The Montgomery advertiser., 1907-11-15
COUNSEL OF
 CORTELYOU Secretary of Treasury Speaks in New York. HE DEFENDS HIS COURSE Says Other Sections Must Be Helped. Believes Result of Panic win Weed Out the Unscrupulous Financiers
 and Restore Confidence to
 Country.
HE DEFENDS HIS COURSE

sage of congratulations and good will from President Roosevelt, George B. | Cortelyou. Secretary of the Treasury. was the principal speaker at a recep- tion given today by the Merchants As- sociation of New York, in celebration of it's tenth anniversary.
 Referring to the financial situation. Secretary Cortelyou declared that the weak points had been strengthened and if any man had been guilty of viola tion of trust that makes him amen able to the law. that the people may feel confident that the process of law will be evoked.
 Secretary Cortelyou, after being in- troduced said he would vary from his prepared speech long enough to say that what had been done in the last week or ten days was in a line ofs his plain duty, to use the funds of the Treasury Department to relieve the stringency.
 "The country now has deposited In the various States and Territories" he said, two hundred and twenty-six or two hundred and twenty-seven millions Of dollars. For six weeks there were deposited large sums in various sec- lions of the country. It was thought necessary for the Secretary of the Treasury to come to this city, and LWC0tY~blA lnlillOlb Ot QOtlhES were Q0- posted of which the city had only It's fair share and a great proportion of that amount was put in every State and every section.
 Point of Danger
 "When the situation developed here it became necessary to concentrate the resources at this one point of greater danger. That was done. 1t was done to localize the stress that might have been national We did lere what we did for the beneft 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 1t may result in future unity, cooperation and sreater aational spirft.s te
 Taking up his prepared addyess. the Secretary said:
 q am commissioned to deliver to you a message of hearty congratulations and best wishes. coupled with a re- newed assurance of appreciation of your cooperation in many matters of public moment. That message as from the President of the United States.
 We have learned some things by ex- perience recently, by a very trying ex- perience for some of YOU, but from which hope you are now rapidly re- covering. Among other things, we have learned what 1t means to stand steady in times of storm and stress. We have learned, too, most fully, per- haps, than heretofore, the value of credit in the business world, and have had brought home to us a new fact, that it is the most delicate factor of a most delicate mechanism. We have learned where the weak places were, where improper practices obtained We have learned again the value of r0.nnnrafjnQ dirarffnna what was weak has been strengthened. and what is all important, if any man has been guilty of a violation of trust that makes him amenable to the law. we may feel confident that its process, In orderly manner and regardless of sensational indictment, for or against him, will be evoked in the interest of the public
 Relief of Country.
 Now that the financial storm ap- pears to be suhsiding. 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 upon all available funds for the movement of our crops for the continuance of all other mer- cantile undertakings and what we must not for a moment forget, for the em- ploymenr of labor.
 EOnB or In6 BEdbiASlHB dents of our recent trouble has been the prompt 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 of every where by employers and should be recognized as a distinct step toward better understanding be- tween employer and employe.
 Tt is a time when every citizen should assume his share of the burden The hoarded money should be put back in the banks and the exactions of ban kers and merchants should be propor- tioned only to actual business necessi- ties.
 During periods of anxiety and un- rest the President and his advisers are appealed to from all quarters with suggested remedies for existing evils. Some are worth of serious considera- tion. but many. very many do not fall within that classification. A case in point are the suggestions of various kind that are now made for currency reform. This subject is one of great concern to every citizen and 1t must have the fullest and most careful con- alteration. The various plans advocat- ed for currency reform must be sub feet to rigid scrutiny. to the end that She citizens of every section should he fairly treated. their needs and re- ouirements consulted and above all. that what ever action Is finally taken 1t shall be so sound and wholesome as to enhance our commercial standing among the nations of the world
 "As A people we have this and many other grave problems before us. Their solutions will not be thing of a month or year. We must approach them with determination to exercise dispas- sionate judgment and to seek as our ultimate aim. justice as between man and man."