New-York tribune., 1907-12-11
FOWLER ON CURRENCY
commcnds 4ction Of Bankers
Throughout the Country.

., Dec 1o.-Consressnan Charles "
t. If Elizabeth, y. J., chairman of the
-. Committee on Banking and Currency,
sneaker N the dinner of the Illinois
N,,,frurers- Association il this city tonight.
IL said in part
~ 50 Z nited States Senator from the Wosi
80, a-aak ago To-day Ssia- If your damned
- lpfk ana chicago bankers had paid Us our
.>tN I'VE should have been all rgut.' No bank
--r5 .r IS expected 10 pay all lis ueposltors "a
c. Suppu~e mat The banks OF lhc senator ;
SS., foytli had not had single dollar in the chi
case or 1Ir3a BANKS could have paid ali their DE-
p"St..-s of th. chicago and New York banks? Not
Isilo.SS MERCHANTS and manufacturers of those
- thS- Ii.s. Iut jhe country banks, including Ihe
s..1Ls s,5 -He Senator's town Does any on,
Se Ss'hs i. .l.e Clearing House coTnmtteee of Chi
bas iaSe tr-le aud patriotic than the Clearirls,
SSsg Snsr conr0irte, ~ IT. Paul Duluth OF of St
:u.s or New Orleans? or that the Clearing House
aO.T3ifiae of - PAU Duluth or Of ST Louis
- Nen orleans Is less true and patriotic than that
- - kansas C1ly- oT the Kansas City committee less
@ ., ti9r, that OF Denver. rhe Denver committee
IS So than that Of -. Lake City, or the Salt
.-~sn,iS,o Does any believe that the Clear
ine House committee Of chicago is moro true and
"a trio5tc than The Clearing House committee Of
ff;osror Tl.ilade-Dia or New York.
All the banks are relatively IN the same position,
rsfi1n % our bankers throughout the whole COun-
~ during The recent trying circumstances is a
Source Of profound Satisfaction while the self-con-
,roI manifested 10y the people generally North and
south. Fest and West, is a guaranty Of republican
great central hank is. II my opinion political
-1
c~e were 71ss hie there j. no such genuine knowl-
edge in this country of the various aspects of the
subject involved would justify any right proper
o- adequate conc. ption OF a central bank that
r-of7J meet r8o present needs. say nothing OF
,-7i-Dg-inE the commercial development Of the
country during 5ie next thrtr years The .stah-
IiShn1ant of central bank in 1898 and gain in lS-
-tas one thing. hut the establishment sf such an
institution to-day would hS "a vastly different thing
7len YOU recall the fact that the present banking
-a1Nc~ oE tle United States exceeds $1,000 t,.-
ng and J. greater than the entire banking power
81 the world in 1seh-pnly seventeen years ago
al CURRENCY no
dos II mean imitation. Whenever ! fall IN with
srv tuo Who has never studied This question ard
Thought r. bc almost invariably SUGGESTS as
~ 4I,fertrH that expansion irf!at ton
O. ho-h- y hon neither u line possible consequence
cr q r-se issue e credit CuTrencv-
DANGER CF WORSE DISASTER
7 5.sls-. illar IL this government continues its
-rescUt GCr. uI lutCctuE 10 the arteries OF trad.
ana can-1fsrs. e- liked bond secured currency 10y
svarriHc securities h- bend SpecuIafiuuS. by Tres
-rv r1aufnu.a-lous and by Executive orders W
shall coutjnv- To move only Afth an arcg l=rateG
ana rht 4lreegr. certainty OF passing time toward
? commercial hreaksovn-a commprCia1 crisis a
can'r4areiai tragedy compared with which tho
present currency panic * only pleasant summer
cutting Are -T.1 business fools such economic
idiats such political towards. that viii move
even though ffo heavens fail2 And If Iprafaur.
DO MOVE. shall We jump into the fathoinlsss
aAyss o. ia=lu- credit upon credit. instead ha~-
Ing al hank credits. whether deposits note IT,
sues. upon gold coin
When universe. panic struck our beloved country