Evening journal., 1907-12-31

3,THE JOURNALS Special Wire.
WASHINGTON, Dec. s1--At the sug-
stion Of the United Press. the comp
Her of the currency has prepared
following New Years message to
American people dealing with the
aent panic and it's probable effects.
4 BY William Barrett Ridgeley.
Comptroller Of the Currency.
+ 8,he financial panic of the year 1907
u doubtless cause many business
p always to remember the year with
|qing OF repentance OF regret. 1t by
means follows, however, that we
ould look forward to 1908 with fore
Sings of fear. We have had our
lnvs lsglt it is over, certainly as far
/ its acme stages concern US, and VIII
pn be a h-Rtter Of history.
|.he conditions which made this
sis possible.A are the accumulated
opposite results OF many years Of
lsiness. Theywhole world has been
er-trading and expanding. and no
here has this been more rampant
an in the United States. It is i'm
4ssible to exactly locate the blame
d say just who should bear it.
4 |)ne thing is certain. we are all in
same boat ana must endure togeth-
the after results of the panic, and
Z are all vitality interested in mitigat-
|g its effects and recovering from il
soon as possible, leaving the mini
|um Of permanent result.
|On ~ zone does this duty fall so
|rectly as the banks 1T is their duty
restore business to normal condi-
pms by resuming their functions as
Fomptly and as fully as possible. Con-
tions are such as to make it COM
iratively easy for a mere prompt re-
very than has followed similar
ashes.
There have been sixteen suspension
I failures of national banks since
ugust %. OF these two have resumed
nd several more should do so. Con-
ast this with the panic of 1898, when
o national banks failed. and of these
.ty-four are re-opened. The banks
i've stood the strain Of the last few
eelzs better than ever before and they
'e in better condition on January !,
os. than they ever were in such a
isis
ank Deposits Decreased.
The report of the condition of the
ational banks shows that from
ugust % to December 3, individual
sposits decreased but s142,OO0.OOO, or
bout 3 IA per cent; while the de-
ease in cash on hand was but S4O,-
o 900, and the increase in bills pay
pie and re-discounted were about
2 100000. Probably the most signif-
int showing in the reports is in the
after of reserves.
|The returns as tabulated by States
-e significant and reassuring. There
not one State which does not show
p excess of reserve above legal re-
lirements of Is per cent. and an in
ease in legal reserve and total cash
cans on December 3, above those held
4 August %.
From these facts in regard to the
anking situation. it would seem bur a
lir conclusion that the acute trouble
past The panic is over and the
orst is past. We have a long period
readjustment and recuperation be-
re us. Values Of all kinds viii have
go through a period OF retrenchment
nd liquidation, but there is reason to
alieve it viii not be so long or trying
5 in previous.
economy and Retrenchment.
Economy and retrenchment is salu-
,ry for a country as well as an indi-
dual. The period of readjustment
lould. however. be shorter and less
we're than it has been after other
lnics.
The underlying substantial wealth Of
III industrial and agricultural classes
as saved US from a worse panic and
i'll bring US out Of the industrial de-
-ession.
In due time this will be brought
bout. r viii not come suddenly nor
the form Of another speculative
pom in stocks and securities. but af-
II we have paid our debts and
,duced our expenses, the great re-
'urces of the land viii revive our
usiness let us hope. on a more sound
nd enduring basis than ever before.