The Improving Financial Situation
The financial situation is growing better slowly. The efforts of the government are not bringing relief as rapidly as was designed. The banks have taken advantage of the liberality of the government and have used the greater part of the $100,000,000 issued for the purpose of increasing their reserves and also asking the government for interest on these certificates, which they themselves have deposited. As one report puts it, the government pays about $3,000,000 on the whole issue of $100,000,000, a unique spectacle of a government paying interest on its own funds. It was reported that this has made President Roosevelt indignant, and he and his friends will favor a government bank; but inasmuch as a good deal of money is coming in from abroad it is stated that the financial flurry is practically over.