New-York tribune., 1907-12-27
HENRY CLEWS ON PANIC
He and Professor j. B. Ctork Praise
President at Cooper Union.

Before large audience of members of the Peo-
res Institute. in Cooper Union Henry Crews aio
Professor John B. Clark, of Columbia, discussed
the causes of the recent panic. Both paid high
tribute to President Roosevelt and secuted Tue
idea that lie responsible for the coholIoHs
that prevailed. These references to the fresideht
were loudly cheered.
Charles Sprague Smith was chairman. and IN IN
PRODUCING Mr. Cews called him and Professor
Clark the two men best qualified to discuss the
Crisis of 1907" Then he dgressed a moment 10
answer a question. Some one had written 10 ASK
him how he as head of non-partisan oQdy, hao
been able to accept place on conir1lttee OF Fll'S
to nominate judges He said that this was not d
partisan question.
Mr.. Clews began by referring to the dropping OF
the motto in God We Trust" from new CONS
His reference to a possible third term against the
Presidents wish cheered- IN answering
question the speaking. he said he thought the
Chicago convention might be unable to fnd any
other candidate. and that MIR. Roosevelt "ouiu oe
named by acclamation Mr.. Clews said in part:
OF the elimination Of the godly motto ton on our Tp
President Roosevelt we trust. but God we dlstfusa
/ am sure. however, the great mass Of the Amer amer
ican people do not think that way they neneEe I've
in trusting both God and the Presloe am! ~ ,7 ed-
dn se1 MAIL m ggt Pe snd even his viii
him back in the White HOUSE TOR & an0tner 0 co9nry
| second and Theodore Roosevelt third-'lal Is Ioi
1t is my belief that there is not an intelligent
man in the United States who sncereiy he
has done he has done to promote the s Pupe speeeh ge
and hao the bead naons n saps sst or not He is an
honest man: and an honest man Is saio 10 oe 'iie
Why / like President Roosevelt is because more
than any previous President OF the Unlied states
Ulysses S Grant he does things and many of these
who harshly cricise him are either gno onr III ia to
lack of Initiative It is invaFany ar @ 9 tne 1ernns r
uns1ccessf,i ones who try to catch hold of their
coat tails and pull them down TO their level.
Then Mr. Clews referred to the causes of the re-
cent troubles He traced them, first, IN the boer
War in the huge demands on German capital
| the Russo-Japanese War. with its demands ior
money from France to protect previous loans 10
Russia, the demands OF the crop moving perioo' 'he
San Francisco fire and earthquake, vast operaIohs
all over the country. tying up capital ana INC
disclosures and Investigations of the last TWO years
Mr. CIews also spoke of Judge Landis's ansurn
fine of O0oOo" and of 'injudcious loans oy ''e
Knickerbocker Trust Company and the other oanA'
recently trouble. He continued
ask you though you were en- empanebefd h bfdfs on Of
producing the recent panic be laid on Presldent
Roosevelt? DID President LEI governor Hughes
was the brilliant investigator OF the NE
RaiiroaI scandal through being the author OF the the
public utilities bill Yet Mr. Roosevelt ieS Is G1,- hv
demned by many. while Mr.. Hughes Is PRAISED py
I am very far from suggesting that either is to
blame for both have simply done their duty; S;r in
enforcing the Laws and resf s4pcsE pcTad
n p
You may ask the question: Is President Roose-
yelts policy toward capital sound? In other Worus'
has he, In denouncng and instigatng the prosecu-
ton Of breaking railway corporations ana IN
dustrIaI trusts menaced the prosperity OF the cou-
try? / contend that he has not. tor VI ME ne was
instrumental turning the light he was not
RESPONSIBLE for the abuses Of power that the hght
revealed.
NV preference is for a scientific and elastic cur
rency system, embracing bank assets. a central
national bank. which is now being agltated 10 a
considerable extent viii never be acceptable 10 the
national banks existing, as II would curtail
their business and attenuate and dimnutze thein'
Professor Clark said he had little TO add TO what
Mr. CIews had said and that that little was
chiefly in praise of Mr.. Roosevelt He said that
conditions were better than in 1898. for that
then the retailers shelves full OF goods that
could not be sold.
There were lot of questions after the speeches.
One person wanted know If brokers had not
violated the usury rates on time loans. and was
told they had. Mr.. Clews thought that what was
needed was a wholesome fear in the heart of the
wealth getters. inspired by omnipotent govern
ment
Then somebody asked the banker II he did not
think that the tariff might have something to do
with the trouble. Not this panic he said. You
have had prosperity. long continued. under tar
| ff: But do believe the tariff is too high, and
| think change is contemplated. Labor has real
| lied through tariff in this country