New-York tribune., 1907-12-03
fINANCIERS REMEDIES.
PHILADELPHIA MEETING
Schif, SeIigman, Treat and RidgeIy
Present Their Tiescs.

Fi44tdoeiplAd, Dec. The financial situation in
Its varying phases was discussed here tonight by
inanciers Of national prominence before the Amer-
can Academy OF Political and Social Science Prob
ably no meeting of the academy ever attracted
so much attention il this city. and Witherspoon
Hail. in which the speakers discussed The Les
sons OF the Financial Crisis" was SO crowded that
the doors were closed against hundreds VINO sought
admission.
The speakers included r A vandtrlip. vice
president OF the National City Bank. New York;
William B. Ridgeiy, Controller Of the Currency; ?;
Charles H Treat, United States Treasurer: Jacob
Il Schf, OF Kuhn, Loeb & Co, New York; Isaac
y. Seligman. Of ]. & W. Seligman. New York.
end William A. Nash. president OF the Corn Ex-
change Bank, New York
Mr.. Yanderlip presided at the session and in his
introductory address said financial situation:
Some people attribute the trouble to the policies
Z The President the United States. while others
I is probable that in neither Of these extremes will
be found the real cause of the present financial
wealth. ana Immediately following these wars there
came an unprecedented period of worldwide actiy-
fy, that found an insufficient capital
CONTROLLER RIDGELYS ADDRESS
United States Controller Ridgely dwelt on the
financial conditions existing in the United States.
lie said that reaction in business was due and
inevitable in fact il had been in progress for some
time The exact incident which precipitated the
crisis and produced panic was not very material
He added:
The expansion business and imitation of credits
whether based on transactions which would be
classed perfectly sound and legitimate. whether
IN ventures t or oin On sPeGnldGn tbs
had be settlement and liquidation. While
non 10 one o. the before Mentioned Classes. it is
impossible TO separate the results on the general
produced the catastrophe and which did not how
much was due TO legitimate enterprise and how
some one had to pay the penalty for the indul-
The reaction and liquidation were not only abso-
luCely inevitable hut necessary and desirable in
mai condition. This should have been accom-
plished, however, in much more orderly. quiet
way.
1here never is any necessity for a panic and
because conditions did not justify it in any way.
Least of all should we have had panic among
have been avoided. and in its place we might have
haf- a nlore reas9na5le and orderly readjnstment
cf currency and a better system Of banking. both
We would also have been in L. very much better
position the relations between the business world
mt basis: if the Treasury Department had been
ianer te5g our o. business ano tree rom re-
70 be- if, being in business it had had the proper
Mr Ridgely said he had no criticism to make OF
tbs operations OF the Treasury Department and
from his experience during the administrations of
Secretaries Gage. Shaw and Cortelyou he believed
they were entitled TO the highest praise for what
they had done with antiquated. cumbersome and
complicated facilities. Mr. Cortelyou, he said. had
Gone splendid work. but the government had col
lected from its people s245,oe00c0 above its neces
sary expenditures and then to restore this money
70 circulation had TO deposit S2z2.o0o090 with
national banks and when the supply OF government
bonds gave out. had 10 accept various other bonds
security. The speaker continued:
This is all that could have been done under the
circumstances but the surplus should never have
been collected to such vast The govern
ruent should not take money from you and me
when We need IL just 10 keep II hand a
panic fund. II is no proper governmental function
10 tax people for such q purpose The government
should collect its revenues end make its payments.
as every else doess through regular banking
channels