The Savannah morning news., 1902-12-19

New York, Dec. 1s.-William B.
Ridgely. Controller of the Currency;
President Woodrow Wilson of Prince
ton University. Rev. DR.. Robert S.
Macarthur. Maj. Gen. Adna r. Chat
fee and John S. Wise were the princi-
pal speakers at the annual banquet of
the bankers of the city of New York.
composing group eight of the
New York State Bankers Associa-
ton given at the Waldorf Astoria to-
night. Five hundred members and
guests of the association were present.
Controller Ridgely spoke on Elias
ITCHY in the Currency"
Hon. William Barrett Ridgely, Con-
troller of the Currency, said in part:
AN irredeemable government note
is the worst of all forms of currency
The legal tender notes have accom-
plished nothing which could not have
been better done by bank notes and
they have been a never-ending source
of weakness and trouble in our none
tary affairs. In spite of the seeming
saving of interest, the legal tenders
have been a very expensive currency.
The amount of the interest has been
lost several times over in direct ex-
pense to the government and the losses
of our people due to our unsatisfactory
and inefficient currency. These notes
should have been continued as con-
vertible into bonds, and such as were
not in this way converted should have
been retired years ago. We would
thus have been spared many of our
worst difficulties.
ANY complete and satisfactory So
luton of our present currency prob
chnnld include rN1oh 10
retirement of the legal tenders. Many
men who have given this question
much study and thought among them
some of the ablest and most influential
leaders in the currency reform move
ment, go so far as to say they are not
in favor of and will never support
any measure for a change in the cur
rency which does not provide that the
legal tenders shall be retired. While
firmly believe the currency would be
greatly improved by this retirement
and especially that it would make a
place for bank notes which would be
much better for our people in every
way, l do not agree with this extreme
view. / believe the bank note circula-
ton can be greatly improved by a few
quite conservative changes which will
add to its elasticity, or rather intro
duce some elasticity where there is
are not new suggestions; they have
been considered and discussed for sew
eral years. 1 believe a strong effort
to have them adopted should now be
made by all those in favor of currency
reform, and l urge every man who
agrees that these changes will i'm
prove the currency to give his support
to the effort, even If what is proposed
does not accomplish all he wishes to
see done.
Il wish to speak a few words par
ticularly in regard to the items of the
report regarding the currency and its
elasticity, although / dislike to detain
you too long talking shop when know
you are impatient to hear other gentle
men who have something far more
entertaining to talk about. The most
serious objection, in fact the only seri-
Gus objection, to our bank notes has
been from the very beginning their al
most entire lack of elasticity
ITO introduce any expansibility into
our bank currency we must sooner or
later get away from bond security In
some way; either do away with it al
together or require part bond security
and allow a certain portion of each
banks circulation to be uncovered by
bonds. The best bank circulation is
one currently redeemed in gold coin
and based entirely upon an ample gold
reserve held by the bank, especially if