Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1907-08-27
RIDGELY DISCUSSES
MONEY RELIEF PLAN

coMPTRoLLER OF CURRENCY
PRAISES coRTELYoU's REM.
EDY FOR FINANCIAL STRAIN.
PERMITS GIVING HELP y
WHERE MOST NEEDED
Comments on the country's Enormous
Resources and Sound Condition OF
Banks-Great Demand for Money
Only Requires Shifting in Detail.
Washington, Aug. 26.-William B..
Ridgely, comptroller of the currency,
Saturday discussed in detail the plan
which Secretary Cortelyou has formu-
lated to relieve possible money strin-
gency this fall through the distribu-
ton Of funds among national banks.
He gives several reasons for this,
regarding the plan as wise and
timely" and says he can see no rea-
son why the demand for liquidation
should become so general as to pro-
duce anything like panic or CONNER
cial crisis. In fact, he takes most
optimistic view of the situation, main
tanning that the resources of the coun-
try never at any time were so readily
available for progress and develop
ment as they are at present. Comptrol-
Ter Ridgely's statement follows:
Should Allay Apprehension.
1.-THE announcement made Saturday
by Secretary Cortelyou Of his plan
for relieving the strain on the money
market by the deposit of government
funds, is very wise and timely, and
should go very far toward allaying
apprehension and restoring business
to its normal condition. 1t is well
known by every one at all conversant
with the money market that the pres
ent stringency applies far more acute
~ to time loans than to call loans.
Time money is very tight, while call
money is comparatively easy. For
this reason the pressure Is bearing
most heavily on commercial and man
ufacturing interests.
The secretary's plan of making
deposits when and where needed will
enable him to apply his relief wher-
ever it will do the most good to COM
mercial and manufacturing business,
with less reference to the speculative
situation. l believe it is better to
make this announcement now, and Of
fnr no. infl in, hi it1ou hoy RI
until the stock market is in. more OF
less of panic, and rates for call
loans are extremely high.
Uncertainty Menace.
Zone of the great disturbing fac
tors in our annual crop moving strin-
gency has always been the uncertain
ty as to when and how the secretary
of the treasury would take action. 1t
is sometimes charged that call rates
have been manipulated up to fictitious
heights, to effect this action.
II am glad that Mr.. Cortelyou has
anticipated this, and by making this
announcement now, removed as
much of the uncertainty as is pos
sible.
While the present situation is one
requiring care and cool headed, de-
Mberate action, especially on the part
of the bankers, there is no reason at
all why the demand for liquidation
should SO spread as to produce any;
thing like spanic or commercial
crisis. The banking condition is UNI
usually sound, more SO on account of
the readjustment of stock market val
ues. There is a tremendous de
mand FOR money, as it is called, that
is a demand for credits to finance all
kinds Of business. But it is no great
CT than it has been in the aggregate,
and only requires some shifting in de-
tail.
Should Encourage Banks.
The element in the situation due
to the season of the year, is the fact
that we have raised between five and
SIX billion dollars worth of grain, cot
ton, cattle, hogs and other farm pro-
duce, in addition to the coal, iron,
steel, copper and other wealth that
is being produced. This is not a
situation to set frightened about, or
to make it necessary to call on every
one suddenly to pay their debts, but
it should rather encourage the banks
to take care of their customers and
make loans conseryatively, wherever
there is proper basis for credit. We
should take courage from the fact
that although this situation doubtless
is as claimed, worldwide, and inter-
national, that we have in this country
enormous elements for recuperation
in this vast production of wealth. It
never was so great as at the present
time, or more available for our prog
ress and development. Prosperity is
proverbially hard to stand, but there
is no sense in letting such evidences
scare US to death"
Sees Her Boy Burned to Death.
La Crosse, Wis, Aug. 24.-One life
was lost and FIVE other persons had
narrow escapes in the destruction by
fire of the home lof Mrs. Mary Ker.
sters. With great deal of difficulty
Mrs. Kersters and four of her children
were taken out of the burning struc-
ture, but her eldest boy, Fred, aged
IL, could not be reached by the fire.
men, and, refusing to jump, was burn
ed to death before the eyes of his