AMERICAN FINANCIAL CRISIS

Otago Witness, Issue 2809, 15 January 1908, Page 26

AMERICAN FINANCIAL CRISIS

♦ NEW YORK, January 7. Senator Nelson W. Aldrid, chairman of the Committee of Finance in Congress, has introduced in the Senate a bill to provide for the issue of 250,000,000d0l of emergency currency in the form of National' Bank notes, taxable as high, as 6 per cent. , and withdrawable when the emergency is ended. NEW YORK, January 8. Augustus Heinze, ex-president of tha'' Mercantile National Bank, has been arrested at New York for illegally overcertifying cheques on that bank at thai time of the late crisis. January 9. Receivers have been appointed over tha Chicago-Great Western- Railroad. Mr W. J. Fowler, chairman of -the United States House of Representatives Banking and Currency Committee, has introduced ' a bill providing fof the withdrawal of all outstanding national bank currency secured on Bonds, and authorising instead a currency, based on- the. general assets of each bank. ' Mr Charles Wadsworth Whitney, ai New York _ banking millionaire, has committed suicide. He was a. large sufferer by the late crisis. January 10. Mr J. C. Jackeon, Attorney-generaT, addressing a meeting of business men afc New York, declared that the lawless . methods of pirate bankers -were only comparable to the Tammany and Tweed! rings. When he investigated- the affairs^" of wobbling banks " he met many men who ought to he in gaol. Mr Metz, Comptroller of the City ofi New York, asserts that the panic is nofe yet over. Good times cannot return until complete confidence is restored throughout the country.