Los Angeles herald., 1907-11-15
WE NEEDNEW
LA WS SAY Us
CORTEL you
WEAK PLACES, HE SAYS, NOW
STRENGTHENED
MOVEMENT OF CROPS is NEXT
PROBLEM
Were All Money Put Back in Clrcula-
tion, Resumption Of Business
Would Follow Is His
Opinion
BY Associated Press.

BY Associated Press.
NEW YORK, Nov. Infringing q
message of congratulations and good
will from President Roosevelt. George
B. Cortelyou, secretary of the treas
ury, was the principal speaker at a re-
ception given today by the Merchants
association of New York in celebration
OF it's tenth anniversary. I'VE need
fewer and better laws he said.
Referring to the financial situation,
Secretary Cortelyou declared that the
weak places had been strengthened.
He expressed the belief that IL the
boarded money were put back to ful-
fill it's functions in the channels of
trade there would be an immediate
and almost complete resumption OF
business operations.
'sYour invitation to participate IN
these exercises of your tenth anniver-
sary was accepted some weeks ago.
Much has happened since that time.
we have learned some things by ex-
nerience recently, by very trying ex-
perience for many of you, but one from
which l personally hope you are even
now rapidly recovering. Experience is
of value to us only as we profit by It,
Let us hope then In what we have just
been through we have all had that
kind Of experience.
Among other things, we have
learned what it means to stand steady
in times of storm and stress. We have
learned, too, more fully perhaps 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 most delicate
mechanism. We have learned where
the weak places were, where improper
- 1AaT a RI
again the value OF corporation.
I'm some directions what was weak
has been strengthened, and what is all
impor tant, If any man has been guilty
of violation of trust that makes him
amenable to law, we may feel con-
fident that it's processes, in orderly
manner, and regardless of sensational
Indictment for or against him, will be
evoked in the interest of the public.
Test Among Greatest
"The financial institutions of this
great city have undergone during the
past three weeks one of the greatest
tes Is they have ever undergone, and
when the people of the country realize.
es those of us who are familiar with
the conditions realize, what they have
done to stay panic and re-establish con-
fidence. the measure OF public approval
Other great commercial and Industrial
centers have co-operated and 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 ap-
pears to be subsiding we should turn
our attention more and more to the
relief of the country at large. In the
south and west and on the Pacific
coast, and in other sections there are
heavy demands on all available funds
for the movement of the crops, for the
continuance of other mercantile UNDER
takings, and what we must not for q
moment forget, for the employment of
labor. One of the most gratifying in
cidents of 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-operation. This cooperation, in
most cases initiated by them, should be
availed everywhere by employers and
should be generously recognized as a
distinct step toward a better under
standing between employer and en-
ployed.
Burden Is on All
ut is a time when every citizen
should assume his share of the burden.
1.-THE boarding of money, the exacting
Of unnecessarily harsh methods IN
business dealings retard our return to
normal conditions. The boarded money
should be put back in the banks and
the exactions of bankers and mer-
chants should be proportioned to actual
business necessities. To do otherwise
is not only .unpatriotic but unwise. I
believe that if the money of the coun-
put back to fulfill it's functions in the
channels of trade, there would be.
within twenty-four hours, an almost
complete resumption of business
operations.
During periods of anxiety and un-
rest the president and his advisers are
appealed to from all quarters with sug-
gested remedies for existing evils.
Some are worthy of serious considera-
tion, but many, very many do not fall
within the classification. A case in
point is the suggestion of various
kinds that are now made for currency
reform. This subject is one of great
concern to every citizen, and it must
have the fullest and most careful con-
sideration We must not be hurried
into ill-considered legislation Panic
in legislation is worse even than panic
in business, for it strikes at the foun-
dation Of the government
Problems Are Many
sThe various plans advocated for cur
rency reform must be subjected to
rigid scrutiny.
"As a people we have this and many
other grave problems before u.s. Their
solution will not be thing of month
or a year. We must approach them
with mind to enter on a dispassion-
ate Judgment, and seek. as our ulti-
mate aim, justice as between man and
man.
I'm the great field of legislation
what we need are fewer and better
laws, and better enforcement of them.
Amendments to existing statutes adj
mittedly defective will do much to
point out limitation and define liabil-
ity We should have more co-opera-
tion in business, whether among the
banks or among mercantile establish
ments and their undertakings, each to
operate in it's field, controlled or regu-
lated by law to the extent that will
fully safeguard the interests of the
people. and that far only, but so de-
vised that each be ready at all times
to unite with others. when danger
threatens, for the protection of credit
for the stability of business and for
the maintenance of national honor.
0t1r. Z