The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-12-16
CIVIC B 0 D Y
LISTENS TO
CARNEGIE
Millionaire Talks to Ma
tiOnal Federation. RaDker
Speyer on Savings.

NEW YORK, Dec. 16.-The eighth
annual meeting of the National Civic
Federation was called to order today
in the Park Avenue Hotel with more
than one hundred men and women,
prominent in various walks of life, in
attendance.
A telegram was received from August
Belmont. president of the federation,
saying he would be unable to attend the
opening session but would arrive later.
In his absence First Vice-President
Samuel Gompers called the meeting to
order, and called upon James Speyer,
the banker, to preside at the session,
first having announced hat the sub
feet before today's meeting was; Pro
tecting Peoples Savings"
Mr.. Speyer. the first speaker. favored
an elastic currency based IN the gold
standard.
Andrew Carnegie was introduced by
Mr.. Speyer and made an address.
Mr., Carnegie said in part:
Let as dismiss from our minds the idea
that there is any cure possible for hnan-
cial troubles and panies. These have their
root in human nature and are as certain as
the tides, or the storms, the warm stimu-
lating sunshine of summer, succeeded by
the icy, frozen winter, and are just as es-
sentlal for the regulation, clearance and
publication of business as the changes are
for the general health oil human HE. NC
system of currency will enable us to escape
seasons of depression, failures and losses.
prosperity is bound to stretch the lines
beyond breaking point, and dull times
needed to restore them; and just in pro-
portion as the percentage of the total oil
legitimate business grows smaller TO that
of speculation and gambling upon margins,
financial disasters will increase in number
and severity. Let us, therefore, dismiss all
panaceas for panics such as we have gus,
experienced and which, were que seVsrai
succession of food crops and strong de-
mands for our crops abroad; =.
"The point that demands a1tehuoh "
other countries. agree with
those. however, who believe that the pres
emit is no time to urge the complete change
""The currency question will never down
until it is founded upon correct princi-
pies. If there be anything established. II
viz, trade bills, which expand and on.
tract as , business, does, the reserve
being in eoaa.S Bh this does not seem
to be the prSGpsf m 1me 10 urge 50 great .
The part OF wisdom Is TO seize tne
opportunity which presents itself TO ,eet
a step taken in this direction ana Wnen
normal times return make every EFFORT 70
get successive steps forward as occasion
Our first effort should be to get legisla.
tlOn turned ITOUi IN WINS ~ IL. 90
path by introducing to some extent asset
currency. As the people see the adVan-
tages of this system we may hope to en-
large its use and gradually to abandon
bond security. and in due time to begin
the substitution of gold, real value Tor
our reserves. instead of government eVl-
dences of debt. thus giving us the most
profitable and serviceable form OF, bank-
ing, MS abundantly proven by the e&1
nerience of other countries. No central
bank is necessary to effect a cure-put
only the cushion, elasticity, which the
President recommends"
Mr.. Carnegie deviated from MS SCI
speech to say he favored the passage OF
a resolution by the federation voicing its
sentiment on the matter of currency
regulation" and had prepared such a
resolution, but having learned that James
Seligman would later on offer such a reso-
luton, refrained from making his resolu-
ton public
Mr.. Speyer said in part:
HGood and elastic currency will minimize
the danger and trouble and restore things
to their normal basis quickly; and 1t is
precisely at such a time that an inefflclent
and ine1astic currency ~aggrnvate the shock;
We Americans are known to be a practical
people, but do we always live up to that
reputation? Why do we not .mend tne
roof before it begins to rain?' Public
opinion now is AROUSED. We all must in.
sist on Congressional action. The right
kind of circulating medium is Just as I'M
portant-or perhaps more important-ior
the farmer and the workman as 1t IS ior
the mineowner, the merchant and the
banker"