The Washington herald., 1907-11-24
MORE MONEY NEEDED
Leslie NJ. Shaw Gives Views
on Currency Problem.
WANTS CIRCULATING MEDIUM
Former Secretary of the Treasury
Declares Public wOuId He Content
IL Usual Form of Currency Could
Be Increased, but Novel Methods
Attract Attention UnfavOrnbIy.

Chicago. Nov. 23-Leslie NJ Shaw.
former Secretary OF the Treasury. and
a candidate for President in 1908. al the
National Business League of America
tonight made a thinly yelled attack on
President Roosevelt and antitrust sgi-
tators.
Shaw's analysis OF the financial situ-
alton was listened to with approving
attention by men who control chicago's
millions Mr.. Shaw said, in part:
The American people have been liv-
ing extravagantly. Agriculturists and
urbanites have purchased land. paying
part cash and assuming mortgages. rep
resenting half of the prospective value.
Spectators have bought high-grade
stocks and bonds with partly borrowed
money.
Stocks in commercial industrial. and
railway enterprises have been sold in
ready market Meantime. every one has
denounced the spectators. In spite of
these circumstances. l believe the coun-
try has grown in conservatism and
there are fewer undigested securities on
the market, and nl-considered enterprises
in projection than at any previous time
during the last seven years The coun-
try has been slowing down for twelve
months
Attacking Business Men.
1T has been popular TO speak dispar-
agingly Of American business men. Both
the secular and religious press have
Wed with magazine writer's. Chautauqua
lectures and ambitious politicians in
painting in most somber colors every
American. and in gazetting as unworthy
OF confidence quite Unfortunately the
American business men.
Lest I be misunderstood, want TO
make II clear that this country will never
outgrow the lift toward business and civic
righteousness resulting from the policy
of strict enforcement Of law which has
characterized the administration of Presi-
dent Roosevelt.
Attack Is III-timed
Il am equally confident that it will
take US some years to outgrow the evil
effects resulting from agitation, reckless
legislation, and iIl-considered prosecutions
by those who have been unable to appre-
ciate the Presidents purposes and have
therefore sought popularity by initiating
the weakest rather than the strongest
side Of his administration.
We have just imported more than ten
carloads Of gold. Unfortunately, how
ever. want of confidence has caused peo-
pie to withdraw from circulation the
probable equivalent Of millions Of dollars
Of gold. These deposits cannot be forced
back into circulation by legislation They
will be returned when confidence is re
stored.
whole Libraries have been written II
favor Of a large central bank, but the
American people do not want a large cen
trail bank, and therefore they will not
have one.
Money Not Coming Back.
Its use has not invited money bach
into circulation. but the reverse. NJ
sooner was the clearing house certificate
resorted to, than people ceased to deposit
currency. Merchants are keeping all the
currency they get They deposit only
checks. fear the same effect would fol
low n resort 10 regularly authorized
clearing house certificates or any Othel
novel and unusual form OF currency
The desire 70 avoid an element Of fea1
is the controlling reason why I nave S,
many times advocated additional nationa
bank circulation Identical in appearance,
with the ordinary. II guaranteed by tn,
government there is no reason why th'
public should nlve notice that a strin
gency has arisen.