The Washington herald., 1907-11-15

New York. Nov. H-George 3. Cortel-
You, Secretary Of the Treasury, preached
the need OF cooperation between various
branches of business and sounded a note
OF assurance for the business world be-
fore hundreds Of leading New York bus
mess men when he spoke this afternoon
as the honored guest at the anniversary
celebration of the Merchants Associa-
ton of New York
Secretary COrtelyOu said in part:
We have learned some things by ex-
perience-recently by a trying experience
Tor many OF you-bUt one from which
nope you are even now rapidly recoY-
erlng. We have learned, more fully, per
maps. than heretofore, the value Of credit
In the business world, and have had
brought home TO us the fact that il Is 4
most delicate part Of a most delicate
mechanism We have learned again the
value of cooperation.
Backed Up by Government.
The financial Institutions Of this great
city have had during the past three
weeks one Of the severest tests they
nave ever undergone. and when the peo-
pie of the country realize. as those OF
us who are familiar with the conditions
realize. what they have done 10 stay
panic and re-establish confidence the
measure Of public approval Of their ser
vice will be large indeed. Other great
commercial and Industrial centers have
co-operated, and back Of them all has
stood the government as representing an
the people, seeking 10 aid only legitimate
interests and 10 render assistance 20
every State and every section:
Now that the financial storm appears
10 be subsiding, we should turn our atten-
uoh more and more 10 the relief of the
country AZ large. In the South and West.
on the Pacific coast. and in other sections
there are heavy demands upon all avail
able FUNDS for the movement OF our crops.
Tor the continuance Of other mercantile
undertakings. and. What We must not for
moment forget, Tor the employment of
labor. One Of the most gratifying Incl
dents OF our recent trouble has been the
prompt and patriotic response Of many
OF our great labor organizations to the
appeal OF employers for their co-opera-
tion- This cooperation. in most cases ini-
tiated by them. should be availed of
everywhere by employers, and should be
generously recognized as a distinct step
toward Il better understanding between
employer and employed.
Wrong To HOnrd Money.
1T is time wien every citizen should
assume his share Of the burden. The
boarding Of money. the exaction Of un-
necessarily harsh requirements in busi-
ness dealings. but retard our return 10
normal conditions. Hoarded money should
be put back IN the banks. and the exac-
tiOns OF bankers and merchants should be
proporuoned only 10 actual business
necessities. To do otherwise is not only |
unpatriotic, but unwise.
Conservative Legislation Needed.
The various plans advocated for cur |
rency reform must be subjected to rigid
scrutiny, TO the end that the citizens Of
every section shall be fairly treated. their
needs and requirements consulted. and.
above all. that whatever action is finally
taken, it shall be so sound and whole
some as 10 enhance our commercial
standing among the nations of the world
In the great field OF legislation what
we need are fewer and better laws and
better enforcement Of them"