New-York tribune., 1907-10-31
ASK MORE ELASTICITY.
R4NKERS TO CORTELYOU.
Changes IN Currency System FaU-
Ored-Ridgely'S Nelc Move.


4ngh familiarity with the government service.
oured through many years of connection with it
in several os the executive departments and at
the White House, and his extensive acquaintance
with important financial and commercial inter
ests in all parts OF the country have been of in
valuable aid him in the last ten days in deal
ing adequately with the disturbed financial situa-
ton BY reason of his knowledge, experience and
acquaintance he has been able TO obtain general
cooperation among ali branches of commercial
and Industrial activity, thus nsuring united and
harmonious front in maintaining public confidence.
In the last week the Secretary has conferred in
New York and in Washington with men who are
among the most powerful factors in the business
affairs of America only to the conditions
which Immediately confronted them, but as TO the
remedies be applied to avert such situations in
the future a disposition has been manifest among
important financial and industrial interests TO
the enactment of such national legislation as
will simplify business requirements, render more
elastic the currency system of the country, safe
guard the rights and interests of the people by
anording ample assurances of safety to investors
and incidentally, preserve all elements OF reason
6bie regulation and publicity.
II may be said to be the purpose OF Secretary
CortelyOu protect in every proper way the
legitimate business of the country and to lend
support to such means and measures as WILL IN
his judgment, contribute 10 the security of the in
terests OF the people
Secretary Corteyou conferred to-day with Narl-
representatives OF the cotton, sugar, graln'
lOInDeT and other large lnuuSli4SS with 'AS" ~
facilitating movements THAI will effect a sub
stantial easing of the general financial SITUATION
and he is much encouraged by the results or his
efforts. He would make any statement re-
garding his conference. Among thos. with him
were President Solomon Wexler OF the Whit
ney Central National Bank, OF New Orleans. and
representatives Of the State National Bank. OF
New Orleans. and other institutions there.
RIDGELY's NEW RELIEF PLAN.
Controller RidgeIy issued an official statement
to-day. which SAID
The Controllers office will in every proper way
note circulation. With this end in view all such
Psns Of 4B - hnT % the GneG States to
secure deposits and also have any available capac-
substitute other bonds satisfactory to the Secre-
deposs GI Provided the Government bonds thus re-
leased are used to increase circulation.
ransfeTring the bonds from the deposit eccount to
circulating notes. but also where an arrangement
can he made 1or any other nauonaI bank naVlng
capacity for Increased circulation to take out the
aud take out tie additional circuIatio1 as rspdIV
furnish whatever information is needed in regard
available for this purpose
Controller Ridgely has taken this step with a
view to giving quick relief not only IN the large
cities requiring currency for payrolls, and such
purposes but also in the country districts, where
the banks difficulty in obtaining currency
from their reserve agents. A large number OF
banks have less than the maximum amount OF cir /
culation outstanding Many Of these have govern |
meut bonds deposit to secure government de- !
posits Under Mr.. Ridgelys plan there is possi- !
blity increasing the circulation from S5oo0OO 10
s3o0e0eo0 with circulating notes actually printed
and hand in the vaults of the Controllers /
office
The Treasurer now holds than 100000 in |
government bonds government deposits !
and it would be possible to increase national bank
mn lfT0- Of
capital stock is reached The telephone and tele- /
graph lines being used to urge banks TO take |
prompt action in this matter
The Director Of the Mint has been instructed 10 |
work TO the utmost capacity the mints at San !
Francisco and Philadelphia the coinage OF the
large amount bullion hand, and every other /
branch Of the Treasury department that in !
any WAY afford relief is working overtime.
T5.--iDENT NOT APPREHENsIvE.
r " Bloomingdale. director Of the Phenx Ma |
tional Bank of New York, and otherwise hnan- /
cially connected in that city had a talk with /
President Roosevelt to-day. and is authority for
the statement that the President is keeping minute
y informed regarding financial conditions not only
In New York but throughout the country, and that /
he feels no apprehension of serious trouble in any
quarter. Mr.. Bloomingdale said he obtained from /
Secretary CortelyOu expression similar in char
actcr.
Mr.. Bloomingdale assigned the causes of the /
cent trouble be the tremendous overexpansion (
until the situation reached the point where the
books had 10 be balanced. The only connection the .
course Of President Roosevelt had with the crisis
he asserted. perhaps 10 hasten the inquiry into
the actual worth Of the securities which certain
credits We're based From This point of view, he
said, the sooner the reckoning taken the less
disastrous the result
II the troubles had been the result Of the Presi-
dents policies Mr RloomingdaIe added they would
have affected the Vr1i, g. country This was not TIL.
case He called atj,: t,n TO the decline in British
consols. and said resident could hardly be
held responsible for this shrnkage, when logically
Il American investment securities had actually be-
come discTedited. the value Of British securities
would naturally be enhanced
CONDITIONS IN THE SOUTH.
ne Ne" Orleans fnanciers who had
ference with Secretary Cortelyou to-day were as
ftucent as the Secretary himself as to the object
VI 1her mission Mr.. Wexler would only say
''hiefenee would be resumed tomorrow Dis
eUssig some phases Of the monetary situation at
-Nt" orleans and throughout the South he said:
There has ieen no evidence Of anv want of con-
---' nee II banks and financial institutions any
M'-+.I" 'H ne south but Southern banks. owing 10
'ltaso 81 81 Louis. the three reserve cities, have
h =, compelled 20 restrict payments Of cash. and
@9llpL+d ne same course other large by
Iss ing Clearing House certificates.
ne chief difficulty al the present time in OBJ
t'-'7 d StncieHt amount Of small bills and frac-
una currency 10 facilitate the rapid of
- N3lt'h ana sugar crops, but with hearty
%setIaIoh among planters and interior banks the
.aic4lly IS being overcome. and easier conditions
- expected In the future.
- ! ne - national banks of New Orleans increas-
iIloS are available for. and will also forward
4als amounts Of demand checks European
,enires created hy reason of exports of cotton
~ .Ilportsd ported Al The moment this is somewhat
T.IacIed by New York's inability remit cur
perfected Vli