The Bridgeport evening farmer., 1916-07-11
FORMER 6. OPP. OFFICIAL LAUDS
 BANKING LAWS

In an interview recently in New York, William Barret Ridgely, 0 for mer Republican Comptroller ce the Currency, declared that the present prosperity of the United States rests upon safe and sure foundations. The enaction of the new banking law by the Wilson administration, MT. Ridgely admits, is largely responsible for this fortunate outlook.
 MT. RidCely served as comptroller under Presidents Roosevelt and Taft and is son-tn-law of the late Shelby M Cullom, for thirty years a Repub- ;ican Senator from Illinois.
 He said:
 The balance of trade in favor of the United States for the first nine months of the current fiscal year down to the end of March reached the enormous sum Of $1, ,49J 900. 900, more than dou- ble that of last year and something over three times that of the same pe- riod of 1918 and 1914. This is at the rate of about $2,o09, ,000, 900 a year in round figures During the whole history of the Government from Wash ington to Mckinley, period of over no years, the total balance of trade in our favor was less than $500, 100000, so that in one year the balance in our favor is more than four, times the am- ount it was for this long period.
 Figures Are Gigantic.
 It is difficult to contemplate figures of such gigantic proportions with any thing like calmness and to estimate their effect on the present and future business of the country without being too much carried away and impressed by them. During the last year our production of gold has continued at our normal rate of about sl00.000, 900 per year and we have imported about &S5, 5,006,000 in 191k to an estimate of $50, 0,000,00O in 1916. Copper has more than doubled from s4SS. S.00d.0oO in 1915 to an estimate of e540,000, 900 in Ils16. Lead increased from $4S,00O,- 900 to SIS, ,000, 900. Zinc increased from $l41. 100000 to $190,00o,o00. Due to Federal Bank Law. This explains why we have been able to take back American securities from European investors by the hun-
 dreds of millions, with so little distur- bance to our own markets.
 The change in our condition due to lthis enormous business is the best guarantee against any sudden or
 abrupt change when the war ends. We l have cleaned house, paid our debts and laid up 8 prodigious fund against future contingencies. Of almost equal Iimportance is the improvement in our financial system, due to the establish ment of the Federal Reserve bank, which gives us the machinery and organization for utilizing credits and such . mobilization of our reserve money as to make impossible any such sudden Arrangement of our financial matters as we have frequently seen in the past. It was extremely forum
 ate that this reform in Your financial machinery vas in operation soon enough to be of assistance during the crisis brought on by the war. Available Gold Supply. It has shown great wisdom on the part of the management of the bank
 that they have followed the reserves to accumulate and have had on hand available for any contingency an in creasing quantity of gs.ld. amounting now to about t33O, 100000. Our bank l ing and financial institutions, forti- ned as they are py tnlS great lnStitu- tion prepared to furnish currency or gold to any extent which is likely to be
 needed, are ready for any emergency. If we should unfortunately become in any way involved in the war our banks would be pr epared to take care of any situation.
 It cannot be expected that the pres ent high pressure can be kept mp and |