New-York tribune., 1908-06-21
PRAISES CURRENCY LAW
Henry Clescs Tells Maine Bankers
Of Its Provisions.

Watervile, Me. June 2o.-Henry Clews of New
York. who addressed the Maine Bankers Asso-
ciation at its annual banquet tonight currency
legislation, the money and the business out
look, said in part:
The recent passage by Congress. at the eleventh
hour, OF the emergency currency law was event
oope Sc It is P@Towey ended oniy to m make pro
vision for the possible contingency OF panic. But
and by the confidence it Will inspire IN times of
~ aild sIrIIseilCy ~ wiz ,end
These local associations which will be formed will
cuTTency re association. but sort Of national fire
brigade to extinguish the fires Of panic whenever
and wherever they appear; and there Is every rea-
son 10 suppose that in cooperation with the Treas
if csIIe3 upon MS new cIIrrencz, is Subject to
retirement tax az the rate Of per cent for the first
month thereafter till it reaches 10 per cent This
to present whafeTer they had Of the emergency
notes for redemption soon as it ceased TO be
unable to make loans at higher rate of interest
1 a ine e Rae 10 pay v iIT 'e 5t G5s o1 neTanent G
fation of the currency as well as a needed element
AS TO the business outlook there is good
for general ecu Crop DTo5PeGs are a nn
vests Of wheat and the minor grain and other
assured Our banks. our trust companies. our in
fursnes eompaes our s Tay va 5 our great indus
mining and trading corporations. should be regu-
indeed. for their own good. Holding them legally
TO proper accountability prevents moral laxity on
Of capital immense that ii is practically in
calcuable and in connection with them have
the vast wealth of many individual capitalists and
large financial and mercantile firms These
CapalOle of forming money combination that may
be powerful for either good evil. according to the
right or wrong direction of fits forces.
Capital in this country has rapidly accumulated
in such immense masses as TO be great power for
evil well good. and its possessors are not al
ways conscientious and patriotic. Therefore they
stand need of government control than the
masses. Moreover, this money power is growing,
and will continue to grow with the growth of the
country. and II is already eXerting under the
face. great political power, and is boldly aiming.
by concentra of its forces. at the control of
government I have reason whatever to doubt
that reforming policies of President Roosevelt
will continue to vital force for good long after
this generation of has passed away. He is
the great apostle of the square deal" and his
policies being sound and just. viii stand the test
of time and be sustained by the highest courts,
which are above both Congress and the Presidency
bulwarks against invasion of the rights and
liberties Of the people
1t is beyond question that much OF the severity
Of our last panic due the efforts of the
speculative capitalists Ito whom have referred) 10
intensity disturbing conditions and hammer the
stock market 10 lower and lower depths, in order
that they might buy stocks back at prices low
as possible .s =,
and they should be protected by stringent laws,
vigorously enforced, against the depredations and
SANDERS of those seeking intensity them. Profits
so made are indeed III gotten gains and represent
the worst kind of tainted money It too often hap
pens that the rich made richer just the poor
made poorer by pantcs-