The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-14

NEW aOfkA, NOV. 14.-BflnStuE 3
message of congratulations and good
will from President Roosevelt, <ses<As51.
b. Cortelyou, Secretary of the Treas
ury. was the principal speaker at q
reception given today by the Mer-
chants Association of New York In
celebration of its 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 vio-
lation of trust that makes him amena-
BILE to the law the people may feel con-
fident that the processes of law will be
evoked
MIR. Cortelyou expressed the belief
that If the boarded money Of the coun-
try We're at once put back to fulfill its
functions In the channels of trade there
would be an immediate and almost
complete resumption of business opera
tions.
On the question of currency reform,
Mr.. Cortelyou advised against ill-con-
sidered legislation, saying that panic
in legislation is worse even than panic
in business. What is needed is fewer
and better laws and better enforcement
of them, he declared.
Clarence Whitman, president of the
association, III introducing Secretary
Cortelyou, said that to the sound
judgment and prompt action of the
Secretary of the Treasury the business
men and the entire people of this ma
tion owe debt of profound gratitude"
Mr.. Cortelyou said:
LAS a native OF New York it is pecu-
liarly gratifying to me to have this OPP
portunity Of meeting such rerresenta-
tic hFa-
tive not only Of its commercial and in
dustrial interests. but of an association
that was organized, as your publications.
state. To foster Its trade and welfare
AT the outset let me say that am COM
missloned to deliver to you message Of
hearty congratulations and best wishes,
probation of your cooperation in many
matters Of public moment. That mes-
sage IS from the President of the United
States.
1T is not my purpose to make an ex-
tended address; in fact. ! shall take but
a few moments of your time, and what 1
shall say Is suggested by the character OF
this gathering and the events of the past
few weeks,
II congratulate you most heartily upon
all that this occasion signifies. When your
association was organized, IN June, 1897
effected largely, as | understand, through
the initiative and business sagaeity Of Mr..
William Il. King, who was for years yoiir
president, d marked revival in business
following a considerable period of stag
nation suggested for it a field of great
usefulness. The Well-known merchants,
manufacturers and others who joined with
him have in the associations present pros
perity n splendid tribute to their fore-
sight and public spirit, and. aided by their
they have shown what can be
accomplished by intelligent organized
effort.
"Your invitation TO participate in these
exercises of your tenth anniversary was
accepted some weeks ago. Much has hap
pened since that time. We have learned
some things by experience recently By
very trying experience for many of you,
now rapidly recovering. Experience is Of
value to US only as we profit by 1t. Let
us hope, then, that in what we have just
been through We have all had that kind
of experience. Among other things, We
have learned what it means to stand
steady in times OF storm and stress. We
than heretofore the value Of credit IN tho
business world, and have had brought
home to rs anew the fact that 1t is a most
lelcate part of a most delicate mechanism.
We have learned where weak places were,
where improper praetiseS obtained. We
have learned again the value OF coopera-
tion.
In some directions what was weak has
been strengthened and, what Is all inn
pOrtanI, IL any man has been guilty OF
of trust that makes him amen-
able to the law. we may feel confident that
it's processes, Ia orderly manner and re-
gardless of sensational Indictment for or
against him, will be evoked in the interest
Of the public.
city have had during the past three weeks
)ne of the severest tests they have ever
undergone, aud when the people OF the
country realize as those of us who are
Familiar with the conditions realize, what
hey have done to stay panic and re-
establish confidence, the measure Of public
approval of their service win be larEe IN
Iced. Other great commercial and indus