New-York tribune., 1902-12-19
CURRENCY TALK AT DINNER.
Controller Ridgely's Plan for Elasticity-Dr.
Lorenz Speaks.

10 insure elasticity IN the currency the
uonal banks should issue for more than the
par value of the bonds deposited by them accord
ing to the address delivered last evening the
bankers of NewYork by William B. Ridgely Con-
troller OF the Currency, at the annual dinner of
Group VIII of the New-York State Bankers Asso-
ciation at the Waldorf-Astoria..
DR.. Woodrow Wilson, president Of Princeton Uni
versity. spoke on The Relation the University
to Business; the Rev. DR.. Robert S. Macarthur
discussed "Bankers-the Promoters and Conserv-
ators of Civilization; Major General Adna R.
Chaffee L. S A. told of his experience with banks
and bankers. and John S. Wise gave his views
Some Things Which Bankers Don't Know" DIR.
Adolf Iorenz who came late was also called upon
for few words.
The other guests DR.. Z. r. l. Gould City
Chamberlain: James Stillman president of the
New-York Clearing House Associa tion Archbishop
Farley. Freaarick D. Kiburn Superintendent of the
Banking Department, New-York; Jacob H. Schif
J. Sloat Fassett, Morris K. Jesup. William Sherer
and Stephen NJ. GriswoId. president of the New
York State Bankers Association
Mr.. Ridgely introduced by J. Edward Sim
mons. and in giving his views of the way in which
the currency should be improved as to avoid the
customary stringency every fall. said:
Any complete and satisfactory solution of our
present currency problems should include I5 some
men who have given this question much STUDY and
influential leaders in the currency reform move
ment go so far as to say they are not in favor OF
in the currency which does not provide that the
ye soeIs tSa Sns o 2s TSFe % vrsay by
this retirement. and especially that it would make
Sor our people In every way do not agree with
tbis extren1s view Relieve the hank note circula-
ton car be greatly improved by a few quite con-
servative changes. which will add to its elasticity
or rather introduce some elasticity where there Is
The act of 1852 contains prohibition of the re-
trement Of more than S3,o0oe00 of national bank
notes in any calendar month. Owing TO this DIFF
incre3se their Circulation when otherwise they
would do Whatever necessity there ever was
ceased to exist and as recommended by the Cham
Der Of Commerce report and the report or the
ton should be removed. If there is nothing else
done regard the currency. this should be done
think the best plan which has been snggested
for modifying our bank currency is TO allow the
banks to issue more than the par value OF the
TO make these notes absolutely secure to the hoder
The government can safely guarantee or insure
part OF their value, and. in addition. by guar
antee fund to be raised by tax or premium t Tb r6e
banks should he required to carry additional casn
notes.
The next speaker President Wilson Of Princeton
began by saying that college man was well aole
to discuss the currency. because he never saw IT,
He continued:
But the college man is needed in such affairs for
he should bring them clear sound. true thinking
tiretT, 70 decide upon them with a better idea Of
their proportions, without too much personal pas
therefore. desirable that man like the college college
professor %no is not ho9d give his views
uT Th dangeT of this Country is provinclsIism The
trouble is that the small G0nntby dSesn ee the
great forces that control the movements OF cur
rency. Our business in he college Is 10 SnU~ he he
nation. To do this national thing the unlvetsslty
should draw its students from al! over me Le anpe
sented the safer an instrument for the service OF
' There is provinciaiism of the mind IN respect 70
the subject The difficulty is that laws ion aIS of
Thought The mission Of the university Is 70 nan
its students citizens of the world OF lhousHtAul e'
The Rev DR.. Macarthur told how much honor
banking had in the Old and the New Iestamen's
and in Greece and Rome. gave brief sketcn OF
the rise of modern banking and told MS opinion
of the importance OF the banks ana banhers oL
America.
General Chaffee spoke briefly Of some OF the Pc
culiar banking customs Of the Far East and John
s. Wise made q bright speech. Then Df' |o'eNA
was called for He said in part:
Gentlemen, need not assure you tine fnme to pre
pare speech for this occasion inc coiir
try is the impression OF organized charity. have
had some peculiar experiences. When l sdo was IN
an Examination although thirk know son some
thing of uedcinewat least IN my e Ppncn made 81 me
doctor of laws. though know nothing OF law,
ana 1a banker' am though know nothing OF banks.
The menu was as follows;
HuItres
0'a'e' Cup Potage la Bolivar.
Anontllado Pasado. , e.,..
Olives. CeleT1- Anldhles SaieeA
Blanchaille Sause Tartare
farcies aux Concomores-
Niersteiner.
" Tournedos bnuf 2 la Cheron
PornKnes Eautees en- quartleFs
Petits pos a Ia Francaise
G. H Mumu's Extra Dry
marasQun
Terrapene la Philadelphia.
Cauard tete rouge.
Fominy frt. Salade De Salsoh
Glaces Fantase.
Petits fours. trulls'