Rensselaer Republican, Volume 25, Number 50, Rensselaer, Jasper County, 10 August 1893 — COMPTROLLER ECKELS TALKS. [ARTICLE]

COMPTROLLER ECKELS TALKS.

The financial depression is to be relieved from a quarter that has not been looked to for succor. The report of the Treasury Department, issued Tuesday, shows that in July the circulation of national hanks was Increased $5,000,000. Controller Eckels was asked what was the significance of the increase, ”It is due,*’ he said, “In the first place to the low price of government bonds, which makes the issue of currency, even when restricted, to 90 per cent, of the par value of bonds deposited to secure it a profitable venture for the banks. Four per cents, are now quoted at $1.06, which Is quite a fall from the maximum figure which they have attained. Then the stringency of the money market makes it desirable that the circulating medium shall be increased as much as possible—national bank notes secured bv Government bonds are a very satisfactory currency.”