New-York tribune., 1907-08-25
.MR. RIDGELY HOPEFUL
COMMENTS ON CREDIT.
Sees No Cause for Alarnl-4pproUes
Wr. CortelyOws Plan-

,r-..,,,rv+on aug 24-wilam 3. Ridgely Con-
,rller Of the Currency. discussed In detail to-day
the lan which Secretary COrFelyou has forlnulA'eo
ro relieve possible money stringency lillS iali'
,,,,vl, The distribution of public funds among na-
tional banks. He gives reasons for regarding ue
rlaa as wise and timely, and says ne can see hO
reason 1.hv :he demand for liquidation should De-
cor,. so general as to produce anything ike a
panic or commercial crisis In fact he taxes
mos. optimistic view Of the situation. maintaining
that the resources OF the country never at any
time were so readily available for progress ahd
development as they are at present Nohltoiiei
fssdgciys statement follows
The announcement made today BY Secretary
ortelyoa OF ms plan f9T % aof of e oyernment
funds is very wise and timely ard shpuia s9 Ia iaI
toward allaKlng apprehension and restoring buSi-
every one at all conversant with the moTey mar
ket lhat the present strinsency app SPphas an n Iime
money is very tight, while call money is compare
ins most heavily commercial and manufactur-
Ing interests .. ,o.,
and where needed VIII enable him 10 apply ms re
ercfi m and manfaeturins tt business with less
reference 10 1he speculative situation believe -
.frer the relief this way. than 10 walt until me
stock market 1 2 is IN more 9T 1esS o5 5,r panic 1'N
one OF the great disturbing factors III our an
neernty n tIR Fi1s as TO when and how The Secretary Of
the Treasury would take acton, & IL n5aI1fed Is Ep
fictitious heights to effect this action a+o5
I glad that Mr.. OOTtelNtu mas dIiNAS-t11SN
this and bv making this announcement now re-
moved the uncertainty as Is IfeSSlbi--
While the present situation Is one requiring care
and rool-headed, deliberate action. especially on
the mari Of the hanks. there is no reason at an
why the demand for liquidation should so spread
es 10 nroduce anything like panic or comrercial
crisis The banking condition is unusually souilG
more 50 on Of the REIMBURSEMENT OF stoCh
market There is tremendous demand
for MONEY! il is called-that is. demand ioT
credits 10 finance all kinds Of business But it is
M rreafer Than II has been in the aggregate, ana
only requires some shifting IN detail Inc pdilhs
az-e the resources supply this credit alld Whe
N NAV be necessary them to curtall new eEeI-
ars0DS and discourage any fuTttler eAi'iiS9hl
their they should nave no uILLl
eliItZ- in taknE, care Of the current business hild
acc,uolno odaring their customers III an
Sen,ands The banks have met seNeTai SlliI,S i
crises before successfully and with better oahhs'
reserve money VIII. an
absolutely assured standard 81 N1iut itfs Il
leIz- no doubt that they will be able 10 take
81 things this fall and get as over me eri'ieS'4
The element in the situation due TO the season son
- - ,-ar- is the fact that have raised te-
sTero f5z-e aud six billion dollars wort % g a.
sci.cr "a tl,a coal iron. steel copper ano oIleI ..
,aea.fs, that IS eing produced lills - LIo c-eS
etiTs 30 get frightened about or 10 ,beg-
-. - eoT on every one suddenly 10 pay tNelI ~
SafSs hut Il should rather encourage lhg -,
- ave n their customers and make lodLS e.
80 ,i,-el, wherever there Is proper pasIS 81. -.
~-aasr X . should take courage 1ToIll 'A as
- ,,,5,o,,r, this situation dououess Is az
5vos5Svide Iri6 intsrnatonaI We sn
enormous clements Tor TecupeIdt
TINS 2Cunott M ,roJnction of wealth II never was
81 eTeot as al the present time or fio-e oe-tty is
g. a,1- ,,raeress and Development pa,se ,r
--,-,,-o-iiaTlv .1a-d 10 stand. but there ~ lo '
f-ginr such evidences scare us 10 dea'h'