Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-06
FACE TO FACE REJ0INDER
Pertinent Remarks at Banquet of
Economic Club
IN NEW YORK LAST NIGHT
Carnegie, Gage and Others in Lively
Tilt-Nebraskan Says There Is
No Free Silver Issue.


in the Hotel Aston. and was enthusiasts
tically applauded. He. was actually sin
the enemies country even having, as
his neighbor at table President G. F.. Ba-
ker Of the First National Bank.
The subject for discussion was 1.-The
Currency System Of the United States. y
Three speakers-Victor Morowitz An
drew Carnegie and Lyman ]. Gage, ex-
Secretary Of the Treasury-were heard be-
fore Mr.. Bryan was introduced. In dis
cussing the financial ills of the country
each advocated the appointment Of an
expert commission to devise a remedy.
The three financiers attacked the poll
cies of the Nebraskan throughout their
caustic speeches on the monetary situa-
ton. and in return Mr.. Bryan told them
that they were perfect representatives OF
the type Of men who. by their own com oI1
mission. had forced upon the country the
worst banking system in the history OF
the world.
Henry Clews. Stuyvesant Fish, James
Speyer and $50 other well-known men ap-
plauded Messrs. Carnegie, Gage and
fell upon a chill stiffness, and several
times he was interrupted in the course OF
his attack. $50
Mr.. Morowitz's Remarks.
Mr. Morowitz began the spirited SYM
postum gloomily. THE financial condi-
ton of the country today" he said, us
the worst any nation. civilized or unciv-
ilized has ever seen. The national banks
of the country have more than twelve
thousand millions Of deposits. That is
four times as much currency as the ehtite
..Theso hanks and the trust companies
iexpend over twenty times their real
credit. They carry in their vaults only ~
8 per cent of currency against their W
per cent of credit. The present situa-
ton is due entirely to imitation of bank
credit. 1t can't be cured by further is-
sues of paper money. The only way 10
curb it is through the creation OF an
association of banks. with one head re-
.But this is no time for Congress to
NEEDLE with this situation. Congress
must keep it's hands of until the presi-
Dental election has been held.
Mr.. Carnegie to Congress.
Mr.. Carnegie said he subscribed to most
of Mr.. Morawetz's views. In calling upon
Congress to keep its hands off the situa-
ton. Mr.. Carnegie said: Banking has
never been a partisan issue. Let us not
inject 1t now by making this matter a
Following Mr.. Carnegie. former Secre-
tary of the Treasury Gage made speech
to the same effect. He reiterated that
the war was responsible for the banking
system.
the system. could not be worse. No more
humiliating spectacle was ever seen than
within the last. six months. when 5000
banks and trust companies stopped busi-
ness in a minute, as though at the ring
fv1sY 49, 10.
1.-THE blame for this lamentable state
Of affairs" said Mr.. Gage, lis the artif1-
cial market created for government
bonds
Bryan Attacks All Three.
Mr.. Bryan, who followed the ex-Secre-
tary. lost not a moment in beginning his
attack upon all three preceding speakers.
There was a battle CLINT in his eye as he
began.
For. the last forty-seven years the
financial affairs of the country have been
in the hands of men represented by the
three preceding speakers here tonight.
You can't blame me or my party for the
last panic. I am glad to hear these men
here admit that they have evolved the
worst banking system ever known.
II came here expecting to hear some
ideas of what should be done to correct
is that they don't know what should be
DONE.
He went on to say:
'1f l were discussing the Aldrich bill
would criticise a number of its pro-
visions. and If / were discussing the
Fowler bill would dissent with its pro-
visions, but the point I desire to make is
this: That we do not need to extend the
note issue Of the banks. The government
can meet the need simply and quickly,
and l believe provision should be made
for the issue by the government of
United States notes like our greenbacks.
in form and redemption. and that these
United States notes should be loaned by
the government upon sufficient securities,
and at rate of interest which will COM
pei the retirement of the notes when the
emergency is over.
Free Silver Not an Issue.
Mr.. Bryan was asked whether in his
Carnegie Hall speech Tuesday night he
intended to include an intimation that
free coinage of silver was still a public
issue. Mr.. Bryan replied:
mo: free silver is not an issue.
simply referred. to 1t to show the change
that had taken place in the arguments
that are being made at the present time.
1.-The silver question was an issue in
1896, because prices were falling and
gold production has materially increased
prices are rising-or were until the re-
cent panic-and will again as soon as
normal conditions are restored. The
silver question, therefore, will not be an
issue"
Mr.. Bryan, after a reception in the Of
flee Of Borough President Bird s. .o.er.
in Brooklyn, yesterday. addressed gath
ering in the borough hall corridors. He
said in part:
Won't Be Pushed OF.
II am glad to. find that We have a
united democratic party. 1 have suffered
as much as any one from the results of
a divided party. and I am gratified now
that we are presenting a united front. l
hope for a democratic victory next fall.
The democratic party has taken an ad-
vanced ground. and has vindicated our
position Some Of our ideas have been
Endorsed by President Roosevelt I
emphasize the word some In some
less, I do not intend to let him push me
off the democratic platform.
I'VE are now in a position to fight the
divided enemy. for the republican party
is divided, and it will take that party
some time to settle the questions which
have divided 1t. While they are doing SO
we can carry on the government in their
triumph Of democratic ideas. The time
is coming when the cup of the democratic
party will be OVERLOOKING with joy
The trial of Nunzio Nazi. a former
Italian minister Of public instruction. who
is charged with having embezzled thu
public funds. resulted Tue sday in an at