New-York tribune., 1909-05-14
DINE WITH MACVEAGH
Bankers Meet Secretary Of Treasury
at Union League Club.

Franklin Macveagh. Secretary Of the Treasury.
the guest of George S. Terry, Assistant United
States Treasurer. in charge of the Sub-Treasury at
New York, dinner at the Union League Club
last night Its purpose was TO give the Secretary
opportunity to meet socially some of the leading
bankers and hnanciers in this city his first Of
fetal visit to the city.
Thirty covers were laid. The dinner private,
but Secretary MacVeagh later gave the newspaper
an outline OF what he said. Other speakers
were ]. Edward Simmons, A. Barton Hepburn,
General Brayton Ives and Cornelius n. Bliss
Mr.. MacVeagh said he had spoken of the deficit
but not much, public attention
focused on tie tariff bill The main question, he
said. not much the revenue it would pro-
duce as whether it would meet the expectations
OF the people Nobody. he said could feel
what the revenue would be- the schedules had
not been fixed.
In speaking Of the Monetary Commission. the Sec
retary said it would make its report broad
study not only OF the financial system of this
country but intelligent and adequate study
of the financial systems of the principal countries
of Europe. It is likely he said, to afford a basis
for the establishment Of banking and currency
system in America that will cure or begin perma-
nent cure of the troubles of that banking and COM
merciaI interests of the country.
Secretary MacVeagh told the bankers that. so far
as the administration concerned. # was ap
preaching the question of currency and banking
reform with perfectly open mind and would vel
come any suggestions based on intelligent study
and experience.
He told them of the new study Of the revenues
and expenditures of tke government correlated
whole. He said that this study extending not
only 10 the executive side of the government but
also TO Congress. the legislative side He spoke OF
the new committee of the Senate the Expenditures
Committee. made up of the chairmen OF the COM
mittees of the various departments of government,
which Is TO consider the budgets of the various de-
partments together and in relation one with the
other These budgets. he said also to be
considered hy the Nahnet all Of which would
BILE the government to have budget system such
as has been in force in the European countries.
The Secretary said he did not have much to say
OF the business situation but it hopeful one,
shown by the increasing revenues. With the
completion of a tariff bill satisfactory to the people
there is nothing in sight except a reasonable and
rational prosperity. he said.
Those present in addition to Secretary MacNeagn
and Mr.. Terry were Stephen Baker. president or
the Bank of the Manhattan Company; Cornelius n
Bliss. former treasurer Of the Republican National
Committee, Charles F. Brooker, Republican Ma
t,onal Committeeman from Connecticut; Lewis L.
Clarke. vice-presdent of the American Exchange
National Bank; William Nelson Cromwell. Of the
law frm Of Sullivan & Cromwell; Robert VI. Gala
way president OF the Merchants National Bank;
Alexander Gilbert. president OF the Market and
Fulton National Bank; c. II. Hackett. president OF
the Bank Of the Metropolis; a. Barton Hepburn
president OF the Chase National Bank; Francis L.
Hine president OF the First National Bank; GEN
eral Thomas H. Hubbard. president Of the 1Eterna-
tional Banking Corporation; General Brayton Ives,
president OF the Metropolitan Trust Company;
Thomas L. James. president Of the Lincoln Ma
tionaI Bank: Luther Kountze vicepresident OF the
United States Mortgage and Trust Company; VIII
lam Loeb ir Collector Of the Port OF New YORK
the Hon. p c. Lounsbury president Of the Mer-
chants Exchange National Bank Franklin Mur-
ply. Ex-Governor OF New Jersey and president OF
the Prudential, s. G. Nelson, vice epresIdent Of the
seaboard National Bank; Charles D. Norton As
sistant Secretary OF the Treasury; the Hon Her
bert Parsons president Of the Republican County
Committee. Lewis r. Pierson, president OF the
Irving Exchange National Bank: Charles NJ saoin'
,rasident of the Copper National Bank, Frederick
B. Schenck president Of the Liberty Nationai
Bank; f s. schenck. president Of the Citizens Cen
tral National Bank; Isaac y Selignlan. OF J. a W
Seligman & Co, bankers: J. Edward simmons,
pr-sidant OF the Fourth National Bank. Charles h
Treat United States Treasurer. and James /.
Woodward president Of the Hanover National
Bank