The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-12

New York. Jan. u.-secretary Of the
Treasury Cortelyou was the princlpaI
speaker tonight at the banquet of the
Hamilton Club. Of Brooklyn. in com
menoration Of the 15eth anniversary Of
the birth Of Alexander Hamilton. the
( first Secretary Of the Treasury. who as
Mr. Cortelyou said. began his work when
there was not cent in the Treasury.
Albert G. Mcdonald, president Of the
club introduced Mr.. Cortelyou as "a
| iineal and worthy successor To Hamu-
ton Before the introduction a toast
was proposed by Mr.. Mcdonald TO Presi-
dent Roosevelt and it was drunk bv the
lZS guests standing. The Secretary of the
Treasury said: Ordinarily a represent
ative Of the national government. in ris-
ing 70 speak after toast to the Presl-
dent speaks to that toast, but will vary
that practice. knowing that the President
viii excuse me"
de took time, however, to pay a tribute
to the President. saying "he stands to-
day as one Of the greatest forces. both
moral and mental. that has appeared in
American history"
Secretary COFteIyOu's speech.
In part, Mr.. Cortelyou spoke as. follows:
1t has been proposed 10 form an or
ganizatiOn known as The Alexander
Hamilton National Memorial Association
with headquarters at Washington. for the
purpose Of erecting a statue Of Hamilton
In the Nations Capital. and il has been
my pleasure TO give assistance in every
possible way 10 bring about the eonsum-
nation OF so COmmendable q project
am sure that this is a matter which will
meet with the general and hearty CO.
! operation of our people, and il seems TO
me that it VIII appeal particularly 10
clubs and organizations bearing his name
There would seem TO be no doubt that
the Bank of North America. which was
incorporated in December. 17sl was
largely the result of Hamllton's suRees-
tions. This bank rendered important
service TO the young nation, but the now
IeFlessness Of the government made even
such wise measure Of little avail More
over the legislature OF Pennsylvania
three years later annulled the hanks
charter. It was rechartered shortly there
after, and is still in existence. the oldest
bank in the United States, and by special
act OF Congress permitted to do business
as national bank by its ancient name.
without the use Of the word National
Outlines His Measures.
In his letters to Morris and others
Hamilton had also outlined measures. the
adoption of which he thought advisable
for strengthening and perpetuating the
national government. He continued to
agitate the question, an agitation that
| became the more effective as the poIiticat
and financial conditions Of the country
grew 10 be more and more deplorable.
The first President. knowing and pro
foundly admiring his former aid. called
him 10 take the most important Office at
that time. that Of the headship Of the
Treasury. then without funds. What bs
did there largely endures TO the present
day. Answering a call OF Congress. he
laid before that body several reports
which furnished suggestions for the estab-
Z EUkGEFl=
ment on substantial basis. Most Of his
recommendations were embodied in stat
ute-law, placing the credit of the nation
on foundation that has never been
shaken, Notwithstanding all the mutations
Of politics and even the agony and ex-
haustion Of prolonged internal conflict OF
arms.
His fav0Tite idea, the sustaining Of the
national credit and conducting the
finances. the establishment Of a bank was
so We'll realized that it attracted the ad-
miratiOn and support OF men who at ths
time of the banks establishment were
antagonistic, and they earnestly advocated
its recharter when the term of its first
charter was about 10 expire; and. in al
probability, success would have attended
their efforts but for personal hostility to
the Secretary (then in Office from men Of
his own party. The State banks were
also hostile to the national institution.
May Have TO Adopt system.
1T is a tribute to his financial ability
and foresight that after the lapse OF SO
many years, with largely expanded na-
tional domain and a greatly increased
population. many of our most thoughtful
students of finance believe that eventually
we shall have to adopt again some SINH
/ lar system.
The condition Of the finances Of the
| country. after the expiration Of the char
ter Of Hamilton's bank, affords additional
evidence Of the success Of that measure.
All accounts represent 1t as most deplor-
able And the dominant party soon char
tered another bank, which did business
until the expiration Of its charter in 1886.
The present system of national banks has
for its constitutional basis the same au-
thority that HamiIton's had; while it is
destitute of the monopoly feature which
attached itself TO that institution.
| Chancellor Kent, to whom a few
months before his death. Hamilton dis
closed a project he had in mind for an
investigation of the history and science
Of civil government, and the practical re-
suits of the various notifications Of It
upon the freedom and happiness Of man
kind. in which he proposed TO have sev-
eral cOadjutOrs. their labors to be pro-
mulgated in several volumes, speaks thus:
"T have very little doubt that If Gen,
Hamilton had lived twenty years longer
he would have rlvaIed Socrates, or Bacon,