Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-11-15
Panic in Legislation Worse
Than Panic in Business,
Says Cortelyou
TALK TO NEW YORK MERCHANTS
Secretary of the Treasury Wants
Money Hoards Put Back Into the
Channels of Trade Urges Cooper
alton in Business Praises Labor
Organizations for Patriotic Action.

New York, Nov. 15.--"Panic in leg
islation is worse even than panic IN
business, for it strikes at the founda-
tons of the government" said George
B. Cortelyou. secretary of the treasury,
discussing congressional action on the
currency before the Merchants Asso-
citation OF New York, celebrating it's
tenth anniversary.
The secretary brought message OF
Contamination from President Roose-
Welt. expressed the belief that II the
boarded money Of the country were at
once put back to fulfill ats functions
IN the channels of trade, there would
be an immediate and almost complete
resumption of business operations, and
declared If any man engaged in bank
ing had been guilty Of a violation OF
trust that makes him amenable to law
ne Will be punished.
Mr.. Cortelyou said that it was In
the line of his plain duty the last ten
days to use the funds OF the treasury
d, partment to relieve the financial
stringency.
"'rhe country now has deposited In
the various states and territories he
said, "$227 100000 When the situation
developed here it became necessary TO
concentrate the resources ut this one
point of greater danger. Ihat was
done 1t was done TO locaize the stress
that might have become national we
did here what we did for the benellt
of the whole country, and hope that
among the benefits we may derive is an
appreciation of the relation OF every
section and every city to every other
section and every other city, and that
it may result in future unity, co-opera-
ton, and greater national spirit"
Mr.. Cortelyou said one of the most
gratifying incidents of the recent trou-
BILE had been the prompt and patrlotlc
response of many great labor organiza-
tions to the appeal of employers for
their corporation This cooperation.
he said should be awaited OF every
where by employers. and should be
generously recognized as distant
step toward better understanding be-
tween eInployeIi dIlu SlhpiOSSu'
The secretary spoke strongly
against the boarding of money and
continued:
Currency reform is subject OF
great concern to every citizen. and II
must have the fullest and most careful
consideration. We must not be hur-
ried into i'll considered legislation. PAN
ic in legislation is worse even IMAM
panic in business, for it strikes at the
foundations of the government me
various plans advocated for currency
reform must be subjected to rigid
scrunity, to the end that the citizens
of every section shall be fairly treat
ed. their needs and requirements con-
suited, and, above all, that Whatever
action is finally taken 1T shall be so
sound and wholesome as to enhance
our commercial standing among the
nations of the world.
1--WE should have more co-opefatloh
in business, whether among the banks
or among mercantile establishments
and their undertakings, each to operate
in it's own field, controlled or regulated
by law to the extent that will fully
safeguard the interests OF the people,
and that far only, but so devised thal
each may be ready at all times to unite
with others when danger threatens, for
the protection of credit, for the stabll-
itv of business, and for the mainten-
ance of national honor
"However serious our problems and
especially however keen may De tne
financial embarrassment of these re-
cent occurrences, we must not allow
any temporary setback to stay our
progress or prosperity"
John w. Griggs, former United
States attorney general, was among
the other speakers.
Iowa at Washington.