Los Angeles herald. [microfilm reel], October 28, 1907, Image 1

About Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911

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VOl. XXXV.
NUMBER 36
MINISTER IN
SERMON RAPS
SPECTLATORS
"WALL STREET, WEIGHED, IS
FOUND WANTING"
RAPID TRANSIT INVESTIGATION
FURNISHES MATERIAL
"One Verse of Christ's Teaching More
Powerful Than a Volume of
Zola or Balzac," De
clares Pastor
"Th/i rapid transit Investigation of New
York 1 reveals men of high position who
have plaoed wealth before Jesus," said
Rev. William Horace Day In his sermon
on "Jesus' Social Principles as Applied to
Wealth," at the First Congregational
church last night.
"A paper railroad was bought for $270,
\ ,J), but it was paid for with a. cheok for
$965,000, ' continued Mr. Day. "The dif
ferent c ore man was Instructed to pay
with hlf own checks to six parties as
&re.U
"The whole amount stands to this day
on the books of the Metropolitan Securi
ties company as the cost of the road. The
gambling of the last fat years of pros
x perlty has risen to such proportions that
'It took a cataclysm to stun the drunken
gamblers of Wall street.
"Last week there flashed out above the
palace of stocks, 'Weighed in the balance
and found wanting.' Unless we hear the
voice of Jesus calling and learn of him
to use money as a means to gaining the
kingdom of nelghborliness and love we
shall all likewise perish.
"The prophet of Nazareth had a great
deal to say about wealth: 'Blessed are ye
poor— woe unto you that are rich'; and
again, 'How hardly shall they that have
riches enter Into the kingdom of heaven.'
Do we hear in- these sayings the voice of
an envious poor man, coveting and yet
abusing the rich? A study of all his
words on this subject shows that he saw
in wealth not that which was evil in
Itself, but something which had possibili
ties and perils In the relation to life.
Divine Order First
"His fundamental principle of life was
tnat which seeks first the kingdom of
God, or the divine social order, and the
righteousness of God, or the divine char
acter. The abundant life which expressed
the filial spirit toward God and the frater
nal spirit toward man is to be put first.
When the possession of wealth Is put
first It is a peril; when It is confined
within the limits as a means to that life
it has possibilities.
"There is a strange parable In which
Jesus uses an embezzler to show the
thing really worth while in human rela
tion. This man was bad, and yet he hit
upon a profound fact in providing for his
future needs after losing his place by
using money to promote friendship with
the men who did business with his lord.
He was commended because he had found
what the rich fool of another story and
the cold-blooded but honest Pharisee had
not found— the supreme use of manoy in
promoting the neighborly spirit.
"Because a great thing had happened
whin the rich publican, Zacchaeus, de
cided to restore fourfold for all he had
defrauded, and to give half of his goods
to the poor, because his heart was open
to the wish to live the brotherly life, Je
sus said, 'Today Is salvation come to this
house.'
Possibilities of Wealth s
"The possibilities of wealth serving in the
cause of life and the kingdom Jesus con
tinually presents. The parable of the tal
ents commends the thrift of the servants
who used the investment to serve their
lord. Even for the very poor, for those
who have very little, two mites is enough
to win commendation because it was gen
erously used. The self-sacrifice of wealth
was blessed whether it was much or lit
tle if it was real sacrifice for the sake of
others.
"With terrible distinctness our Lord
warned his time against the perils of
money. In that wonderful story of the
rich fool he packed into a paragraph what
Balzac or Zola would have attempteu In a
volume— a bit of realism which would
sound its warning to all time. The brutal
materialism of self-satisfied wealth, its
blindness to real values, and to the uncer
tainty of life breathes In the words, ' Soul,
thou hast much goods laid up for many
years; take thine ease, eat, drnnk and
be merry." Absolute disregard of seeking
the kingdom of God or of his righteous
ness. Completo unconsciousness of social
obligation— that private wealth is a pub
lic trust.
"To them that trust in riches comes the
warning. Worship of mammon and the
soul Is dead. Today we are repeatedly
aware of the difficulty which Jesus ex
pressed, 'How hardly shall they that have
riches enter Into the kingdom.' "
SEATTLE CLEANS HOUSE
AND STARTS WAR ON RATS
All Vessels on Puget Sound to Be
Fumigated by Order of Surgeon
General of Marine
Service
By Associated Press.
SEATTLE, Wash., Oct. 27.— Dr. M. J.
White of the United States marine ser
vice has received a message from Surgeon
General Wyman at Washington, author
ising him to carry out his recommenda
tion that all vessels on the sound ba
fumigated at once. This applies to ferry
boats and every vessel large enough to
hold a rat.
The state board of health met and noti
fied all the county boards to take etrin
gfent measures to clean up the districts
and keep a vigilant watch for suspicious
cases. No new cases of bubonic plague
developed In Seattle today.
Well Known Captain Dies
By Associated Press.
SEATTLE, Wash., Oct. 27.— Capt. Harry
B. Weaver, one of the best known cap
tains on the Pacific coast, died this morn
ing In the Providence hospital from
typhoid fever. He was strioken while on
a Nome trip on his steamer, the Presi
dent, and tne ship was navigated by the
first officer. He was born in Plctou, N. 8.,
forty-three ago and came from a family
of seafarers.
Maryland Finds Lost Anchor
By Associated Press.
SAN FRANCIFOO, Oct. 27.-The United
State.i cruiser Maryland passed out
through the Golden Gate at sundown this
evcrinb to Join the other members of
the fleet at Mugdulena bay. The depart
ure of the Maryland had been delayed by
the loss of a huge muJhook. All week
divers have been searching for the an
chor and finally located It.
Los Angeles Herald.
RAILROADS TO MEXICO
WILL INCREASE RATES
By Associated Press.
MEXICO CITY, Oct. 27.— 1t was author
itatively ata'.ed today that a general In
crease in the railroad rates of the coun
ty would go Into effect in the near
future.
This conclusion was reached after many
sessions of the railroad commission and
of the offlc'als of the various railroads.
The latter held out for a 20 per cent In
crease, but the commission agreod to a
12 per cent increase. No agreement was
reached In the matter of the shipment of
ores. This point will be settled at a
later conference.
GROSSCUP PLANS
REFORM MEASURES
ROOSEVELT ABKS JUDGE TO HELP
CURB CORPORATIONS
Federal Jurist Will Select Committee
and Attempt to Outline Law That
Will Bring Big Concerns
Under Control
By Associated Press.
CHICAGO, Oct. 27.— A special from In
dianapolis says that during a conversa
tion at a dinner at the Columbia club last
night Federal Judge Peter S. Grosscup of
Chicago said he had been requested oy
President Roosevelt to select a committee
to make suggßetlons to the president for
a law to reform corporations, and he had
decided to comply.
Judge Grosscup said his idea of such
a law was for a congressional enactment
that would bring all corporations doing
an Interstate business under regulation
by the general government. . He said that
he would soon select the men to serve
with him on the committee, and that they
would go into the details of tho whole
subject and attempt to devise a law that
would place corporations under control
of the government.
It was his opinion that future organiza
tions doing an Interstate business could
easily be brought under such laws. He
gave the Impression that there might be
some question as to whether such a law
could require similar corporations already
organized under state laws to relncorpo
rate under a national law.
FREIGHT RATES ON
COTTON NOT EXCESSIVE
Interstate Commerce Commission Ren
ders Decision as to Tariff on
Shipments to Asiatic
Ports
By Associated Press.
WASHINGTON, Oct. 27.— An important
decision has been announced by the inter
state commerce commission In an opinion
rendered by Commissioner Clements,
where the rate of $1.25 per hundred pounds
on baled cotton goods from, southern cot
ton mills via the Pacific coast ports to
Astatic ports is held not to be excessive.
The decision also ' holds that the ratg
does not discriminate against southern
mills in favor of the more distant eastern
mills which ship cotton goods to Aslatio
ports via the Pacific coast.
THIRD RUSSIAN DOUMA
STRONGLY CONSERVATIVE
Result of Final Election Shows That
. Liberals Have Been Over,
whelmlngly De.
feated
By Associated Press.
ST. PETERSBURG, Oct. 27.— The result!
of the final election held today In the
greater part of European Russia, the
Cauctsuc and Asiatic Russia shows the
strongly conservative nature of the third
douma, which has been predicted since
tbo promulgation of the new election law.
For the first time in, Russia's parlia
mentary history the Constitutional Demo
crats are confronted by an overwhelming
majority of reactionaries, conservatives
and moderate constitutionalists who sup
port the government program of reform.
VESSEL WRECKED; ALL ON
BOARD BELIEVED LOST
Unknown Steamer Goes Down in Lake
Superior During Heavy Storm.
All Shipping Is in
Danger
By Associated Press.
FORT WILLIAM, Ont., Oct. 27.—Ves
rilo arriving yesterday report the wreck
of an unknown steamer on Lake Su
perior, durirg Saturday's etorm. It is
believed that all on board were lost.
j-. northwr.st gale has prevailed on
Superior for several days, accompanied
by snow squalls. Many ships have put
in at different ports for shelter.
WORLD'S OLDEST PAPER
CHANGES ITS POLICY
Peking Gazette, an Ancient Journal,
Is Superseded by Publication
Conducted on More Mod.
em Lines
By Associated Press.
PEKING, Oct. 27.— The Peking Gazette,
thf world's oldest newspaper, has been
superseded by a modern newspaper,
which, besides printing the memorials
and edicts, also will publish editorials.
The first editorials significantly review
thti Japanese constitution and otherwise
the paper shows new Influences.
Clergy Prays for Rain
By Associated Press.
BUCHAREST, Oct. 27.— The distress re
suUlng from the unprecedentel drouth
caused a remarkable scene here today.
The- bishops and all other clergy, to
gether, with many thousands of people,
marched through the city, praying for
rain. All ouslness was suspended dur
ing the procession.
"FIGHTING BOB^ I jib.
VICE admirSJ ill
LEADB MIGHTIEST FLEET "t^JJ
GATHERED BY U. S.
Commander of Great Squadron Now
Holds Position Inferior to Those
Held by Leaders of For.
elgn Navies
By Associated Press.
WASHINGTON, Oct. 27.— The great bat
tleship fleet which is to make its way
from the Atlantic to the Pacific coast will
probably be commanded by a vice ad
miral 1 , and that officer is now Rear Ad
miral Robley D. Evans. Of course this
Is conditional upon congress giving its
sanction to the proposal that will be made
by the president to establish this new
rank In the navy.
Conditions now are believed to be mor9
favorable than ever before for this pro
ject. Rear Admiral Evans Is to sail in
command of the most powerful fleet that
ever gathered under the American flag.
Not only that, he commands more battle
ships of modern type than any other
naval officer In the world, and the only
officer whose blue pennant floats over as
numerous a fleet of all kinds of warships
is Lord Charles Beresford, with his Eng
lish Bquadron, and he Is of greater rank
than a vice admiral, being an admiral,
like Dewey.
On this cruise the American fleet Is to
look upon many foreign powers and ex
change courtesies with foreign fleets in
several places in Brazil. Chile, Argentina
and other countries. The American com
mander, supposing he Is to retain his
present- title of rear admiral, would be
outranked, for the navies of all these
"ountrlca contain officers of the grade of
vice admiral, which would make the
American commander's position humillat-
It will be pointed out in Admiral Evans'
case that not only is ho by his remark
able service entitled to this advancement,
but any objections to the creation of the
new grade that might be broached in
congress might be overcome by pointing
to the fact that as Admiral Evans retires
next August the office will be of short
duration.
GERMANY AWAITING
LIBEL SUIT DECISION
JUDGE MAY ANNOUNCE RESULT
TOMORROW
Accused Editor Makes Strong Plea in
His Own Behalf and Wins
Applause of the
Crowd
By Associated Press.
BERLIN, Oct. 27.-The libel action
brought by Gen. Count Kuno yon Moltke
against Maxlmllllan Harden, editor of
Die Zukunft, was closed yesterday and
the Judge announced that the findings of
the court would not be made until Tues
day morning. ,
The day was devoted to the pleas of the
counsel, and Herr Harden himself made a
speech in his own defense, which was
greeted with much enthusiasm, although
there was some hissing. Herr Harden re
ceived a great ovation from the huge
crowd In the streets as he emerged from
the court house.
Public opinion seems to be running
strongly against Gen. Yon Moltke, and as
he left the court house through the side
door under police protection he was
greeted with groans and cat calls.
Yon Moltke also made a speech befora
the ending of the case in his own behalf.
He asserted his complete innocence of the
charges hinted at in Hardens articles.
His speech made a strong impression on
his audience, some of whom cheered.
Herr Hardens speech was a master
ly piece of eloquence. He spoke with dra
matic vigor, his face livid with excite
ment. Amid the applause which greeted
him as he left the court house could be
heard cheers for the crown prince.
The trial has created a tremendous sen
sation In Berlin society. It has been the
chief topic of conversation for weeks and
especially among the military and govern
ment officials.
PRESIDENT'S BIRTHDAY
IS OBSERVED QUIETLY
Mr. Roosevelt Takes a Long Walk
Through Downpour of Rain.
Later Receives Hun.
garian Club
By Associated Press.
WASHINGTON, Oct. 27.-Today was
Picsident Roosevelt's forty-ninth birth
day. No celebration marked the event.
He did not depart from his customary
Sunday program of worship* work and
recreation. The day was spent at the
White House fireside in a quiet family
rejoicing. Congratulations In large num
bers by mail, telegram and telephone
were received at \he White House during
the day.
President Roosevelt attended church
scii lce in the morning. In the afternoon
In a downpour of rain the president, ac
companied by the üßual guard, went out
for a long cross-country walk. Tonight
the president received the Hungarian
club of New York in the east room, when
the visitors extended the chief executive
their congratulations.
It Is the custom of the Hungarian club
to visit Washington* on President Roose
volt'a birthday to pay their respects.
0-ONDON, Oct. 27.— This being President
Roosevelt's birthday, King Edward sent
hist mastur of ceremonies to Wrest Park
today to express his majesty's congrat
ulations to Mr. Rooseve'.t, through Am
bassador Reid.
Fairbanks Speaks at Louisville
By Associated Press.
LOUISVILLE, Ky., Oct. 27.— Vice Presi
dent Fairbanks finished a two days'
speaking tour of Central Kentucky last
night with an address delivered before
a ctowd of about 2500 persons. During
his tour the vice president delivered fif
teen speeches in the interest of thu Re
xmblican state ticket.
NOME SWEPT
BY FLAMES
FIRE CAUSES LOSS ESTIMATED
• . AT $300,000
Alaskan Town Suffers Heavy Damage.
Largest Office Building in
the City Is De
stroyed
By Ansoelftieu Press.
TACOMA, Wash., Oct. 27.— Nome had
another serious fire Friday, one involving
a property loss of about $300,000, according
to a cablegram received by Jafet Llnder
berg of tho Pioneer Mining company.
The Second avenue office building of
the latter corporation, the best structure
of Ha kind in the /./wn, was completely
destroyed, with a /isa of $60,000, including
$4000 in currency.
The office of the Iwme Water company,
the Snake River Grocery company, the
telephone company building and tho resi
dences o.f Thos. Dyer and Joseph Brown
and ty<. Little Creek mining magnate
were destroyed. In whole or part. Dyer's
residence wus the finest in Nome.
The file buraod four hours. No particu
lras are given In the message as to Its
origin.
WOULD BAR NORTHERN
'EACHERS FROM SOUTH
Confederate Veterans Pass Resolution
Asking That No Instructors
from Yankee Land Be V «¦
Employed \
By Associated Press.
NASHVILLE, Term.. Oct. 27.-At a
r.fci'Unfc of Forbes bivouac, United Con
federate Veterans, at Clarksville, a reso
lution was adopted that it was the sense
of the bivouac that for the public schools
the- school .commissioners should never
select a teacher, either white or colored,
who has been educated In the north.
TODAY'S NEWS SUMMARY
FORECAST
For Los Angeles and vicinity:
Fair Monday; light west wind.
Maximum temperature yesterday,
68 degrees; minimum, 58 degrees.
¦' ' '..; 0:" ':¦¦ LOCAL /
"Wall street has been found wanting. '
. , 6 A S "Los Angeles man hurls himself.
frO le^f rC ß^^^en B aa^ d i.vos
said by police to -be ? among cleverest
crooks./. Wanted In many cities. ¦.
EASTERN
Plearine house association deal with
flrS^and ¦ with situation in New York
an™ no further trouble of a serious na
'"Admirl'l'-F^htinK Bob" Evans may
be advanced in raSk before he sails
with Kreat battleship fleet to Pacirtc
c t r e e r ss S ident i Roosevelt '.:.• celebrates his
forty-ninth ¦ ¦ birthday ' ; . anniversary.
Takes long walk through rain and later
receives Hungarian_club of New. York.
¦: ¦ " . foreign k .:¦'¦.¦¦''¦-¦¦ '•
"¦', Reports on . the , damage caused - by
earthquakes in Europe show that
twenty-eight towns were virtually do
8t Worid's oldest newspaper, the Pekln
Gazette, has been superseded by a mod
ern Journal. owning rich \ mm
British syndicate owning rich min
eral properties -, In China proposes to
sell i Its ¦ holdings :, to ; the Chinese : gov
ernment. " ; . • - ./ '..' . ,';-.. '
'¦¦¦'¦¦'.'¦'.•;..'''. ¦'•;! COAST ¦' ' ;'.¦ '¦¦'-¦..¦:"¦
Disastrous fire sweeps town of Nome,
Alaska,'- causing, damage i estimated ; at
$300,000."' ; y-i ¦..¦¦\'-?--'^ '•—• t><->*2',*'- 'V' SSA-4'*
v; It' is > reporetdln San • Diego - that ¦an
expedition is being formed for. the pur
pose of seizing Tiburon island,' which is
claimed i by the '. estate i of the late i Gen
nra.l Andrade. who died In Los Angeles.
Middle of the Road
ANDRADE'S WIDOW MAY
SEIZE TIBURON ISLAND
Rumored in San Diego That Expedi
tion Is Being Formed There to
Take Possession of Dis.
puted Property j
By Associated Press.
S^N DIEGO, Oct. 27.-A report Is cur
rent that an expedition Is being organ
ized here for the purpose of taking pos
sestior of Tiburon Island in the interest
of its present owner, Mrs. Guadaloupe
ArUrade Blinn, widow of Gen. Andrade,
who recently died in Los Angeles.
Gin. Androde claimed ownership of the
inland and ten years ago made a fruitless
I attempt to take possession of it.
BANK CASHIER KILLED
MURDER IS THEORY
Official of Akron, Ohio, Institution Is
Found Dead at His Horne — No
Shortage in His Ac
counts
By Associated Press.
AKRON Ohio, Oct. 27.-Fred Boron,
cashier of the Dollar Savings bank, and
one of the most prominent men in the
city, Was shot and instantly killed In his
home tli's afternoon. His family was
away nnd th« servant girl returned to
the house fchoitly aftor 7:30 p. m. and
found h'm'dead. The coroner's Jury and
the police were at once summoned. The
police suapect murder.
The directors of tho bank state that his
books are .'n first class condition.
BRITISH CORPORATION
GiVES UP HOLDINGS
Company with Big Concessions in
China to Surrender Property
to the Imperial Gov-
ernment
By Associated Press.
PEKING, Oct. 27.— The Peking syndi
cate, a British corporation holding the
largest concession China has ever given,
proposes to sell back to the Chinese gov
ernment all Its holdings in the province
of Shan Si, where its claim to sole rights
over the immediate immense mineral
fields so incensed Inhabitants that It
nearly precipitated a rebellion last year.
This action on the part of the syndicate
is to some extent due to the campaign m
China against all foreigners holding con
cessions, the first result of which was tho
recovery by China of the Hankow-Canton
railway, which was an American concern,
and the boycott of American goods, since
which a ceaseless warfare has been waged
by the government upon foreign holders
of concessions, and especially upon the
Peking syndicate.
The campaign of the Chinese govern
ment against foreign concessionists has
been successful in recovering something
at least from all the principal concessions
to foreigners since 1898.
SIXTY ITALIAN TOWNS
DAMAGED BY QUAKE
Official Report Shows Heavy Losses
Have Been Caused in Many Cities
Throughout the Stricken
District
By Associated press.
ROME, Oct. 27.— The official Telegraph,
In Its estimate of the damage done by
thu recent earthquakes In Calabria, gives
twenty-eight towns and villages as hav
ing been badly damaged and thirty-two
less seriously damaged.
The government has ordered the re
building of Brancaloone, confiding this
work to the Milan relief committee.
:5 *;?; S." JOHN WAN.
SEI^IEW YORK or PHI.
~y •:¦ ¦ — 7 1- me, Soak the .
~ke H!«ori«nt' Hlaory •.
¦ * ' ¦nr prices •¦ the walk v
.'-¦. . ¦: ¦¦ \. ' ¦tsr tenu. -¦. "t;. f
AUTO KILL
POLITICIA
PROMINENT CHICAGO MAN 13
CRUSHED TO DEATH
James Roddick. Public Administrator,
Caught Under Falling Machine.
Other Members of Party
Escape
Bj- Associated Press.
CHICAGO, Oct. 27.— James Reddlek,
chairman of the Republican county cen
tral committee and public administrator,
was killed early this morning by the
overturning of an automobile In which he
Wai riding near Libertyvllle, a suburb
of Chicago.
Mrs. Reddlek, Mr. and Mrs. Charles
Taylor and Mr. and Mrs. William Wells,
the other occupants of the car, escaped
wth only slight injury. •
Tho accident was due to the skidding
of the automobile on a muddy road,
which caused It to upset in a ditch. Mr.
Reddick occupied a rear seat with Mb
wife and although she was thrown some
distance and not badly injured, Mr. Red
illck was caught beneath the car and
crushed to death.
MANY LIVES THREATENED
BY BROKEN LIVE WIRE
Pedestrians Narrowly Escape Death,
and Traffic on Broadway Is Sus.
pended Until Repairs Are
Made
Pedestrians on Broadway near Fourth
street yesterday afternoon were thrown
into panic by a live wire which broke
from its supports and swung back and
forth across the car tracks.
For nearly twenty minutes all traffic
was stopped, but at last the repair
wagon of the company arrived and the
wire was mended.
One of the pieces of brass which holds
the wire had broken, allowing it to fall
to the ground. While the wire was
hanging loose an officer stood near It
warning persons away.
VESUVIUS POURS FORTH
GREAT STREAMS OF LAVA
Explosions Follow Earthquake— Ten
Persons Injured by Showers
of Stones and
Ashes
By Associated Press.
NAPLES, Oct. 27.— Great fears have
been caused by terrible explosions of
Vesuvius, Immediately following the
earthquake, which poured forth lava, mud
and ashes. The surrounding towns were
damaged to a considerable extent and
the Funicular railroad was paralyzed.
Ten persons were Injured.
Ignores Parcels Post System
Bj Associated Press.
WASHINGTON, Oct. 27.— Creation of
the office of director of poßts is regarded
as the most Important recommendation
Contained In the report of the congres
sional postal commission. Objection by
country merchants Is iniderstood to have
decided the commission to eliminate any
reference to the establishment of a par
cels post
Indians Object to Schools
B7 Associated Fnu.
ST. PAUL, Minn., Oct. 27.— A special
from Pierre, 8. D., says that from what
can be learned the trouble with the Ute
Irdtans on the Cheyenne river reserva
tion is the result of an attempt on the
part of the agency authorities to compel
the Indian children to attend school and
to put the men to work with the Sioux.
progress ' i. _„_._.,_._._ _ n _
tngeous pos»
ness tomorrow* flOtlOlUlu,
The indications -_-__
tutions will not 0. THE WO*
In currency tomorrovice. being the
requirements of their -fa Honolulu.
business. n. NoT . « t m
It ha- long been the pr.
companies and some of the s-» ree f corner
In meeting checks for d
amounts to draw checks "r""
tonal banks with which their r.
are kept. If they. pursue this pollc.
morrow and until the end of the pres.
crisis It will not be a departure froj.
their usual practice.
Such chocks under ordinary circum
stance? are preferred to currency, and if
currency is demanded In unusual
amounts It will be refused unless evi
dence is given thtit it Is required in good
faith and for other purposes than for
hoarding, to prevent which is the main
purposo of this step. Currency will ba
paid on small checks as desired and to
provide funds for pay rolls and other
legitimate and ordinary uses. It may be
thought advisable to stamp checks
"payable through the clearing house,"
as wa3 done in 1893. The suspension of
currency payments at that V.vne extended
to all the banks and also to the trust com
rnt if s, which were then a comparatively
small factor in the situation. Little If
any inconvenience resulted from the
payment by checks Instead of currency,
except In cases where there was special
need for currency.
Currency at a Premium
Currency at that time went at a premi
um of a fraction of one per cent, and in
some cases even as high as one per cent.
This was due to the fact that currency
was even refused for pay rolls, for the
use of retail shops and for other pur
poses for which it was required. It Is
believed the situation will not be acute
on this account, and that currency can
be paid where it Is required for legiti
mate business purposes and not for
hoarding.
This system of check credit will oper
ate In the usua) manner, and there will
be no inconvenience to the man who does
not make special effort to obtain cur
rency. Checks drawn In payment of cur
rent obligations, will be received for de
posit by any bank and redeemed through
the clearing house in the usual manner,
except that clearing house balances
against the banks will be settled in clear
ing house loan certificates instead of
currency,
A man having a bank account will have
checks put to his credit as usual and can
draw against them freely without inter
ruption in the course of his relations with
the banks. It is not believed now that a
dearth of currency will be such as to pre
vent those requiring small amounts, or
not having a regular bank account, from
obtaining It. It was found in 1893 that
while currency went to a slight premium
in certain cases, the public generally ac
cepted the suspension of currency pay
ments with equanimity.
Runs upon banks ceased because the
object to such runs, namely, to lock up
currency, was defeated by the decision
to pay only in checks acceptable to the
clearing house.
A large force of clerks wer at the
clearing house today preparing for the
issuance of loan certificates tomorrow.
These are in $5,000, $10,000 and $20,000 de
nominations, and in the form:
"This certifies that the —
bank has deposited with this commission
securities in accordance with provision* j
of the meeting of the association upoa
which this certificate Is Issued. Thl» «
tiflcate will be received in payment
balances tor the sum of $5,000 from any
member of the Clearing House assoc'
tlon.
'•On the surrender of this oer'
by depositing bank above nar
commission will endorse the
a payment on the obligate
bank, held by them, anc 1
proportionate share of '
curitles held thereund'
Certificate
This Is the for
these certifies*
that time tr-