Daily Kennebec journal., 1908-06-22
OUR maine BANKERS "
meet IN WATERv|LLE.
Able Address by Henry C|ews, Ii. D.
---|mportant Business DiSCuSSion---
The Officers Outing Enjoyed.

home in Batn. Inc party lelt hdtH Ioi
| Watervillc early saturday forenoon,
and arrived in time for the opening
session.
Saturday evening Il banquet was
served in the dining room at the Elm
wood, wfich was tastily decorated with
cut flowers, presenting a magnificent
appearance. The banquet was served at
$50 O'Clock. About $50 guests were
seated.
After the banquet. in behalf of the
city Of Waterville, Mayor l.. q. Bunker
| in Il characteristic speech filled with
words OF cloquence, welcomed the
guests.
The address of the convention was
delivered by Henry Clews, LII. d., OF
| New York His subject was "Currency
Legislation; the Money Power and the
| Business outlook"
! Mr. Clews, commenting on the NOM
ination of William ii. Taft, said he be-
| lieved that in the event of Mr.. rats
| election mis- suavity will be no less ap-
prcciated and better liked than Presl-
dent Rooeevclts strenuous methods.
| lie said that while Wall street pre-
| ferrcd Taft to Roosevelt, they might
find that his firmness might be equal
| to Roosevelt's and his methods no less
| effective.
Mr.. Clcws had been discussing the
question of government control of great
| aggregationS Of capital. He said he be-
| lieyed it to be right that the govern
| ment should exert greater control
| over those combinations of capitalists
| than over individuals, because they
| stood more in need of government con-
troll.
| Capital and its possessors are not
| ALWAYS conscientious and patriotic.
| said he "MOreover. the money power
| is growing and will continue to grow
| with the growth of the country. Al
| ready it is eXcrtng, under the surface,
great political power, and is boldly
aiming, by concentration of its forces,
at the control of the Presidency itself
ana the policy of the federal govern
ment.
I'm this connection it is very signi-
ficant that capital should have long
been 50 warm toward Mr. Tart and SO
cold and hostile toward President
Roosevelt. Wall street has smiled APP
provingly on Mr. Taft, but frowned on
MIR. Roosevelt because of his policies;
have laid bare and eliminated fraud
ulent practices in corporate manage
mcnt. particularly railway Rotating,
and raised the standard of our busi-
neS, morality.
"Althoueh Mr.. Taft has aVowedly
stood for Mr.. RooSeveltS policies, he
| has been popular in Wall street be-
cause he was mildcr in manner and
speech and less impetuous in denun-
citation than Mr.. Roosevelt.
Il have TO reason whatever to doubt
that the reforming policies of President
| Roosevelt will continue to be vita
force for good. long after this genera
tion of men has passed away. He is the
great apostle Of the square deal anG
his policies being sound and Just, vii
stand the test Of time and be sustained
by the highest courts, which are above
Congress- and the Presidency on al
constitutional questions and the pro-
tncting bulWarkS against amy invasion
of the rights and liberties of the peo-
nin. Hence righteous reforms can never
go backward, and RooseVelt's reforms
are Of the righteous kind"
Mr. Clews attributed the severity of the
recent money stringency to the efforts o
speculative capitalists to intensity dis
turbiur conditions to the end that they
might buy back at prices as low as POS
sble the stocks and bonds they had sole
short.
I'm the hammerng Of the market" sait
he. "tactics were employed that woult
not bear the light. False rumors of va
lous kinds were industriously circulated
, from day to day. particularly of impend
, ing failures of financial institutions. larg'
!, industrial corporations and importan
, Wall street firms"
"Any person who utters a false state
ment against financial institution o
, firm that is in any way hurtful to it:
credit is a criminal slanderer. and shoul,
he indicted, tried and convicted. From
such source fires nre kindled that hav
often burst into raging flames and pro
duccd Wall street panics The peopl
they should he protected by stringen
laws, vigorously enforced"
Tho emergency currency law passed b.
, the last Congress was approved by Mr.
Clews as "of prime Importance. notwith
: standing its limited scope. It already ex
: crts Il reaSSuring influence he said. an
ne DelleNed InaL Dy Ine COnlueHCt ]
Q would inspire in times of momentary dis
, turbance and stringency it Nould tend t.
g prevent panics.
G Sunday the visitors We're the guests o
e the Waterville banks and an excellent en-
e tertainmcnt had been prepared. Specia
= cars left Waterville for Oakland at 90
e o'clock, where steamers We're waiting {
S convey the party to "Bide-a-Woe." tn
r handsome cottage of Hascall S. Hall, a
G Messalonskee lake. Here an orchestr
r was in attendance and lunch was served
The guests were delighted with the enter
tainment and the hospitality of Mr.. an
Mrs. Hall.
The return was made in the Afternoon
50 that all who desired might be able t
l. take the afternoon trains for their home:
: The convention was the largest and mos
t successful ever held in the State by tn
: association.
l.. Those present were: Auburn IT.
u Day, n. S. Tibbetts. T.. T.. Smith and pan
I ty; Augusta, A. r. Barbour and party
: c. S. Hichborn, ]. T.. Gould Trebv Johr
n son and party; Bangor. r. w. Adams i