New-York tribune., 1908-02-06
BRYAN TWITS CRITICS
HEARS MONEY DOCTORS.
Carnegie and Gage Say Our Bank
ing Sustem Is Worst an World.

LYMAN J. Gage. former Secretary OF the Treas
ury; Andrew Carnegie and Victor Morawetz. a
LAWYER and authority on the currency, said last
night at a dinner Of the Economic Cluo OF Ne"
York a. the Hotel Astor. that the banking system
of the United States was without exception the
worst in the world
They all agreed that whatever might be the
tro,,h,e II was not to be settled hastily on the
eve of a Presidential election, and that 1t would
he better to appoint commission. which should
consider and frame a currency measure for the
next session OF Congress rather than TO attempt 10
pass any new laws at the present session.
William Jennings Bryan poked good-natured FUN
et the other speakers because. as he said. they
had no remedy to suggest. He hit hard at the
banks which he said wished TO shape all currency
legislation and ridiculed the thought or cohlils-
sion He intinlated that the bankers did not want
to suggest any legislation which might have
chance of approval dsapproval at the next cleo
tion and declared the need Of an elastic currency
could not be so pressing il relief legislation coud
wait until after the election
why don't they try the criminal law7" he asked
in ending his talk Every banker Will tell you
that every failure has been due to the fact that
officers of banks have not been true to their trust
WANTS GOVERNMENT GUARANTEE
Mr BRYAN elaborated his ideas to have the gov
ernment guarantee bank deposits. and suggested
that IL clearing house districts were estaphsheo
and the banks in the districts could be properly
bound # might be possible for the government 10
losn money to such district clearing houses without
~ N~N
security.
Andrew Carnegie said that it was the Civil war
which had drawn US into our present unsatls-
factory banking system. Imagine nation he
said that gives for security its circulation Its
own debt We have The worst banking system the
world ever 1t is one of the things In whlch
we are disgracefully behind other nations we
shall never have q satisfactory system until we
follow the example of other nations and found our
currency on trade bills, which act automatically.
Legislation to remedy evils should not be made
a party matter. hope that no party lines Will be
drawn In IT. New York never be a financial
centre until have different standards In our
currency methods
Mr Gage said he had no affirmative proposition
to advance for permanent relief, but thought the
whole question should be carefully studied by a
bipartisan commission. which would put the In
terests of country above those of party. He spoke
OF the difficulties in the way of getting proper
system. of which he declared was the arti-
fatalities used in the finances Of the United States
itself.
For fifteen years." he said, turning over to Mr..
BRYAN, who by the way, sitting at a small
table with George F. Baker, president of the First
National Bank. known a Standard Oil bank.
.the government purchased silver bullion at so
cents on the dollar and coined 1t at 100 cents on the
dollar / would like to consider the moral aspect
| Of that"
GAGE QUOTES BRYAN.
MI Gage then quoted from Mr.. Bryan's speech Of
Tuesday night regarding the issuing of stocks and
bonds that did not represent what they claimed to
do. 'T say" added Mr.. Gage. that the government
great people should be to the people in dignity
and majesty and truth only second TO the Almighty
God"
Let all proposals for reform come in'' added
| Mr. Gage, but none of them should be adopted
| now"
Mr.. Bryan had an inscrutable smile when he
started to speak. 81 had supposed" he said. that
| for forty years our currency system was In the
hands of experts. And now, TO find that 1t Is the
worst system the world-what shall I tell my
| people when go back West? The three fnancers
| who have preceded me are agreed only on the
| proposition that our system is bad and that they