The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-11-24
BLAMED BY SHAW FOR PRESENT
FINANCIAL sTRiNGENcY IN
SPEECH AT CHICAGO.
ACTION OF ROOSEVELT
Approved BY Former Secretary IN
Boosting Country Towards Bust
ness and Civic Righteous
ness--Other Speakers.

Ing by American people, plethora q
undigcsted securities and too wide
spread denunciation of American
business methods were blamed foi
the financial stringency by former
Secretary of the Treasury Shaw In q
speech here tonight. Shaw was the
principal speaker at a banquet given
by the National business League In
the Auditorium Annex. Several hun
dred guests, including commercial
leaders OF Chicago and vicinity
listened to his speech. They also
heard him read letter from Secre-
tary Root and we're addressed by
Jacob NJ Dickinson and others. Shaw
said in part:
The panic In my judgment has been
precipitated rather than caused In the
same way that the panic OF 1893 was
precipitated. 1t has been popular for
several years to speak disparagingly
of American business men, their meth.
DDS and the Institutions with which
they have been connected. With few
exceptions, both the secular and the
religious press have We'd with maga-
zine writer's, Chautauqua lecturers and
ambitious politicians in painting in
most sombre colors everything Ameri-
can, and In gazetting as unworthy OF
confidence quite indiscriminately Am
eriean business men. A few most
shameful disclosures hare been held
up quite universally as fair illustraf
tions OF conditions generally, instead
of exceptions. Threats of criminal
prosecutions OF unnamed persons on
underlined and indefinite charges have
been literally exploited. Naturally
these things have had their influence.
Universal business confidence cannnt
be maintained indefinitely In the face
of universal denunciation, and when
confidence forsakes us there Is moth
ing left on which to rest our business
and industrial superstructure.
Approves Roosevelt's Action. NJ
Lest | be misunderstood, want to
make il clear that in my Judgment this
country will never outgrow the lift 10
wards civic and business righteous
ness resulting from the policy of strict
enforcement of law which has char
acterized the administration Of Presi
dent Roosevelt. ] am equally certain
that IL will take us some years to out.
grow tho evil effects resulting
from agitation, shockless legislation.
ill-considered prosecutions by those
who have been unable to appreciate
the presidents purposes and who have
therefore sought popularity by fmit1- |
ting the weakest rather than the |
strongest side of his administration. |
Tell the American people 3G5 days IN |
succession that If they make ten un-
profitable investments they will have |
to stand the loss but should they once |
invest profitably laws will be prompt
ly enacted limiting their returns. and |
the American people will cease to In
vest.
Panic Was Preeipitated.
The paic of 1898 was precipitated In
precisely the same way The preced
ing year was the best We had ever
seen, but President Cleveland. with
sincerely of purpose and an honesty
of conviction exeelled by none. plain
ly an unequiyocally informed the coun-
try that the greenback was great dis
turber of our financial peace: that the
continued purchase of silver was most
unwise, aud that the then existing
tariff laws were vicious In the extreme
and he asked congress to correct these
numerous evils at once and In mcst |
drastic fashion. Whether be was right
or wrong In his diagnosis Is immater-
ial, and the question OF sincerity does
not enter into the equation. The in-
evitable effect was loss Of confidence.
and loss of condence is but another
name for panic.
Business Foundation Secure.
In proof OF the assertion that this |
com. try was never on as safe and Sc
cure "A business foundation as 1t was
when the present panic broke in its
fury. J. cite the fact that our banks.
with scarcely an exception, have stood
lNt At-rtf BuriutHr HuFt b'Nh
few. and receiverships thus far at
least have been by no means numer-
Gus. In this respect We may con
gratulate ourselves.
But fer the currency famine. we
ought 10. recover a fair degree Of busi-
ness and financial health within few
months. and thus avoid multiplied fail
ures II VIII take longer TO regain
normal Industrial heath. There is
more money in the country than there
was six months ago. for we have just
imported more than zen car loads of
gold. Unfortunately. however. this
want Of confidence. the existence NJ
which we all recognize however much
We may differ as to its caase. has led