The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1907-08-29
DISCUSSES
MONEY RELIEF plan
COMPTROLLER OF CURRENCY
PRAISES CONTIGUOUS REM.
EDY FOR FINANCIAL STRAIN.
PERMITS GIVING HELP
WHERE MOST NEEDED
Comments on the Country's Enormous
Resources and Sound Condition OF
Banks-Great Demand for Money
Only Requires Shifting in Detail.

Banks-Great Demand for Money
Only Requires Shifting in Detail.
Washington, Aug. 26.-William B.
Ridge1y, 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 eason 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 a panic or CONNER
cial crisis. In fact, he takes a most
optimistic view of the situation, main
tanning that the Of the coun-
try 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.
"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 it's 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
ly 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. 1 believe it is better to
make this announcement now, and Of
fer the relief in this way, than to wait
until the stock market is in more or
less Of a panic, and rates for call
loans are extremely high.
Uncertainty a Menace.
zone Of the great disturbing fac
tors in u 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-
liberate 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 a panic or commercial
crisis. The banking condition is un-
usually sound, more SO IN account of
the reimbursement 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
er 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 get frightened about, or
to make it necessary to call on every
n suddenly to pay their debts, but
it should rather encourage the banks
to take care of their customers and
make loans conservatively, 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. 1t
never was so great as at the present
time, or more available for u prog
ress and development. Prosperity is
proverbially hard to stand, but there
is no sense in letting such evidences
scare us to DEATH
SIX ARE INJURED BY A TORNADO,