Waterbury evening Democrat. [volume] (Waterbury [Connecticut]) 1903-1917, 1908-01-28

meeting a man, who although had
great success there, longed to return
to the west. Fifty years ago his
father was In the west but he came
nome to die. A quarter of a century
ago the Waterbury American needed
an editor. A man was selected from
the west, came to Waterbury and has
worked on that paper ever since.
Secretary Shaw was born In Vermont,
within view of Mount Mansfield. He
went west. He was successful in BUSH
ness, prospered in everything, was
twice elected governor Of a state.
But he also came back, though not
voluntarily. He was called back to
take position in the presidents
cabinet. For several years was in
command of the treasury during
which time he cut out more red tape
and more old fogyism in that DEPART
ment than all his predecessors COM
bined. To satisfy his financial brain
he at length drifted to New York.
The POSTMASTER had read so many
Things about the ex-secretary in the
newspapers that he knew not If a
small part of it were true. Mr. Shaw
would not be present at the banquet.
The guests did not get the impression
that Mr. Chaplin wished to convey
when in delicate manner he refer
red to Leslie M. as presidential pos
sibility. The POSTMASTER considered
it an honor that Mr. Shaw was pres
ent to address the business men Of
Waterbury. Mr. Shaw had his audi
ence from the start. He had fun
with ho e..
ments.
The Introductory remarks of your
POSTMASTER" he said, makes me
think of an incident in connection
with an election in Chicago some
years ago. In the fifth ward a man
named Peck was nominated for al
derman and elected Two years later
he was again nominated but his popu-
larity had slightly declined. One
morning one of the prominent men in
the city received telephone call
from Jew named Rottschild, living
in another part Of the city. You
know that man Peck, (Mr Shaw gave
1t in dlalect), came over the wire,
well he certainly does make a fine
alderman and ] wish you would do
all you can to elect him." The
prominent man, who was a friend Of
Rottschild, said he would Half an
hour later the man of influence again
received a telephone call Rotts-
child was again talking. You know
that man, Peck, we'll he is no good he
is a scoundrel, do everything you can
to beat him" What has made you
change your mind?" his friend asked.
We'll when telephoned at o'clock
Peck was sitting here with me and /
had to do it," The secretary thought
1t was much the same with the editor.
But Shaw was immense. With an
excellent enunciation, knowing his
subject thoroughly, apparently TAX
ing as much enjoyment from his adj
dress as his auditors, he was indeed
One entering the dining
room would think that he vas an in
structor giving a lesson to class in
banking. Never ranting, but at all
times driving home his thought and
expressing it so forcibly that even in
intricate places it was possible for
the audience to follow the speaker.
During the address Mr. Shaw
touched upon the name of Grover
Cleveland which was the signal for
loud applause John Keyss being
the foremost noisemaker). And Shaw
lauded the ex-president 10 the skies.
He said that it was Cleveland in 1893
that tided this country over the
greatest financial crisis it ever had
or that it is ever likely to have. At
tackled by both democrats and repub-
Leans he stood there like rock and
he did this country service which
1t will never be able to repay him.
He admitted that when Cleveland left
the White House this country was at
low tide but the recovery was rapid.
Getting down to the recent panic he
said:
Some have attributed the panic to
the spirit of speculation which the
of the last ten years has
encouraged. OF course we would not
have had the panic but for 4 pIeced-
ing period of prosperity. No doubt,
therefore, that the spirit of specula-
ton has been contributing cause.
but il has not been the cause. In
proof that the business OF the country
mas been conducted conservatively [
cite the fact that failures nave been
very few indeed. Merchants must
have been in most excellent condition,
must have been prudontly
banks must bave been
sound or widespread ruin would have
marked the panic of 1907, which is
conceded to have been the
ieverest the world has ayer Witness
ID. Whether industrial stagnation
will become as widespread ami chron-
&c as that which followed the panic
If 1898 remains TO be seer. ! do not
hink IL will.
The panic of 1898 was over IN a
ew months, though industrial reviy-
n was long delayed. At the first
;mell of smoke the people lost heart
md some of them lost head, but they
sat on the sidewalk for
our years and complaeently watched
he eonfiagration. In my judgment
he panic Of 1907 Is practically over.
wish | might predict no disastrous
fleets evidenced by labor unemploy-
d."
Others place the responsibility for
what We have witnessed to defects in
,ur currency system am supposed
10 he about as pronounced in my
riews on that subject as any, yet |
I'm certain that the causes to which
have referred would have produced
ONE effect had our currency laws
,een the most perfect in the world.
We might have escaped a panic but
lot a very considerable amount OF
business depression In other words II
,ur currency had been as elastic as