New-York tribune., 1901-12-20
GAGE TALKS TO BANKERS
HE URGES PLAN OUTLINED
IN HIS REPORT.
Ex-sPEAKER THOMAS B. REED. THE
REV DR.. DONALD SAGE MACKAY
AND OTHERS ALSO SPEAK.

AND OTHERS ALSO SPEAK.
Bankers of this city who are known collective-
" as Group VIII Of the New-York state Bank
ing Association. had their annual dinner at the
Waldorf-Astoria last evening. and with their
friends filled over four hundred seats at tables
in the ballroom of the hotel Many women were
in the balconies to hear the speeches after the
dinner Lyman ]. Gage, Secretary of the Treas
ury. was the guest of honor. sitting at the right
hand of George F. Baker. the chairman Of the
association who presided. Others at the guests
table Thomas B. Reed. James T. Wood
ward Henry z. Rowland, Amos Parker Wider.
the Rev. DIR. Donald Sage Mackay. A D. Bissen.
the Rev Thomas R SIcer. Joseph c. Hendrix.
Rear Admiral Barker. General J. R Brooke.
Conrad " Jordan. George G. Williams. Morris
K Jesup James Stillman Myron T. Herrick.
Richard DeiafeId J. Edward Simmons. William
A. Nash F. D. MiIburn ard William Sherer.
There was much applause whe1. after a toast
to the President of the United Sta+es had been
given, Mr.. Gage was introduced as the first
speaker. The address Of the Secretary OF the
Treasury made a good impression The bankers
lis tened to it with close attention, applaud1ns
some of the sentiments vigorously. Mr.. Case
said at the outset:
MR.. CAGES SPEECH.
1t is a strange anomaly that while in nearly
every other department Of life improvement Is the
Indispensable rule, ir the great ned or edAltSS
finance and exchange 've go on Win Sn MAJ
feGent regard to " tn1 1anoiCEP Ij44 oonSiders
tion usgestfons which il adopted would advance
feid Of Industry and exchenre- The eviden3sses OF
improvement IN ali other departments oi ILe t az
manifest on every hand Old machinery IS thrown
away
The Secretary ther said he kEew railroad
president who told him once that ne could put
bis line on a dividend paying basis If the di-
rectors of the road would only permit him 10
throw eighty engines into the scrap heap anu
replace them with and modern ones he
also related an incident of = tool manufacturer
who permitted foreign agents to photograph his
finished product because he was sure he would
have new and improved devices before the for
eign manufacturers could produce the Old artl-
ces from the pictures. He continued:
In my late report to Congress took occasion ,, 70
call attention to the suoeGt i} Gt pa m 5sfscts in
both and to suggest some Improvements IN IN 5 Sacr
TO put US into safe and strong competitive Ieia-
tons with those better equipped than M We are I =.
as useful as capital and BY which the 2rodIctS OF
want to excite in your minds an interest IN the
In the report referred to attention was called TO
what l consider the fundamental weakness OF our our
eankng syjasf % f,ncto9 m tbe bank performs as an
intermediary through which eredlt Is mace mace s. az
fhuz given a power scarcely les great than the
Of capital ltSe!I- An euoIl HdS maui "
the subject Of banking. that the bank Is an in-
other members Of the community. which EXCEPT
for the office the bank would be non-av PIE
for the uses of life and in passing this point let
me repeat suggestion made a day or Two since
tSa stEesf ogbt to be Changed we read all the
time he said of the rates Gs t'r tn1oPTS7 3 ard
day s. 10 be followed. perhaps BY a rate & as
the scarcity OF money as indicated by these hiSh
when substantially there has been no Grange @
people or remaining under the control OF the banks
What What Sufht M S2s to be Of @9fs eTe Is Stated Rof IN the @
interest? 1t is credit that IS getting dihcut not
actual money that is becoming scarce.
WEAKNESS IN ISOLATION
The weakness Of our banking system TEN ,r'asf is =, thf
banks over the country. When period OF GlstrusS
or doubt comes over the Iand theIs Is ,t5+ eTs - -
seIfpreserva ton which drives men IN a G99Iussd &
theatre.
munttv through the country into central tnsti-
citis Tfon IN "p Witch AN bsak should be related or in
terested according TO their Individual reIatlye m
resent to the banking interests OF the country
what the Federal Government represents in our
against the aggregation Of great wealth IN me
nature that larger gains and better ADVANTAGES
FAITHFULLY the common interests than by exploiting
the community through a system OF theft and ROD
berry.
The Secretary urged reform Of the currency
system of the nation along the lines outlined in
his report to Congress, and declared that there
was no time more favorable than the present
for the tudfcious revision of the laws He told
of the reduction Of the interest charge on the
national debt. and. commenting upon it. said;
The cash under the control Of the government IS
larger than at any previous time IN IT'S history & 80
and in the minds Of those the more InlnsdIately
responsible Tor government mar
strength of the government IS now unsur passed
Other nations. struggling with debt or involved IN
the enormous expenditures incidental 20 actual war
or the maintenance Of great armies. look with en-
Rut times change events succeed events and the
brightness OF the sun today Is often ooscured oy
strength and prosperity it IS the part Of wisdom
TO make provision against possible future periods
OF stress and strain
EX-sPEAKER REED SPEAKS.
Thomas b Reed ex-Speake OF the House OF
Representatives. responding to the toast, Busi-
ness and Legislation" :" reminded the bankers
that he was no longer concerned with the max
ing Of laws affecting the business of the coun--
try He talked Of currency issues. creating
laughter when he said: The issuance Of cur
rency on United States bonds has been sancti-
fed by forty years OF stump oratory Of which
have furnished my reasonable quota He spoke
of the need Of mixed currency IN the south ana
West. saving it was demanded in those parts OF
the country for the development Of the coun-
try.s resources. and he closed his speech with
the following:
IF Won can grant 10 the partially developed re-
SOURCES of thfs country a mixed currency. en- a
basis OF reasonable certainty, you Will De DONG a
FOR them the price OF money and encouraging sCch
development will add TO the size tne stIensS n
and the business supremacy OF the Sreat city OF
today and the greatest city OF the future the city