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President Promises Relief for Tomorrow.
All that can be said to be new about the national banking situation is that there will be issue of clearing house certificates or scrip, and that new currency to the amount of or more is to be issued by the United States and issued treasury to the banks of the in much the country same way in which scrip would rave been issued, the banks receivtheir allotment in accordance with the amount of gold, government bonds or other security they put collateral. This plan, while meeting the situation adequately as scrip would have done, is improvement over the latter, for will be acceptable for anything all over the nation, the issuing of scrip, even on plan, would have caused great deal confusion, and scrip issued by local clearing houses would have resulted in great deal trouble and handicapped business tremendously. The whole nation, now, and for that matter the whole world, is anxiously awaiting the recommendations which President Roosevelt will make to congress today for to meet the troubled financial situation. Until these become public and have been enacted into law, banks and the business world will less more or mark time, conducting their business best as they can under the strictions which have been ordered by the treasury department. It believed that President Roosevelt's recommendations congress on the banking situation today will largely with temporary remedies for the present situation. In other words they will be aimed at getting business going again, with plenty of liquid funds available, rather than present cure for our financial and banking problems which can then be given proper study and solutions evolved in an orderly manner.
In the meantime the banks to the Paterson Clearing House association belonging time, prepared to take any action toward meeting payroll needs and the necessities of business that will be permissable pending the action of The congress. situation has been changing rapidly that decisions reached after careful considerations are nullified practically before they are announced. Shortly before midnight last night dent Roosevelt declared that he had been in conference with members of congress and could assure the that people would congress immediately pass legislation which would enable the resumption of business at once. The local house will of course take advantage of such legislation at that once, so Paterson and business may swing into line with industry the rest of the country.
