The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-12-18
CIVIC FEDERATION
Andrew Carnegie Has No
Panacea For Panics.
GOLD SHOULD Be OUR STANDARD.
Assembly of Labor and Capital Dis
cusses Subject of protecting Peo-
pies Savings" at New York.
Mitchell All For Peace.

NEW YORK, Dec 17.-More than
100 prominent men representing labor
and capital In various capacities and
forming the National Civic federation
held their eighth annual meeting at
the Park Avenue hotel and listened to
Interesting addresses by Andrew Car
negie, James Speyer and Victor Mora
wetz on the currency question under
the general subject title of Protecting
the Peoples Savings"
Mr.. Carnegie said in part:
LET us dismiss from our minds the
idea that there is any cure possible for
financial troubles and panics. These
have their root in human nature and
are as certain as the tides or the
storms, the warm, stimulating sun
shine of summer succeeded by the icy,
frozen winter, and are just as essen
tia for the regulation, clearance and
publication of business as the changes
are for the general health of human
life. No system of currency will en-
able us to escape seasons Of depres-
sion, failures and losses Prosperity
Is bound to stretch the lines beyond
breaking point and dull times needed
to restore them, and just In proportion
as the percentage Of the total Of legiti-
mate business grows smaller to that
OF speculation and gambling upon mar
gins financial disasters will increase
In number and severity. Let us there
| fore dismiss all panaceas for panics
such as we have just experienced and
which were due several years ago, but
delayed by an unequaled succession Of
food crops and strong demands for our
crops abroad. The point that demands
| attention is that our banking system
| Is unlike that of other countries.
agree thoroughly with those, however,
who believe that the present Is no
time to urge the complete change We
need.
THE currency question will never
down until Ii Is founded upon correct
principles. If there he anything es-
tablished, 1t is that II should be based
upon the assets-viZ, trade bills, which
expand and contract as business does,
the reserve being In gold. But this
does not seem 10 be the proper time
TO urge so great change as this i'm
plies. The part of wisdom is to seize
the opportunity which presents itself
TO get a step taken in this direction
and when normal times return make
every effort to get successive steps
forward as occasion offers. Our first
effort should be to get legislation turn
ed from the wrong to the right path by
introducing to some extent asset cur
rency. As the people see the adyan-
tages OF this system we may hope to
enlarge its use and gradually to aban-
don bond security and in due time 10
begin the substitution of gold, real
value for our reserves instead of gov
eminent evidences of debt, thus Civ
Ing us the most profitable and service.
able form of banking. as abundantly
proved by the experience of other coun.
tries. No central bank Is necessary to
effect cure. but only the cushion
elasticity, which the president recon-
mends."
John Mitchell, the labor leader and
one of the prominent members Of the
fedora tion was given round of ap
pause when he rose to speak. He
said he considered it the highest duty
Of every man with the welfare Of the
country at heart to work toward de
gree OF peace and plenty.
$50 far as have been able to con
troll the affairs of my organization
he said, ut has been toward the cause
Of peace. Happy would the day be il
strikes. lockouts and attendant evils
were no more. am not sure that the
time will come in our lives. But is II
not better that we sit down and rea
sou It out and see If reason cannot
take the place Of force"