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JUSTICE HUDSON TALKS ABOUT THE SITUATION (Special the Daily News) GUILFORD, March 8-Speaking before the members of the Whiteside class of the Methodist church Sunday school night, Justice James H. Hudson gave very comprehensive and instructive address upon the presen' financial situation in the country. In his opening he referred to the depression plague which had eventually caused the banks to placed quarantine, by order the president and state governors, until could be stamped out. Contributing causes were the withdrawal gold and currency, in vast amounts, not business, but for hoarding Withdrawals by depositors induced many depression itself, unemployment, mills and capital. low prices people nervous disease, the speaker said. To and hoarding and to depositors the banks closed. Mr. Hudson then explained what bank was and its and on. must and pay interest To do this must invest funds, but this must be and with to safety the than amount of the paid Most and sound bank on hand all the all depositors money as on at once The deposits in the country approximately forty billions total gold four billions and total billions. there not enough gold and money to depositors, only enough 25 per cent deposits. the banks solvent sound and are in the position of man with plenty of property but who without gold currency cannot pay debt on demand although he has the The Maine banks said Mr. Hudson. are sound and We suffer from outside Some banks outside of New England managed with the Yankee Trust Company, Mr. Hudson of the strongest in state was run conservatively bank rather than brokerage dealing in stocks bonds. facts figures concerning Guilford Trust Company, quoted the which provides for release this per cent the total deposits This amount to most amount quired by law The surplus quired 50 cent the stock. The Guilford bank has double this besides its divided reserves of Mr. Hudson, are abThey must reopened do this requires turn confidence, doing fear. also gold by This last has ready begun. We must our deposits in the bank unless duct of he Pattriotthe same the war. the very nation. Mr. Hudthat throw off cowardice by fear and to have We faith in country its Closing. Mr Hudson made an quent plea for stand by the president. regardless party Likening the present predicament ship time great storm. thing get ashore Nobody whether the captain Republican or Democrat