New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-06
GOT VARYING ADVICE,
Secretary Sha50 Centre of Financial
Tug of Wdr.

AS a sequel to Mr.. schin's panic speech at the
Chamber of Commerce on Thursday in which he
said that he had tried in vain to induce Secretary
Shaw to the aid of the financial situa-
ton here it developed yesterday that the Secretary
advised in opposite directions by two
powerful sets of fnanciers here. One group headed
by the National City Bank. of which James Still
man is president, and which has close financial
relations with the Rockefeers. Kuhn Loeb & Co..
and E H Hartman. tried every means to have
the Secretary deposit government funds here. The
other, including the First National of which George
F. Baker is president. and which has James ].
Hill in its directorate; the Chase National. whose
president is A. B. Hepburn; the Liberty National
and the Rock Island group of capitalists, came out
squarely for home rule.
The First National group had the backing of
bankers in other large cities who said that the
commercial interests not suffering and the
government should feel called upon to help out
a lot of Wall Street spectators. Secretary Shaw
took this course and, in view of the easier rates
yesterday. representatives of the First National
party said they thought they had been entirely
indicated
Mr. schiff's speech caused considerable discussion
yesterday among financial men, but the general
opinion that there nothing in it to cause
alarm The same thing has been said 1t af-
irmed. for many years. All agreed that Mr. Schth
right in his statement that there the utmost
need for reform in the money system of this
country but there was equal unanmity in the be-
and that Mr.. Schif did not mean to imply that
there would be one II the near future
Frank A. Vanderlip vice president Of the National
City Bank made this statement:
think Mr. SchifH's speech has application to
the immediate situation Had ne believed there was
any present danger he certsinly would not nave re
attention to that danger. He is undoubtedly right
in saying that time illogical currency ss-
tenn will cause trouble. 1t has caused troube IN
the last six weeks but the indications are that tne
trouble is bout over
There can be no two opinions regarding the i'm
portance of the subject. On a subject of such i'm
portance the Chamber of Commerce certainly ought
10 have we'll considered opinion. 1t seems to me
the action in taking up the matter at this time was
eminently wise, and that Mr.. SchiH has done a
notable service in so forctbly calling public az
tention to IL
A B. Hepburn said that. whereas Secretary
shaw's plan for making the currency more elastic
was all right he did not think Mr.. Schif's scheme
of initiating the currency by issuing paper money
against commercial paper would be at all practca-
BILE The representative of another banking house
criticised Mr. Schiff rather severely He said that
most bankers thought that Mr.. SchiR had made a
great mistake in making his speech, and that they
were at a loss to understand his motives 1t was a
blunder he added, to criticise the Secretary in
such way, because it might cause mistaken
view in Europe Of this country's monetary con-
When Mr.. schif was informed of how he had
been criticised he said that perhaps ne mad not
been understood. He explained that he had no iaea
of irving 10 initiate the currency by Issuing paper
money against commercial paper already IN the
banks but his idea only TO make more secure
the plan already advocated by Secretary Shaw.