iul help-iul in this section of the country " John C Cutler, president of the Desert National bank, says: "A valuable feature in the proposed legislation is that it will operate strongly against possibility of future panics." Frank Knox, president of the Na tional Bank o the Republic, said: "I believe that the currency bill will be a beneficial measure For the time being, or until the country has had an opportunity to adjust Itself to the new conditions. It Is possible that business may be a little slow. However, How-ever, I believe that the government will co-operate with the bankers to bring about the proper adjustment." W, F Adams, managing director of the National City bank, said: "In my opinion the state banks will all make application just ns soon as the national banks have taken action." ac-tion." L. H Farnsworth of Walker Brothers Broth-ers bank, said: "I believe that the currency bill generally will be productive of good " Harry P Clark, president of the .Merchants bank, said: "I sec nothing In particular to object ob-ject to in the requirement regarding the C per cent subscription to the regional reg-ional bank. Of course, the national banks will comply with the require rnnut as If Ic mn'irlalnrv " Frank B Cook, cashier of the Utah SaMngs & Trust company, said: "I havo gathered that the general consensus of opinion among bankers is that the currency legislation is good and that it will have a good effect ef-fect on the country' " Our Ogden bankers express a willingness wil-lingness to do their full part to help j work out the new problems presented by the law. These are encouraging views com-lag com-lag from the banking element and tend to prove that the national ad ; ministration made no mistake in at-tempting at-tempting to give the country a better j banking law Heretofore our currency curren-cy has been Inelastic. During times ' of greatest stress, the country's mon- ' BS went" into hiding. Even- bank. In ; panicky periods was driven to protect pro-tect itself by withdrawing funds from circulation There was no source from which money could be obtained, not even the government having power pow-er to draw on its credit to help relieve re-lieve the stringency. The panic of 190 was a great lesson. The spring J and summer of that year witnessed ! the greatest prosperity the American j people had ever enjoyed and yet over Jnlfiht a feeling of insecurity arose and a large bank failed and, with (ho scare, came a wild rti6h of all banks to strengthen their reserves Then other banks closed and soon ihe entire banking system was In i collapse and the country was saved from an unparalleled disaster only by the banks arbitrarily Issuing scrip based on bank credits. This taught the lesson that the government should revise our banking laws and, j In doing so, make possible the ex- pnnding of the money supply in times of financial uncertainty. One of the Salt Lake bankers says the measure should mako panics Impossible. Im-possible. If that Is realized, then one of the greatest obstacles to our progress as a people shall have been overcome The Standard believes in the new currency bill, knowing that whatever defects may be discovered tending to unnecessarily embarrass our bankers will be remedied by amendments, as i the national administration is keenly alive to the importance of making I tli new system meet the reasonable demands of the banking Interests nn |