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Updated: June 8, 2025
As a consequence, a strain was felt even during crop-moving periods and when it was necessary to meet other seasonal and regularly recurring needs. The Federal reserve system is not a panacea for all economic or financial ills. It can not prevent depression in certain industries which are experiencing overexpansion of production or contraction of their markets.
Fortunately considerable revenue can be made through the sale of the five million horse-power obtained from the dams which will pay a large part of the carrying charges. The great value of such a public work is in the relief from congestion on the railways, particularly the American, at crop-moving time.
As a consequence, a strain was felt even during crop-moving periods and when it was necessary to meet other seasonal and regularly recurring needs. The Federal reserve system is not a panacea for all economic or financial ills. It can not prevent depression in certain industries which are experiencing overexpansion of production or contraction of their markets.
This is especially noticeable at the crop-harvesting and crop-moving period. In its earlier history the National Banking Act seemed to prove a reasonable avenue through which needful additions to the circulation could from time to time be made. Changing conditions have apparently rendered it now inoperative to that end.
On the 6th of September the weekly return of the New York banks, State and National, belonging to the Clearing-house, showed that their legal-tender reserve had fallen to a little less than half a million above the twenty-five per cent., which the National banks in the large cities are required by the "National Currency Act" to keep on hand against their deposits and notes; but this excited no apprehension, and hardly occasioned surprise among those aware of the drain of money for crop-moving purposes the outward flow from Chicago and Cincinnati to what I may call the agricultural districts having been much larger than usual this season.
This is especially noticeable at the crop-harvesting and crop-moving period. In its earlier history the National Banking Act seemed to prove a reasonable avenue through which needful additions to the circulation could from time to time be made. Changing conditions have apparently rendered it now inoperative to that end.
This would at least be comforting to the great farming and business community. There is a great weakness in our present railway situation bearing upon the farmer and consumer. Everyone knows of the annual shortage of cars during the crop-moving season.
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