The Washington herald., 1907-12-17
DEBATEON CURRENCY
Civic Federation Speakers
Discuss COuntry's Needs.
MAJORITY FAv0RS ELASTICITY
Wilmington Lawyer Seeks TO show
that Wall Street,Is Anxious TO Get
Control, and Points Out How. in Ris
opinion, the Matter Can BE Rem
edied-Herrick Asks Questions.

New York. Dec. 16.--with but one ex-
cepiion the speakers at the annual meet
Ing of the National Civic Federation at
the Park Avenue Hotel to-day expressed
themselves as being in favor of an elias
tie currency, whose volume could change
according to the country's needs. though
some different views were given as to
now this could best be secured.
Samuel Gompers presided most Of the
day. while the subject Of the currency
was being discussed by Andrew Carnegie.
victor Morawetz, Theodore Marburg, ex-
Gov. Herrick. of Ohio and others. James
Speyer acted as chairman for a while. and
SO did Marcus NJ. Marks Savings banks.
loan associations, and the postal savings
balIh sSii-c.c1e Of Postmaster General Mey-
er were discussed in connection with the
general subject. Mr.. Meyer being one of
the speakers.
The unanimity of sentiment in favor
OF an elastic currency shown among the
speakers, from Mr.. Carnegie down. seemed
TO get on the nerves Of Alfred o. Crozier
one Of the federation members, and in
spired him late in the afternoon 10 go
after Wall street with some hot talk
which relieved the monotony of har-
monious views, II It did nothing more.
Lawyer and Author.
Mr.. Crozier is a lawyer from Whining
ton. Del, and is the author Of "The Mag
net" a book touching on the money
power. He let the reporters know that
last week he had visited the White House
and had talked on the subject there. Mr..
Crozier said that he had Informed the
President Of what lurked behind some of
the plans put forward by the banking
interests
m not going TO tell you what, ne said.
Dut II wasn't in his message" said NIr
Crozler' who gave every appearance of
having been satisfied with the interview
MT iCrozier told the conference that as
Ihihss seemed to be going all one way. he
IeIt that he really had TO say something
the other way. There was only one thing
wrong with the currency schemes of the
bankers. and that was that they over
looked the Constitution.
hey want the money making power
conferred on the associated banking inter
eStS OF the United States for them to con-
trol or increase the supply Of currency at
their viii, said Mr.. Crozier. getting
warmed up and singing his arms toward
some of the bankers present IF we are
going to fam out this power. isn't il
possible that they may use il to raise and
lower prices and take the profit going and
coming? This thing is nothing more or
less lhan scheme TO keep up interest
rates
If the truth got out. we'd find that
the recent panic was not a dispeDsatioa
or Providence, as Mr. Carnegie calls II
Dut a prearranged plan to double the
classes"
Herrick Asks Questions.
Gov. Herrick. who is a banker wanted
70 know il Mr.. Crozier didn't think panics
were bad thing for all classes.
IN answer that" said Mr.. Crozier.
There is to-day on the lower end OF
Manhattan Island panic making factory
that can start a seeming panic any time
it wants to. I would fix the Wall street
gambling machine so that it could not
create this"
How asked Gov Herrick.
Pass a law forbidding the banks
charging per cent on time loans and l2O
per cent for call money. Why. il makes
the palms itch in every bank Of the
United States, and they send their money
down here in order to get usury. I'd also
stop margin gambling. They've got the
railroads cornered down there but they're
not going to be allowed to corner the
currency"
Gov Herrick didn't ask any more ques-
uons. and Mr.. CrOzier, after getting some
applause, sat down. Samuel Gompers
inumated that he might contribute his
views on the currency question at to-
mCrTow's meeting
At to-day's session a letter was read
from August Belmont. in which he did
not presume to suggest currency reform.
Dut said he would suggest, if he was
privileged to say something. the indorse-
ment OF Mr. Hepburns plan of last wear
for q flexible currency.