Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1907-06-05
COMPTROLLER RIDGLEY MAKES
SUGGESTION TO THAT END.
PUT FUNDS IN OUR BANK
This Policy Assures as Great Safety
as Though in Government Vaults
All Disbursements Should Be Made
by Check and Circulation Left IN
impaired.


Comptro Ter Rldgley of the United
States treasury was the pr hcipal
speaker. He said in opening that the
! most constant and serious complaint
which Is made of the treasury de-
partmant, in its relation To the bust
ness OF the country, is that the treas
ury always in the money market as
a disturbing factor; that it is con-
stantly taking money out of the regu-
lar channels OF trade and locking il
up in its vaults when it is needed i'll
regulation. To correct the conditions
resulting firm these operations, the
| secretaries of the treasury have for
years found it necessary TO adopt
varying expedients to put the money
back into the hands of the people
These different measures are gener
ally put in force only when the bad
nave accumulated until the money
market has reached an acute condit
! ION, and frequently when the stock
! market which is the most apparent
indication of financial disturbance is
| In panic, and there S danger that
the resulting liquidation may spread
TO the banks and general trade, and
| assumes such proportions as to be
a dangerous menace to all kinds of
business.
Mr.. kidgley pointed out that under
the laws which have been n force
for many years, the receipts from in
ternal revenue have been deposited in
national bank repositories. daily, as
received. but have soon been taken
OFT from the banks into the treasury,
I only to be redeposited in emergencies.
The act of March 4th, 1907 now makes
possible the deposit of all the govern
ment receipts in the banks, and in
this way both internal revenue and
the custom receipts can be left IN
circulation
1t is possible under the law, +"
said Mr.. Ridgley and l think highly
desirable, to go one step further than
this, and collect the revenue mainly
| n bank credits, without the use of a
! graf deal of the actual cash. at all,
and thus avoid tile necessity of ever
Withdrawing single dollar from
/ actual circulation. until needed or it
! can be promptly paid out for eX-
! penses of the government This can
/ be done by allowing the collectors of
both classes to receive. in payment of
customs and internal revenue. certih-
! Gates of deposit on banks, which are
/ designated repositories of the United
| States.
| The speaker sa d that while in any
depositary bank, or being transferred
rom one to another. the funds would
/ be as absolutely safe as if in the treas
! ury vaults. Whatever Encouragement
/ there might have to be between band
! and bank and city and city, there
| would be no change whatever in the
total amount in circulation, and,
| therefore, there would be the least
possible financial disturbance as tie
result of the process of collect on OF
] its revenues by the government
| The secretary OF the treasury would
have a daily report of balances with
| the different banks, and could daily
make such a redistribution of the
| funds as is necessary for the public
/ service. As far as possible, the d s.
| bursements of the government should
| be made by checks against these de-
posits thus still continuing to leave
| the money in circulation.
Mr.. Ridgley urged that by keeping
! the money ON deposit in the banks
me government would with perfect
safety to its funds keep the circula-
| ton normal and reduce to a minimum
the d sturbance we now complain of
SO much caused by the withdrawal
of funds from circulation to be locked
| up in the treasury vaults. He said
| such action would to the greatest ex
| tent possible take the treasury out
of the field as a disturbing element,
As far as its internal revenue and
| customs collections are concerned.
! II would substitute a defin te plan,
on the correct principle of the least
| possible interference with business
| of all kinds, for the present method
of taking more or less money out of
circulation without reference to con-
dir ons. to be returned only by special
| action. after more or less harm has
| been done by these Withdrawals
Let the treasury get clear of the
/ money market, said Mr. Ridgley.
and leave it alone. Business men
would then know what they could
expect and make their calculations
accordingly. This would have a most
sanitary effect, for when people real
lied that the treasury department
would not rush to their aid as soon
| as money became tight, there would
he less dependence on such relief.
and far steadier and more satisfac-
| tory conditions in the money market.
It may not be wise to do this at once,
but this is the correct pr 'nciple, and
/ one which should be ultimately ap-
piled This may be considered radical
but it is right, and it is better to be
rad cally right than conservativeiy
| wrong"
Hero Commits Suicide.
| Washington. D. c., May SO--Will-
I -