Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-10
Indiana's Junior Senator Ad-
dresses State Convention.
BUSINESS HIGH TIDE
CREDIT AND CONFIDENCE SY-
NoNYMoUs AND NECESSARY.
ONLY Great Financial Question is
Legislation That May Be Enacted.

SOUTH BEND, Ind. September 10.-The
seventh annual convention of Indiana bank
ers was addressed today by United States
Senator Beveridge. The report of the sec
rotary showed 636 banking institutions In
the state. Senator Beverage has but re-
Gently returned from visit with the Presi-
dent at Oyster Bay, and his positive asser-
lions with regard to the action of the COM
Ing session Of Congress were given all the
more weight.
The coming session of Congress will not
enact any radical or sweeping financial leg
islation. Except in great emergencies
moderation Is the word in all f1nanclal
legislation. The stability of financial legis-
lation, even though imperfect is more oeslr-
able than sudden and comprehensive
changes. even Though those changes are to-
ward greater PERFECTION.
Possible Legislation.
Some moderate financial legislation which
will relieve the periodically recurring money
stringency In the money center is probably
desired and may be enacted But such
legislation If enacted. will be simple in its
nature and will not disturb or alarm the
business interests of the country. No leg1s-
lation Is possible at the coming session or
Congress which will radically AFFECT our
entire currency system and cause the pusl-
ness world to pause In our present pros
perity until 1t Is seen how such legislation
is going to work.
The maintenance of credit is the only
great financial question and always must
be- And credit Is only another name for
confidence Confidence is preserved py
reasonably permanent adjustment OF bust
ness to any given lines of financial and
commercial policy more than by al otner
things put together.
Il do not mean that there should not De
gradual changes in all Of our laws as those
laws here and there become out or date.
But do mean that 1t Is better LOT ou I,so
ness to steadily adhere to some settled line
of policy than to suddenly and radically
change it. Our whole financial and indus
trial legislation should be steady and not
spaSmodic.
Financial Servants.
within banking circles themselves all
contention should cease There IS no natu-
raj antagonism between eastern and west
ern bankers. Naturally their interests are
the same. Bankers east and west are the
financial servants of a single people under
a single flag. If western bankers, when
they do not need their money. make loans to
the customers of New York bankers, 1or
example, as is universally DONE and when
they need their money again take it away
and require the entire financial necessities
of business in the east to be-cared for by
eastern bankers whose territory they have
invaded, western bankers should not object
II
eastern stringency which the western bank
ers themselves have caused. On the con-
trary, the eastern bankers should not in
wade the territory of western bankers when
eastern money Is plenty and thus invite
reprisals in their own fields by the western
bankers There should be mutual consider
alton, each section taking care of the finan-
cial neCessIues or lIS own people as long
as 1t has the money to do 50 and relieving
the necessities of another section only
whenever they are not able to take care of
themselves. There never was a period when
the tide of prosperity has risen so high as
now: and its highest point is not yet
reached.
Dependence on Bankers.
But upon the shoulders of the bankers
OF the country more than upon any one set
of business men depends the continuance of
this fortunate condition. If without reason
the bankers indulge In vague apprehensions
they will themselves bring about the very
thing which they fear. If the bankers begin
to exercise cowardice instead of prudence:
if without any reason except timidity they
begin to contract their loans and reduce
their credits. that confidence upon which
all business rests and of which the bankers
themselves are the benefciaries will be i'm
paired. But this will not occur The bank
ers of this republic are too Intelligent too
brave. too patriotic"