New-York tribune., 1908-01-28
I and or other states His speech, in part, fol-

ready been permitted TO go quite too taI a,a u s :
nsst when the men of New York. the men of sub
sae a to The Sf nd h
nation to find voice to say to this nstio1 sre Of
success it has Mad II is forced to beqT unalded Is
hand with the problem of immigration 1t IS COM
PEELED to bear unaided and & alone t the If
ing them through the public schools and turning
t bren n5e m donp the nation task with made
ouate resources and Of working ou. 'T nrd Of
uit.ii And Yet. despite all this. it has proved to
itself. arsi it holds here the very cream ot the d
:ntelligence. the business saPaSl'y anu 'ie III
But Gentlemen. two years ago. when Congress
engaged in the task of formulang measupe arsVr
interest to this community. what contribution en
The z. Congress Of The Unted' states is now G about p
form. the continued reform2t9n' 1I me wbat
rocs from NM New a YcrS will be raised in Senate
in House, contribute to its discussion: p" fae ~
voice will spfk ht lfate loF y@9 Of Msns or the state
Rhode island. the state of West Virginia OF 'iFs
W. i have onr constitutional representation IN
Senate ana doee N aose n9 pl' dsranchised is That
bin PAYABLE that th~ community ssneW o ~ has got to
redeem it with interest Is there nob9dymnG9bodg
afber noitcsi party who could go Washington
and stand on his feet and say the thinSs & yo4r
fbere no,odV that can represent the conviction Of
this community that can Tetgte e IRS So ara cbem
ing to get better of their fe!lo"s put VINO & GaI
Pqbe 3b cdnscons 5nss ty S severe and elevated rs
Cannot New York make itself heard: NY Hpt On
It's high time. gentlemen, that We paid that Dill
and called it in.
The Rev Charles F. Aked and Patrick francis
-furphy were rewarded by much laughter Tor
their remarks about "Overdrafts" and 'bner-
gencv Currency" Both said they were wen
qualified to speak their topics. and the Rev
Dr. Aked said that the Bible and Shakespeare
both referred TO overdrafts He attributed the
discomfort of Richard III to the fact that he
had Just received a note from his bank telling
him that his account was overdrawn-
WEST IS OPTIMISTIC.
The last speaker was David F. Forgan, presi-
dent of the National City Bank, of Chicago, who
presented the Western view of the present situ-
alton
favor that part OF Senator Aldrichs bill which
increases the proportion Of reserves 10 be retained
home by the country bank from 10 10 Per
which / favor If any of his so called emergency
@ II oTS T'f be M Esn ST he county banks
10 begin withdrawing their balances, and instead
OF averting a panic it would make a panle certain
If currency could be made more responsive
TO the needs Of commerce IN Yari6us sect9ns, d and
panic. This in my opinion, can be accomplished
credit into our banknote currency. Elasticity
means contraction after expansion; SO that 1t may
s5ks sie SO HAT theTe will be competition among
them 10 keep their orn notes out and to push
their competitors in for redemption Ample @ re-
PoE5p''0 PoRe '''''''S must De PROVIDED o' '-' pu'
Another financial panacea has been proposed by
it bids fair to deceive many of the elect
t ] TTis foTiI, o. can al he nTese5red
-; me H. NE t1< ooiarS @ toy ayv on az the dId ffnan
cial fallacies and am somewhat alarmed by it.
Bankers Will suppose, be charged with self-ln-
terest in opposing il / am utterly amazed TO find
= il.
In my judgment, we want less expansion of credit
in this country not more. and it seems to me that
if there is thing that would make loose bank
ing more common nitrate poth lodis ana deposits
10 a degree never before witnessed and ultimately
produce a crash worse than any We have ever had,
@r,ero 70 19e9rI,- ono FS51riro,f firarriaf TiiIc
am told. clarnorng for attention at Washington 1
other commission composed of bankers and leading
business men, has been appointed by the govern
ment has studied the problem thoroughly and has
In closing let me say that thf prevailing note in
ne West is optimistic. This being election year
ascertain just what particular brand of reformer
son we do not expect general business in 1908 viii
equal that OF 1907. and perhaps it is Just well to
cannot long be arrested.
Among those who sat at the chaiTman's table
as guests were J. Pierpont Morgan Hamilton
Fish, Stuyvesant Fish. George T. Baker. Will
lam B Ridgely, Major General F. D. Grant
Dumont Clarke, Sir Purdon Clarke, Charles H.
Treat Valentine P. Snyder. ]. Edward Simmons
William A Nash and Clark Williams
The menu of the dinner follows:
Cape Cod
Raids Olives. Celeri. Amandes salees.
TeTcapene q la Baltimore.
de volatile.
Petits pois sautes z Ia creme
AytiChauts frais, Hollandaise.
Canard a rouge.
FIor1iry GeIee lie groseilles.
a
GlaCes
Cafe.
Krug Private Clvee.
Ezrre