The Washington times., 1907-12-31
BY WILLIAM BARRETT RIDGELY.

able effects:
BY WILLIAM BARRETT RIDGELY.
Comptroller Of the Currency.
The financial panic in the year 1907
viii doubtless cause many business men
always 20 remember the year with feel
iHgs Of repentance or regret. It by no
means follows. however. that we should
look forward to 1908 with forebodings
or fear. We have had our panic. but
# is over, certainly as far as its acute
stages concern US, and will soon be
only a matter of history.
The conditions which made this crisis
possible are the accumulated composite
results OF many years OF business. The
whole world has been overtrading and
expanding. and nowhere has this been
more rampant than In the United States.
i is impossible to exactly locate the
blame, and say just who should bear It.
All Helped in Some Way.
Let the man who is without sin cast
the first stone" There is no one in any
way connected with any business who
has not in some way contributed to the
expansion.
One thing is certain; we are all now
gether the after results OF the panic.
and we are all vitaIly interested in miti-
eating its effects end recovering from
# as soon as possible leaving the mini
mum OF permanent result
on no one does this duty fall so d.
rect!v as on the banks. 1t is their duty
10 restore business to normal condi-
tions by resuming their functions as
promptly and as fully as possible. For
tunately there is not only the strongest
desire and disposition on the part OF the
banks to do this, but conditions are
such as to make It comparatively easy.
and to lead us to expect a much more
prompt recovery than has followed
other similar financial crises. The
striking feature of the panic Of 1857 is
that. sudden and severe as Il was. the
trouble with the banks has not been
worse and the failures more numerous
and widespread.
But Few Bank Failures.
From October 20 to December 30, 1857,
there have been but sixteen suspensions
or failures of national banks. OF these,
two have resumed. and several more
Should do so IN the very near future.
Contrast this with the panic Of 1898,
MItn lnN udLlOUdl DdAh6 ldlitQt ana OF
these ffty-four We're never reopened.
The total number of national bank
failures for 1907 is twenty-one, and this
number has been exceeded many times
in years when we have had nothing
which could be called a panic. The
banks have, therefore, stood the strain
OF the last few weeks better than ever
before, and they are in better condition
January l. 1908. than they ever were
after such a crisis. The reports Of con-
dition of the national banks show that
from August % TO December 3, indi-
vidual deposits decreased but $142, 900. coo.
or about "a per cent, while the decrease
the increase in bills payable and re-
discounts was about S42,O O000
Good Showing in Reserves.
Probably the most significant show
Ing IN the reports is in the matter OF
reserves.
Our reports show that the reserves in
the central reserve cities were but
70 per cent. against the legal require
ment Of 25 per cent. The forty reserve
cities show 4.72 per cent Of legal re-
serve, or almost the full legal mini
mum, while their total cash means are
26 55 per cent OF their deposits
The returns as tabulated by States
are also significant, and reassuring as
70 the general conditions. There IS not
one state which does not show al ex-
cess OF reserve above legal requirement
OF 10 per cent and an increase IN legal
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