The daily morning journal and courier., 1907-12-03
REACTION DUE
 AND INEVITABLE Comptroller Ridgley Says Business Crisis Had Been Developing
 Some Time.
FEVER ANY NEED. OF A PANIC HE DECLARES
|ther Prominent Financiers
 Talk on the Present Situation in This Country.

Country.
 Philadelphia, Dec. 2-The financial huation in it's varying phases was |scussed here tonight by flnanciers or |btional prominence before the Amer an Academy of Political and Social lSience. Probably no meeting of the 'sademy ever attracted as much at- pn in this city and Witherspoon hall, which the speakers discussed "The EJsons of the financial crisis was so pwded that the doors were closed tainst hundreds who sought admis- lsn.
 Fhe speakers included F. A. Wander vice president of the National City l 'nk, New york; William B. Ridgley, etroller of the currency; Charles H. ! Ieat. United States treasurer; Jacob Schiff, of Kuhn, Loeb & Co.,, New rk, Isaac N. seligman of J, & w. New York, and William A. 2 ssh, president af the Produce Ex- Ange National bank.
 A fr, vauderlip presided at the ses- Wa and in his Introductory address & Id of the financial condition: Some people attribute the trouble to policies of the president of the lted states, while others find the pse in the gambling of Wall street, 1t Is probable that in neither of Bse extremes will be found the real se of the present financial situa- NJ. The Boer war and the Russo banese wars necessarily caused the truction of much wealth and im> diately following these wars there he an unprecedented period of Eld-wide activity that found an in capital
 L 'lhe next speaker was Comptroller &lgley, who dwelt on the financial Editions existing in the United States said. "A reaction in business was and inevitable; in fact 1t had been progress for some time. The exact dent which precipitated the crisis produced a panic, is not very ma ' hl.
 & D'he expansion of business and in lon of credits, whether based or 9 lsactions which would be chased as .& eectly sound and legitimate, wheth- Nh seni-speculative ventures, or or < Sulation pure and simple, had " lhed the point where there had tc E gome settlement and liquidation. the reaction and liquidation were & only absolutely inevitable but nee My and desirable, in order to bring ness of all kinds back to its nor lcondition This should have been mplished, however, in much orderly, quiet way
 last of all should we have had a b amongst the banks and this might easily have been avoided, in it's place we might have had a
 reasonable and orderly readjust-
 of credits and values, If we had tier system of currency and a er system of banking, both nation- q state.
 Ridgley said he. had no criticism W ake of the operations of the treas department and from his exper-
 during the administrations of taries Gage, Shaw and Cortelyou elieved they were entitled to the sst praise for what they have
 with antiquated, cumbersor Complicated facilities. MT. Cortel- ~ he said, had done splendid work the government had collected
 its people $24b,OO0,0O0 surplus its necessary expenditures and to restore this money to circula- had to deposit $222,OOO, ,000 with hal banks, and when the supply vernment bonds gave out, had to various other bonds as security lis is all that could have been * under the circumstances, but the ns should never have been col
 to such a vast sum, The gov ent should not take money from md me when we need it, just tc | 1t on hand as panic fund. It is roper governmental function te eople for such purpose. 7 . government should collect it' ues and make it's payments al
 one else does, through regular
 Ing channels"
 bb schiff followed Comptroller
 ly and Isaac N. seligman was thu
 speaker.
 liam A. Nash, president of thu Exchange bank, New York, said 1T
 'SThe magnetic needle does no more unerringly to the pole thar |.| +: caring house certificate points tt
 It central bank, and dodge this a. hy. and as probably we will fin
 re shall come back to see it, ant
 as the solution of all our diff
 But such bank must be or. / q properly, or it will never gaiI
 confidence. The government
 be represented in it, but the dom
 power must reside in board O
 brs. to which the most eminen Is and business men shall b.
 us in good faith such cen
 ank with such management anC
 such functions as the clearing
 all over the country have to . d you Will put us on par witl ad and France and Germany witt
 treat benign national banks"
 ed States Treasurer Treat wa
 t speaker.
 eneral discussion of the hnancia
 on followed the addresses.