Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-17
NATIONAL CIVIC
FEDERATION
IN SESSION
NOTED MEN WORKING
FOR INDUSTRIAL PEACE
Leaders of Labor and Capital
Discuss Problems Vital to
Nation; Carnegie On Need of
Currency Reform

tBy Morning journal Special Leased Wire
New York. Dee. te.-peaceful re-
lations between labor and capital was
the theme at the banquet of the Ma
tional Civic Federation. George w.
Perkins. the banker. General Frede-
rick ID. Grant and John Mitchell.
president of the United Mine Workers
spoke. General Grant, speaking on
the question of the abolition Of the
canteen in the army, said that he,
while himself a total ~abstainer. he re-
gardcd the canteen as the less of Two
evils and that until, the civil author
tiles closed vicious resorts near mill
tary reservations, he would be an ad-
vocate of the canteen in the army.
John Mitchell said lie considered II
the highest duty OF every man with
the welfare of the country at hear
To work toward a degree Of peace n
plenty. Nh. Mitchell said:
so far as | have been able to con-
troll the affairs of my organization,
It has been toward the cause of peace.
Happy would he the day IL strikes.
lockouts and attendant evils were ~"
more. am not sure that the time
will come in our lives. but it is not
better that We sit down n reason u
out and see If reason cannot take the
place Of force2'
George w. Perkins. before speak
ing of the profit sharing plan. paid a
tribute 10 the character OF Mr.. NIL
chell. saying that a great deal or inc
progress tina has been made IN inc
relations between capital and labor III
the last five years has been due mof'
To the standard and work OF Mr..
Mitchell than to any other man Mt
Perkins declared in detail the pront
sharing plan Of the United states
steel corporation. how 1t worked II
out. and in closing said:
I'm these results Is there nor At
farm, of socialism of the highest, bes;
and most ideal sort, a socialism that
makes real partners of employers aho
employees and yet preserves the flsnt>
of private property retaining Iho
capitalists incentive TO enterprlSe
while giving the worker a new lhspl-
ration for the effort. humanizlhg q
vast organization. promoting gpou
will and industrial peace.
Mr.. Carnegie said IN part.
\ system Of currency VIII enable
,s ia abolish seasons of depression
failures and losses, Prosperity u
bound to stretch the lines beyond me
safety point, and dull times are need
ed to restore them; and JUST IN pro,
norton as the percentage OF me tolal
Of legitimate business grows Smaller
To that Of speculation ana CANNING
upon margins, financial disasters VA.
Increase i'm numbers n severity. Lei
as therefore dismiss all panaceas lor
pauics such as We have Just eNpeIl-
enced and which were due seNcrdl
wears ago. but were G, layed by an I'M
caualed succession of good crops ana
demands for our crops abroad. ne
point that demands attention is thal
our banking system is unlike that OF
other countries. l agree thoroughly
with those. however. who believe that
the present Is no time 20 urge com
plete change We need
''The currency question VIII never
down until it Is founded upon correct
principles. IL there be anything new
established II should be based on as
sets. viz. the debts which expand ana
contract as business does. the reserve
being i'm bold. But this does not
seem TO be the proper time To urge so
great a change as this implies. our
first effort should be to get legislation
turned from the wrong To- the ilsht
path BY introducing to some extent
asset currency. As the people sec me
advantages Of this system We may
hope TO enlarge its use and gradually
then abandon bond securities ana IN
due time to begin the Substitution oT
gold. real value. Tor u reserves m
stead of government evidences OF detp.
thus giving US the most profitable ana
serviceable form OF banking. as abun-
dainty proven by the experience OF
other countries. No central BANK -
necessary 10 effect a cure-but "niN
the cushion. elasticity. which the pres
ident recommends
Mr.. Carnegie deviated from his set
speech to say he favored the passage
Of a resolution by the federation voic-
ing its sentiment m the matter "i
currency regulation n had pre-
pared such a resolution. hut having
learned that James Seligman would
later offer such a resolution. ~refrained
from making his resolution public.
Victor Morawitz. chairman of b
executive board Of the Atchison, To-
peka and Santa Fe railroad system.
was the next speaker.
His remedy FOR periods OF
stress such a. has just been expert
enced. was in the formation by ma
tional banks Of a large clearing house
association with power IN each mem
Der to Issue notes upon the joint creuit
OF the associated banks, upon the de-
posit with the association Of a proper
reserve for redemption Of these
notes.
Theodore Marburg. ~ Baltimore.
president OF the American Economic
association. the next speaker. said ne
wished 20 point out the danger ~ any
other circulation than gold. ". ne
aid. the one form of circulation
known in money is lacking. credit
must fan.
Horace White. OF New York. op-
posed government guaranty 81 de-
posts. saying.
The proposition IS that % United
states should be made responsible Tor
the A.Ooo.00O.00 Of dollars de-
posted in the national banks 81 the
country I say an the governments g
in the world could not assume this
liability. II would put a premium on
lax methods in banking. and The %
er would feel he could take more
risks if the deppsitors were
Mr. Gomutrs read a letter from Au-
gust Belmont. president 81 the FEEDER
alton. This letter dealt at length win
the recent panic and commented upon
certain proposed legislation o. pre-
vent future similar disasters. he
said that while De would not presume
go suggest = currency reform mtas-
ure. he would IN a general WAY en-
49, A. I.Ahr~rHa aarwugafHnm al