Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-05

the action of it's monthly meetings, are
often influential in determining the course
of legislation.
Distinguished Membership.
The amount of influence it exerts is de-
pendent entirely upon the character of its
bership and the soundness of the posi-
tons it takes upon public matters. Its
membership, as has already been indicated
is probably the most distinguished body Of
men in America. Its 100 members include
! nearly every great leader in the business Of
the country. Moreover, it is the present
policy of the chamber to make its memb .r-
slip truly national. So, while 1t is COM
posed of the Vanderbilts. the Astors, the
Morgans, the Rockelellers. the Goulds, she
Schiffs and the Claflins of New York, it is
also taking in many of the big men of other
cities. like Marshall Field of Chicago, ex-
Gov. Francis of ST. Louis and A. ]. Cassast,
George F. Baer. c. A. Grscom and John
Wanamaker of Philadelphia. Its president
who is now Morris X. Jessup, a retired
anker noted for his liberal interest in
religious and philanthropic matters. is by
virtue of his office president of the Sailo"s
Snug Harbor and member of the rand
transit commission The latter is practi
cally a creation of the chamber, which
from the start has been an active supporter
of the movement for underground rapid
transit.
This sketch of the chamber of commerce
is sufficient to afford an idea of the place
which II occupies in the mechanism of the
financial center 1t is. in brief. an effective
agent of the merchants and bankers Of
New York for the securing of such legiSll-
ton they believe is needed for the bust
ness interests of the city and the country
1t is creditable to the public spirit of these
bankers and merchants that so much of the
work of the chamber is of dsinterested
character, and that. as rule, its action on
public matters is patriotic and wise.
Wall Streets Voice.
The chamber is Wall street in legislation
1t is the voice of the financial center. Is
there bill pending at Albany striking at
one of the vital interests of the city? The
chamber will take steps to kill 1t. Is there
ar aldermanic hold-up of some important
project of municipal expansion, as. for in
stance. the Pennsylvania railroads great
scheme for Manhattan terminals and North
| and East river tunnels? The chamber viii
voice the protest of the business men, is
Congress about to pass some act that would
be detrimental to commerce? The influence
of the chamber will be felt at Washington
But its work is not merely negative. 1t Is
also affirmative, and the chamber suggests
much constructive legislation.
The best illustration Of how the cham
Der of commerce Is utilized by the leaders
in banking and business to work out their
ideas OF public action is afforded by the
initiative taken by the chamber in the mat
ter of financial legislation. a question now
so prominent before the country.
1t has been said that no business man.
however far-sighted. can see more than a
year ahead. and he dimly at that For
years certain students of economics have
been agitating for reform of the cur
rency. but 1t was not until last fall that
the practical men of business began to
| realize that the subject was one that con-
cerned intimately the stability of the finan-
clal situation. Looking ahead, they saw
that unless something was done the con-
tinuance of our national prosperity might
be threatened. Looking into the subject
however their ideas of what should be done
separated. Some inclined to the side of
asset currency. Others believed that the
required elasticity could be obtained with
out changing the principle of bond security
FOR circulating notes. that the scope of our
banking system could be so widened as To
permit OF the acceptance of railroad bonds
first as security for government deposits IN
the banks. and ultimately no doubt for
bank note circulation. But divided az tbav
were as to what should be done thew were
al agreed that something must be done
The sharp money stringency of last fail
quickened their perceptions of the ser,ons
ness OF the need. not 30 much Of mora
money-for there has been a large incrasaa
In the Gil Sulation per capita-but Of more
elasticity In the supply. so that when The
crops are being moved. for Instance thare
Will be sufficient for that necessity without
causing an upheaval in the money marEet
Seeking Currency Reform.
At first meeting Of the chamber last No