The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-02-13
SHAW AND INGALLS,
CLASH ON MONEY
PROBLEMS
FORMER ADVOCATES NOTES
GUARANTEED BY GOVERNMENT
WHILE OTHER WOULD EXTEND
CLEARING HOUSE CHECK PLAN.

Radical suggestion from conserVa-
tive fnanciers for clearing the IMAM
cial situation were In order az ths
banquet OF the Bankers club, Wednes-
day evening. Melville E. ingalls,. pres
ident Of the Big Four railroad, and
Leslie NJ. Shaw, former secretary OF
the treasury, and president or the
Carnegie Trust Co., o. New YORK. were
the speakers who presented new plans
James Schermerhorn discussed the re-
lation OF the press 10 the banks. and,
while he scored the fnanciers OF the
country severely at times. his humor'
Gus treatment kept the auditors IN
good humor.
There was a difference OF opinion
among the speakers as TO the national
antidote for panics and currency
stringency. ingalls, argued for the
repeal OF the antitrust laws and
suhstitution OF laws for federal con-
troll Of corporations; also for an ex-
tension of the clearing house check
plan for money scarcity.
Shaw advocated the issuance OF notes
guaranteed by the government and
based ON the capital OF the national
banks.
MIR. Ingalls, Plan.
I'VE shall have TO grow a new crop
OF corn, cotton and statesmen before
our troubles are past" said Mr.. In
gals In beginning. He briefly out
lined the reforms he considered Deces-
sary and then attacked the Sherman
antitrust law. saying that he knew or
no one whom 1t had benefited. but
knew thousands that II had injured.
Agreement on prices he considered
necessary, and the partial enforce
meut OF the law, which should be en-
forced as long as il is on the statute
books. whether IL be good or bad, had
done great harm TO every class, he
insisted. He would have corporations
licensed by the national government
and examined to determine how much
OF wind and water and how much OF
substance their securities contain.
With continuous publicity and CORE
spending laws by the states. he be-
lieved corporation abuses would be
done away with.
In regard to the currency. the speak
er decried an emergency circulation
based on bonds. inasmuch as that
would benefit only the New York and
Chicago bankers. Rather, he favored
a national clearing house system, IN
which banks are organized In dis
tricts and issue clearing house notes.
printed by the government. To pro.
tect the government, he would have all
government deposits draw l or per
cent. the fund so creeted to guarantee
the notes. Thus each district would
get currency 10 Its requirements. An
acute cause OF business depression he
considered to be the public hysteria.'
peace. less talk, less legislation, less
shrieking and abuse" he said. IF
there are criminals we do not want
to stop the prosecution. but let IL go
on and stop talking about 1t. The
fact is. society and business integrity
is as good as It ever was. only 1t Is
fashionable now TO talk reform.
Give Us Reform, But Less Talk.
"Give us rest from talk and legis-
lation: go on with your reform quietly
and honestly, but preach less and do
more"
Referring to railroad legislation, he
gave cHuOIsctuEnl W TIC IicPDuln
bill. saying that 1t should not have
been fought
Ex-Secretary Shaw began his speech
by saying that the panic Is over. but
that we are going through with its
effects. The effects of the panic OF
'93 had lasted four years.
No man can put his finger on any
one thing and say. This Is the cause, :"
he declared. I'VE have had ten years
of wonderful prosperity. This age has
developed much commerce. some SEN
timent Competitors have had to give
way in business and in politics.
Love OF power has not been con-
fined to those who wait on trade and
commerce. The love OF power has led
logically and irresistibly from the won
derful prosperity of the past ten years
to business practices that were not