New-York tribune., 1907-11-15
PRAISED BY CORTELYOU
SAYS BANKS DID WELL.
Talks to Merchants association on
Financial Conditions.


from President Roosevelt. was the principal
speaker yesterday at d reception given by the
Merchants Association, at It's rooms, No Go
Lafayette street, in celebration OF its tenth ami
versary. Other speakers were Patrick +. Nc
Gowan. President of the Board of Aldermen. who
represented the city; John w. Griggs. former
United States Attorney General; James W. Wads
worth, jr.. Speaker of the Assembly. and the Rev.
DR.. Nehemiah Boynton, pastor OF the Clinton
Avenue Congregational Church of Brooklyn.
Clarence Whitman president OF the association,
presided. Twelve hundred business men were pres
ent, among them John D. Rockefeller, Jr, and
Timothy L. Woodruff. The following telegram
from Governor Hughes read:
Mr.. Clarence Whitman. president Merchants AS
sociaton: I greatly regret that my duties here
versary celebration Of the Merchants Association
spirit OF the members OF the association, and it
would have given me much pleasure personally TO
in safeguarding the public interest and in securing
inteigent consideration OF public affairs Il con
always ready to come to the support Of good causes
ards of administration. The success Of the last
ten years is n promise Of great good that is sure
''D'' ''''' - ciLARLEs e HUGHES
Governor Of State OF New York.
Secretary Corteyou. when introduced. said he
would vary from his prepared speech long enough
TO say that what had been done IN the last week
or ten days was in line Of his plain duty TO
the funds Of the Treasury Department TO relieve
the financial strtngency. He added:
states and territories two hundred and twenty-sx
two hundred and twenty-seven millions of dol
tt sums IA esSa1 FOR tbe SecTepar of i6 & ~s
llouIll SI.o % Si'e -.
of dollars deposited. OF which the city had
amount was put in every state ana every section.
When the situation developed here II became neces
to concentrate the resources Mt this one point
Of greater danger That was SO done; ne II was was done
tfo1al We did here what We did for the benefit
OF the whole country. ana I hope that among the
relation Of every section and every city to every
may result In future unity, cooperation and
greater national spirit.
Secretary Cortelyou said that the weak points IN
the financial situation had been strengthened. but
If any man had been guilty of violation OF trust
that made him aInenable to the law, the people
might feel confident that the processes OF law
would be evoked in the interest of the public.
This is Il time when every citizen should
sumo his share Of the burden" he said. and ex-
pressed the belief that the boarded money Of the
country were Il put back to fulfil its func-
tions in the channels OF trade there would be
within twenty-four hours almost complete
sumption Of business operations. Continuing he
spoke as follows
At the outset let me say that | am commissioned
to deliver to YOU a message OF hearty congratulaI
tons and best Wishes cotPIea WIN t@ q dJiie"eu NV ~
assurance OF appreciation OF you, So-oleI dton III
many matters of public moment; mat message Is
ir2n rom tse IrsuSI Gn e f MS eret city, have
, ne ] Iifi t st fre weeks one OF the sSveTesp
tests they have undergone, and when the peO-
pIe of the country realize, as those Of us who are
have done TO stay panic and establish confdence
the measure of public approval Of their service
Industrial centres have co-operated. and back OF
5he 6 4b al peo5e eo s'oo SEEKING @ to aid only legitimate
teress and render assistance to every state and
Now thai the financial storm appears to be sub
eidng We should turn our attention more and
more TO the relief of the country at large In the
South and West, and on the racine Cossl ana IN
other sections there are heavy demands upon an
available funds for the movement or crops. Tor the
continuance OF oIheT Ili1 u{ gri ftr an t6
employment OF labor One Of the most gratifying
and patriotic response or many or our great l1bQr
organizations 70 the appeal OF employers Ior lnsg
Initiated by them, should be availed OF eyeIywHeIe
as a distinct step toward better understanding
DTring periods of anxiety and unrest the Pres-
dent and his advisers are appealed 10 from All
some are worthy of serious consideration, but
many. very many, do not fall within that claSsit-
cation Gases in point the suggestions of vart-
9I Is one OF great concern to every cit-
1en vet II must have the fullest most careful
consideration We must not be hurried into i'll con-
sdered legislation Panic in legislation Is worse
even than panic in business for ii strikes at the
foundations of the government -,,r,.,,,. roeo--
must be subjected rigid scrutiny to the end that
thcir needs and requirements consulted. and. above
all. that whatever action is finally taken. it shall
/ 10 an sound and wholesome as to enhance our com
mercial standing among the nations Of the world,
fewer and better laws and better enforcement of
tben1 Amendments to existing statutes admittedly
efactiye will do much to point out limitations and
I define lia blity. We should have more cooperation
( I'm business whether among the banks or among
,,1arcantile establishments and other undertakings
ca rh 10 operate in its own field, controlled or re6u
ieted nv law to the extent that VIII fuly safeguard
The interests of the people and that far only but
co devised that each may be ready at all uines 70
,1ite with others when danger threatens, for the
rotection of credit for the stablllty or business
IA For the maintenance OF national honor.
l,owever keen may be the financial emoarra Ssments
S tbese recent occurrences. we must not allow any
temnorary setback TO stay our progress or our
rTcS1nerifT We may well recall, as we are recover
~ from this one, what great President OF the
! past has said .-.-, - ,r;,-,4.,,
3 sIIsctatio will not be promoted by recrlmlna-
TTha distrust OF the present viii not be re
St,ad Nv distrust of the future. patriot makes
- hetter' citizen than a pessmist. The country Is
- Soiar backward. but forward American energy
hos 3ct been destroyed by the storms OF the past
- viii vet triumph through wise and benehcent
legislation.
yyben the speeches were ended the meeting was
,.io,,rned and all went 10 the floor below where
an Informal luncheon was served
l. TREASURER TO DELAY PAYMENT
providence Nov l4.-Water A. Read. General
treasurer of the State Of Rhode Island. announced
to-day that except in the Of small accounts.
he would not pay any more Of the states pls
nntil after December 15 when, II is expected.
,nors than $4,000 from the general revenue TAX
.-sSf tha disposaI the General Ire4Slrsf