The Washington times., 1907-11-14
Urges Merchants ASSo-
citation to Have Hoard
ed Money" Kept
in Banks.
Says Recent Panic Has
Demonstrated the
Strength of the
Country.

NEW YORK, Nov. 14-For the first
time since he became Secretary OF the
Treasury George B. CorteIyou this aft
ernoon, before the Merchants Associa-
ton Of New York, at the celebration OF
its tenth anniversary, discussed publicly
the financial problems Of the country.
He devoted particular attention TO the
recent money crisis His address. in
part. follows:
we have learned some things by ex-
perience recently by a very trying ex.
perience for many OF you, but one which
hope you are even now rapidly recov-
ering. We have learned more fully per-
haps than heretofore the value OF credit
in the business world and have had
brought home to US anew the fact that
It is a most delicate part of a most
delicate mechanism We have learned
again the value Of cooperation.
Protect Public.
In some directions what was weak
has been strengthened, and. what is all
important, II any man has been guilty
OF a violation OF trust that makes him
amenable to the law, we may feel con-
fident that its processes, in orderly man
per and regardless Of sensations incIte-
ment for or against him, will be evoked
in the interest Of the public.
The financial Institutions of this
great city have had during the past
three weeks one OF the severest tests
they have ever undergone And when
the people OF the country realize. as
those Of US who are familiar with the
conditions realize, what they have done
10 stay panic and re-establish confidence.
the measure Of public approval of their
service viii be large indeed. Other great
commercial and industrial centers have
-co-operated. Back Of them all has stood
the Government, as representing all the
people. seeking to aid only legitimate
interests and TO render assistance to
every State and every section.
Now that the financial storm an
pears TO be subsiding, we should turn
our attention more and more to the re-
lief Of the country at large In the
South and West. on the PCific Coast,
and in other sections there are neavy
demands upon all available funds for
the movement Of our crops, for the con
tinuance Of other mercantile undertake
ings, and, what we must not for a
moment forget, for the employment Of
labor.
Zone of the most gratifying incidents
N our recent trouble has been the
prompt and patriotic response Of MANY
OF our great labor organizations to the
appeal OF employers for their cO-Opera-
ton This cooperation, in most cases
INFLATED by them. should DO availed nj
everywhere by employers, and should
De generously recognized as a distinct
step toward a better understanding he
tween employer and employed.
Put Money in Banks.
ct IS a time when every citizen
should assume his share Of the burden.
The boarding OF money, the action or
unnecessarily harsh requirements in
business dealings, but retard our return
10 normal conditions. HOarded money
should be put back in tne banks. and
the exacaons Of bankers and merchants
should be prOporUoned only TO actual
business necessities To do otherwise
is not only unpatriotic. but unwIse.
I believe that If this money Of the
country, wherever boarded were at once
put back to fulfill its functions in the
channels OF trade, there would be
within tWentv-fOur hours an almost
complete resumption Of business op-
erauons-
Loss Inestimable.
II doubt whether we can in any way
estimate the loss that has fallen upon
those who have, either from selfish or
misguided motives, thus drawn their
money from places Of more than rea-
sonabIe safety to put it where it has
been lost through robbery, fire, or
other misfortune.
During periods or anxiety and IN
rest, the President and MS advisers are
appealed to from all quarters with SuE-
Ecsted remedies for existing evils. We
must not be hurried into ill-cOnsidered
legislation. Panic in legislation is worse
even than panic in business, for IL
strikes at the foundations of govern
meut
THE various plans advocated for cur
rency reform must be subjected 20 rigid
scrutiny, TO the end that the citizens o.
every section shall be fairly treated,
their needs and requirements consulted,
an d. above all, that whatever action IS
finally taken, il shall be so sound and
wholesome as to enhance our com
mercial standing among the nations of
the world
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