The morning journal-courier., 1908-12-08

$, w. Hart Calvert Townley, II. w.. Whlpple, Frank l., Blgelow, F. II. Weaver A. L. Underwood H. II. Smith, Henry A, Warner, L. G, Iload- ley, John N Champion and A. B Treat.
 The address of Mir. Treat was a care full resume of the present system in the United States treasury and of defects and remedies. It follows in part;
 Mir Treats Speech.
 The topic of the address of United States Treasurer Charles II. Treat was Some Unsolyed Financial Problems" Mir. Treat began by speaking of the re- cent financial depression as a cyclone which he said was not altogether uneX- pected, but the exact date of its ar rival was still far from the minds of most men We had extended our busi- ness affairs on such vast scale, said MT. Treat, that our credit became att tonuated The supply of dollars was in- adequate, but the supply of labor was likewise scant, notwithstanding that most attractive Inducements were of fered to carry on the undertakings and the plans projected when business had reached the highest notch"
 MT Treat fixed october %, 1907 as the date of the arrival of the panic, the causes of which he said he would not attempt to discuss contentlng himself with saving that in the nature of things It Is quite impossible to avoid the recurrence of such panics, vet their force may be mltigated"
 Failure of the copper speculation was according to Mir Treat so to speak tho removal of the "lld" and he said that what it revealed to the bankers Of New York city caused them great anxiety, He went on 10 say:
 Bank officials who had operated on speculative lines, and who were oblis ed to apply fin behalf of their banks for the assistance Of the Clearing House. were immediately but firmly told that they could not have the support of the New York Clearing House association unless they eliminated certain obiec- tionabe officials who had indulged In such speculation.
 While the speculation in copper was not q direct cause, 1t was an incident that helped to light the match that pro. duccd the financial connagratIon, ana Isome of the National banks and trust Icompanies furnished fuel thereto and 50 increased the general public dis. trust" Treasurer Treat went on tr speak of "The splendid way in whicf President Roosevelt and the secretary Iof the treasury came to the rescue of the situation In New York city. and brought the various bankers into one solid phalanx. stopped the pancky conditions and restored normal confd. ence and business stability" He an alyzed the immediate and temporary effects of the panic pointed out tha' its effects were not universal and re- one part of the country, exceedingly prosperous, with bank vaults bulglnc with money. while other sections of tn, country depending upon trade, manu facture and the general development O new resources were suffering iron stringent conditions" Lessened import produced SC, ious trade condition abroad Mir. Treat said, and emphasiz ed how great a factor was this countr. in the commerce of nations.
 Mir. Treat cited statistics at groa length to show the financial supromac. , of the United States and then enterc, upon the defense of our national bank ing system When wc reflect" sal, he, upon the collosal undertaking that that system has enabled IFS to fin ance during the past 45 years, we fin, Ithat they surnass tho unrcstraine, imagination of the most optimistic fin ancior And yet there are those wh take a delight In saying that our ma tional banking system is tho worst il tho world. " Jrle speaker gave statistic concerning the bank note issues of tn banks and said: When it is taken int consideration that tho total amount o the deposits of money made for the re tremcnt of bank note circulation dur ing the past 50 years, (not including tht circulation taken out on the : per cent certificates of indehtedneSs), amountc to little over SS7OOO,0OO, 1t will rcadil be seen that there is no actual restric ton on retirement as claimed by tn pessmists until the line of limitation Ifs reached The banks have authorit, under the law to retire S7l0OO,OOO nor circulation if they so desire. Yet man pages have been written by academi writers on this so-called rigidity of on banking system" Mir, Treat took up q "another fallacy" the charge that tn national banking system unnecessaril locks up money and he described tn process of bank organization and re serve deposits concerning which h said "The particular bank that apple for the circulation may not get it bac directly, yet 1t shares with the pub.i the money that paid for the bonds i the amount of currency that is restr ed to ejaculation, In truth, there 1 really no permanent loCking-up ( money; if there were such, contractio of currency would cause a tremendou StTlnRenCy Wltnln q SllOrl tune HenC it will be seen that these two prncip5 objections to our national bank system that there is not enough freedom of re tirement and that bond secured cii culation is not fair to the banker hay no good foundation in practice' Tn speaker conceded that the banking syS tenn should reflect and be sympatheti with conditions in all the great mal l<ets of trade and commerce of tl. world, but argued that modification should be only such as to meet mol fully and successfully the demands the day never even contemplated whe the system was installed Deyelopin this idea Nlr Treat Said
 "That the American bankers an