Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-10-23
BELIEVES IN REFORM
Gold Should be Made the Sole
Basis OF the Circulation
Of the Country
WHERE THE BLAME LIES

SAN FRANCISCO, Cal, Oct 3d.
Before the Bankers association Hon.
VIM. b. Ridgely, comptroller Of the
currency read profound address
from which the following extracts are
taken:
During the years Of very active and
prosperous business which we have
hal since the country began to re-
cover from the depression following
the panic of 1898, there has been a
very marked Improvement in the rum
damental condition of our people and
the amount of both capital and
wealth they haye produced and saved.
This is especially true among the
farming and producing classes, who
have not paid off a vast amount Of
debt, but have accumulated money
and property Of all kinds to a greater
extent than ever before. There has
been a great increase in the volume
of money In circulation among the
people and there is more money in
the banks to their credit Since 1886.
there has been greater increase
in the amount Of money in circulation
than during any other like period and
about so per cent of this increase has
been in gold. We are continuing to
add about eighty millions year to
our gold in circulation and about one
half Of all the currency in circulation
is gold, Our prosperity in business
has been based on the very best foun-
dation. l. has been the result of
the most legitimate causes, and fore
es, and all these are not only still in
operation, but give every evidence of
continuance. AS is always the case,
however, in such times, this move
ment of activity has been accompan-
led by large amount Of speculation,
not only in stocks, bonds and Sc
curities, but in many other lines, and
credits have become more and more
expanded In stock speculation and
promotion especially we have gone
too fast, with the inevitable result
of serious collapse, and such de-
cIi,,e in prinae that nnonla no boopp,-
ing alarmed and beginning to ask IL
this may not end the whole move
ment of prosperity. This causes doubt
and increasing hesitation in business
circles. There is also a demand for
financial and currency legislation, or
governmental aid in meeting the sit.
nation as it exists at the present time.
While these important questions are
all more or less connected and inter-
woven, the business situation Is not
to any very great extent due to cur
rency or financial causes, and IL Is
not to legislation we should look for
permanent relief. If we had better,
and especially more elastic, cur
rency system, we might have been
spared some disturbances. II the sur.
plus revenues of the government had
not been taken out of general circula.
tion. there might not be SO much fear
Of tight money market. But. on
the other hand, If there has not been
the most absolute confidence in the
soundness OF. our currency, the dis
turbances In the markets for securi-
ties Of the past two years would
probably have spread very much farth-
er, and doubtless ended in a serious
crisis with severe industrial and com.
mercial depression. IL there had not
been large surplus revenue and
plenty Of money in the United States
treasury, the secretary might not have
been able to render the assistance
he has TO the money market on sew
eTdl occaslUHS WHEN ne checked
trouble due to causes entirely apart
from all questions Of currency or
governmental finance entirely apart
from all questions of currency or
governmental finance.
! am n thorough believer IN cur
rency reform and agree with those
who wish TO see the greenbacks re.
tired, the silver Withdrawn down to
the point which II Is practically sub,
sldiary coinage Or currency. leaving
nothing IN circulation but gold, as coin