New-York tribune., 1909-01-26
PRAISE FOR MIR. MORGAN
CHEERED. BIZ 700 DINERS.
Ne1O York State Bankers AsS0cid-
ton Hold Yearly Dinner at Waldorf.

Nearly seven hundred bankers, members Of the
New York State Bankers Association. Group VIII
and their guests listened at its thirteenth annual
dinner, at the Waldorf. last night to Representa-
tive Edward B. vreeland he told OF the fnan-
ciaI conditions In the country that led TO the
enactment last winter of the currency emergency
law, of which. With Senator Aldrich, he the
author and meekly bore his gentle rebuke because
they had not organized the associations permitted
under its provisions
Then they listened to Mayor Mcclellan as he de-
clared that the city not near bankruptcy and
appealed to the financial interests to them
selves with the amendments to the charter before
the Legislature regarding the re-establishment of
the debt limit, and to Martin ". LiItletons look
backward and forward and declaration that the
lines were now to be drawn, not between Demo-
Gratis and Republicans. but between radicals and
conservatives.
who the speakers table, the leading
American banker. reused the gathering to a high
pitch OF enthusiasm Mr.. Morgan had to bow his
Acknowledgements before the cheering stopped
James G. Cannon. the chairman of the associa-
ton, was the POSTMASTER. The guests were Du-
mont Clarke Richard Delaheld. Mr. Elder. Alexan-
der Gilbert. Bishop Greer. Francis l. Hine, Pierre
Jay, Mr. Littleton. the Mayor. Edwin MarstOn, Mr.
Morgan. William A. Nash. Alfred l. Ripley. Will
lam F. Sherman, William Sherer, j. Edward Sim
mons, George s Terry Frank A Vanderlip Con
gressmar Vreeland, Clark Williams. James T.
Woodward and Richard Young. The galleries were
occupied by many women The tables were decorat-
ed with mistletoe and carnations.
Mr. Vreeland, who is the vice-chairran bf the
National Monetary Commission, started in by say
ing that Mayor Mcclellan had given to this city
a high toned, respectable and efficient sdministra-
ton, which sentiment cheered. Getting down
his subject. he said that outside of tina mainten-
of the country's liberties and the national de
fence the most important matters were sound sys-
TENS of banking and currency. He went over the
cxrctar to last
winter OF the emergency act he said that the
bankers had made the of their privileges
under the measure under the impression that the
associations they might organize would be perma-
neat.
The country should have reserve M vreeland
said on the same principle that great city stores
water in reservoirs. to he drawn upon in cases
OF emergency. The security now felt might be
rudely shaken. he declared. and then said
IF the agitators the Pacific Coast succeed in
stirring up Japan to the point of war, We shall
need a financial reservoir TO draw upon. and then.
unless conditions radically changed, where shall
get relief"
There was no politics in the commission, he said
Then he praised the bankers of equal patriotism
with those who volunteered in the Civil War when
they took up the national bonds, and. reverting to
the recent panic. he praised Mr.. Morgan He said
that his message invitation to bankers to
assist in evolving a system of currency which
should in effectiveness be in harmony with the
commercial greatness of the country.
Mayor Mcclellan said that IL utterly prepos-
ferrous suggest that there was a risk Of
municipal bankruptcy He called attention 10 the
amendments TO the charter increasing the debt
limit and said
l have ventured TO speak to you at some length h
on this question for the that constitutional
amendments do not come TO me as Mayor L nave
power them than has any other
citizen I believe that il IS your duty as men
vitality interested in maintaining the credit or the
city and the who best informed upon
financial questions TO make up your minds what
ought TO be done to meet this emergency. II an
emergency exists. and then 10 use your influence
with the Legislature I'm behalf of what an educated
public opinion shall deem wise. Without some ad-
dition 10 our borrowing capacity II will be i'm
possible to begin Immediately the construction of
any large of rapid transit roads or Of great
dock improvements public work In general
The question TO he determined is whether II is
better TO increase our borrowing capacity and I'm
n1ediatey begin such work. whether II is better
to retrench and economic and wait few years
until normal growth permits us - engage IN
further development.
Mr. LittIeton in alludinE 10 the conservatism that
should prevail. said he meant the conserva tism
which would hold the government so high above
the reach Of class interests that It could not hear
the cry of the awless mob nor the appeal Of those
fat with privilege; the conservatism which does not
care how rich its people grow II they stand alone
and earn their wealth without the aid of govern