The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-11-17
asset CURRENCY
Lad Nv William Barrett Ridgely, Comp
troIer of the Currency.
\ of the Government Should Stay in the Chan
En- Of Trade and Not Be Locked Up to Re-
main Idle in the Treasury Vaults.

!, the conclusion Of an address e,l
lns |, association at New Or
Ia william Barrett Ridegiy'
n the currency;
IN preveut the Development enc tbe
| !, fbis country. we nay greaf
birh are necessary ailu a tiny
III our competitors. VuI u uo1,ral
"a y mon All these unequaI4uu ,i"tN, "a
were placed slde Oy stue' Smp
ess,ted FOR its fulhllment lne cV ~.
+ !. r,sstefful race oil men Wno a.,
tsve been bred ana tralheu III
s ss as Is before US; ne nnu,
',absolnfely certain, nut ~ IuS
~ fine be impeded anu cnechvI
Y h v. by bad hnance ana oy NY
= I'D much In too snort tliie
"a he Inevitable that we sn0ulu
K .ioss Of rest and recuperatlon. / MY
"A " 10 most severe wnen We nuNe
~ loo fast The pace we nav
sssr Tie past five. or si1 yeurs has
IND one. The signs are ngt IacA-
"a II should be moderated Dslore W.
u .sr sDent There Is YET tlule, Hlu
y rSence and care we shouII ne aplt
sny lasting ill-enects. 40 hoI
"A that the strain IS more th9n We
.iv stand up to this point, but IL
"a pause and consider, we nave
M materials Of all kinds up 50
I'M the cost Of living has greatly IN
We have been consuming our
4 lIduid capital at very great
"A changing 1t TO fixed capitai Where
a 10 unproductiye for long time.
81 productlon has so, increases lhat
u sbce Of foreign trade Is inlllng on
Il rate Of hundreds Of millions, per
'lDur bank reserves are low ana the
~ highly expanded as Is prudent.
3 nstIon has lately been so acute as
4 II assistance from the treasury de-
"a, necessary to give some reilet'
y MONEY in TREASURY.
&,bly the operations Of our govern
spspces add to our difficulties rather
H. the situation, and the best that
retsry Of the treasury can do when
On 10 help the situation is merely
IA some Of the harm which has been
II the operation IL our laws for the
4on Of the revenue and the boarding
tey In our treasury. The Federal
Inent, under existing laws, continues
|ect large surplus revenue and lock
Is part OF the money collec ed up In
HIS where i is no longer avail able
4 illness In 1892 there was In the
N as assets S151,0O,O 600 BY 1897
|hd grown to S266, 600, 600 and on Sep
Il l. 1902, the treasury had In los
/ as assets 1914, eco 900 or one-eighth
: The money In the United S ates. 1t
tthlng but a help to business to TAKE
+ from the people by taxation, simply
y II up In this way 1t is almost
u harmful TO take money which is
for business enterprises Of all kinds
b which the people would gladly pay
a pei cent aud buy bonds with 1t
bssls which nets under one and three
kB per cent; and yet this Is the way
tcretary of the treasury can best undo
trm caused by the laws now exist
Something should be done to more
eQuallze government receipts and
fltures. We should years ago have
~ our obsolete system so that the
q ne government can stay In the
les Of trade and not he locked up in
by the hundreds Of millions.
L unfortunate that the weakest point
banking. system Is in its provisions
fallng with such situation as seems
Z Us today Nothing could better
Fate the necessity for more elastic
pg currency than the demand for IL
present time. Our banks have been
Pc being called upon to furnish the
Fey ana credits necessary to move
fous crops, probably the largest in
II and value the country has ever pro
Il we have raised over three billion
~ Of grain worth at least 1900 million
anu ten million bales Of cotton
~ million dollars. With the other
I prCducts raised the total value Will
Fly oe about 5000 million dollars
NEEDED IN BUSINESS.
/ call for currency comes Mt n time
au business is being done on an enor.
scale OF course this crop does not
Eoye at once and some OF It is used
y Is raised, but enough OF II TO re-
very large amount Of money must
luAlGed IN some way within n few
I, Anch OF 1t is done on bank credits
tqulllhg actual currency, but the cur.
.syuIe1 Is enough I'm volume 10 no a
I Ty ululcult matter TO handle zach
ll's year It has been more so than
aAu mas neen cause Of cons!dera lille
Y "a the farming States where this
= ~ oelng gathered, there arc 92g5
Win dO2 millions of canitaI and
!. unions Of surplus. The neonle
vsta. TINS money advanced against
Hs,aaole and readily salable products
tonn Faiued at 1854 million dollars
20, implements and machinery
H. W Iilllons; live stock worth 907s
,ro., dAu raise over 1000 millions dol.
N 49, VI produce each year, II would
e. %uS uudue expansion or Imitation
N, d,,,o yslKs had the privilege of issriinr
mar. 10 thelr notes covered by bonds
AUNT OF uncovered notes e1uaI Ia
/, W cent Of their covered issues
,sn N,euIt currency, asset currency OF
~ currency, or what You will A
, win WI provide a guarantee fund
! snS absolutely protect the note
NM Slu tue public. A graduated INV
M tiOllsion for redemption will in.
d rlnss,ltement Of these notes MS soou
bor neegesslty for them ccases Snch
IN 1911 Usth found safe and satisfactor
MI SSSouhlIies. The will no more ~
i ~ we nave abundant basis Tor me
msnt u great need for snch nm i'm,
snac,, a banking system which. ir
NV cy''G out the lack Of elasticity Of It.
as o,, most excellent. There ha,
sysfep oI[ National system, anG
snS ~ IN any country win be
Det,ss system in any country VIII n,
l. al we make this Improvement
q IN .tihnoSt All 1t needs. orr neonIe
Notbt- national banks and wei they
h NJ nng could be better than mi
"a Il Il i ne notes, which have nevol
,egibniS5 tot9l loss to deposltors sine,
a doj i z OF the system is about 3.
urdrediibbss .. This is only about eigh
mount nn o. ! per cent Of the aver
on ~ ~. on deposit, and the smalles
ed 7 WIZ, the total amount Of deposit
or ntt glt L, an elastic currency we nee(
hanFs ~oTe Improvement in our Ma
IN the world. "ouiu oe the pes
l,.- BRANCH BANKING.
M ~, - branch banking. lheoreticair
hi. ~. ~ system, as It more econom