davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1910-01-02
Former Director of the Mint Explains the Useful Pur=
poses Such an Institution Would Serve.

occurred in 1905 1906-the conditions in
all three years were identical.
I'VE were sound industrialIy. Business
was booming as never before in our his
tory. There had been no overspeculation;
no money had been put into large enter
prises that didn't pay In 1873 railways
had been built that We're much ahead of
the time. Immense sums of money had
been poured into properties from which
there were no returns. panic was the
natural and unpreventabe result of the
conditions of that period.
Notwithstanding the seeming strength
of our position in 1907. every dollar of our
currency was in use Pressed by their GUS
toners for money with which legtimately
to expand their business, some banks had
even loaned part of their lawful reserves.
There was not single reason in the world
for the panic, except the insufficient stock
OF money!
But the national banks" / said could
have gone into the market. bought govern
ment bonds and, on depositing the bonds
With the Secretary of the Treasury, could
have obtained new money!
And they would have had less money
than when they started the transaction
Mr. Roberts answered. Government bonds
were then at premium of per cent. I
know OF bank that could have issued
2,O0O,0o0 under the law in addition to its
circulation then outstanding but bonds at
SlO6 meant that 1t would have paid s., 200, 600
in cash for the privilege of getting 81, $50, 900
of new money.
There was no practical way at the time
OF increasing the supply of currency" Mr.
Roberts went on TO say, land consequent
ly all through the years 1905. 1906 and 1907
conditions were right for a scare that
would bring on panic If some great
house had stubbed it's toe in 1905 the finan-
cial crisis would have occurred then in
stead of two years later. We lived through
1905 and 1906 in a state OF mind when all
the Facts were against us.
Finally, +. Augustus Heinze failed. and
one OF his New York banks went down
with him. He was the man TO stub his toe.
Another of his banks became involved I'm
his personal disaster. An incipient manic
started. Deposftors began quietly to with
draw their money from other New York
banks. and, as / have said. there was none
too much In the first place. Almost hefore
we realized 1t, ten or twelve banks in New
York closed their doors in the faces of
their excited depositors. In every case tbe
bank under proper currency system could
have kept on making payments, and there
would not have been a single failure
Saturday, October IS 1897, was a terri-
BILE day all over the country. The panio
New-York tribune., 1910-01-02

COO on deposit in the twenty thousand
hanks scattered over the country. The
money is safe, but it has been invested
Our stock currency of all kinG%gold, sill
yer and paper--is about 5000 00O.Oo0
Against 81 In actual money therefore there
is s. on deposit
IF every man in the United States were
to call at his bank on any particular day
and demand what is due him, all the banks
would have to close. all the mills mines
factories and railroads would have TO cease
operations. and temporarily we should be
a bankrupt people,
But how" asked. ''can the money sup
ply be regulated?"
Il believe that should have a great
central bank. with a capital of at least
OO.0000O0, mostly in gold, and that it
should be owned by the national banks of
the country. / would have the bank do
business with other banks and the national
government, and not with individuals
There are such institutions in Europe and
they balance the constant changes i'm fnan-
cial conditions and prevent panics.
The function of our own central bank
would be the regulation of our currency. liz
would be therefore, bank of issue, taking
the securities or credits of any national
IN exchange for immediate circulation. In
that way our stock of money would ebb
and flow in harmony with the natural tides
of business. If a national bank in Chicago
or any other city needed sl,0G00OO for its
customers IL could send it's securities or
credits TO the central bank and get the cur
rency. When 1t had a surplus of money n
could return the 81 900, ,000 and get its securi
ties or credits back"
What do YOU mean bv credits"
The promissory notes of banks cus-
toners. or its commercial paper. AS each
national bank would be responsible for its
credits the central bank would take no baz-
ards.
Moreover" Mr. Roberts continued ".ba
government should deposit its revenp..
with the central bank and check apairs,
them when 1t paid it's debts, as is univer-
sally done by large corporations In tba,r
daily transactions of business. An immansa
amount of the money now received nv M
government is locked up until needed on,
consequently. for the time is Withdrew,
from circulation. The practice shou,d Ia
abolished"
But wouldn't Wall Street ultimately re,
the bankf" l asked.
mo. There could be twentv-ovs s,r..
tors chosen by the clearing houses IN nc
many financial centres. from Boston IN
San Francisco. and they would mana.a
and control the bank. One of our infrmj-
ties as people is that many OF us arc
constltutionally suspicious We are for
ever seeing things that have no existence
The world is run ON faith. one man trust
ing another. Ihat is the theory OF our
New-York tribune., 1910-01-02

had demoralized the East and men and
women were clamorng at sound banks for
their savings and their money. The scare
banking centre In the United States was
seriously threatened. Long distance tele-
phone wires East and West were kept busy
from early in the morning until late at
night on Sunday. An agreement was
reached that included most OF the country
and on Monday. October 2S, the large banks
In all the cities suspended cash PAYMENTS
It had to be done; there No no other wav
out of such abnormal and ruinous condi-
tions.
Merchants in alarm cancelled the orders
they had given to jobbers. Wholesale deal
ers wlthdr aw the orders they had previously
sent 10 manufacturers. and the manufact-
urers in turn reduced the working hours
of their establishments closed then,
altogether. Railways, being deprived q,
freight laid off their men. One road IN this
city temporarily suspended ten thousand q,
it's employees. Industrial conditions ne
have said, were sound. and a panic. con-
sidering business alone. was not Justified
hut the whole country was In ,.,ta
bordering on frenzy Currency. ana our
rency alone, could have prevented oil ,ha
loss and trouble
MEN have called ii a money manic :,
was nothing else. Bankers who had r,o,,,,,
kept IL TO meet possible needs thai ,,,,a..
wise might be runous II should ~ -
membered that our people have sl5. ooo oo
New-York tribune., 1910-01-02
BY James b. Morrow.


Chicago. Jan. IA quick book on a live
subJect-it was written in six days
turned George Evan Roberts, an Iowa ed
itor, into financier of repute
The book helped to elect Mckinley and
to beat Bryan, and Mckinley appointed it's
author Director of the Mint Two years
ago Mr.. Roberts was elected president of
one of the strongest banks in the United
States, the Commercial National Bank of
Chicago. with s70,000,0O0 Of deposits and
s10,30O,00o Of resources, otherwise capital,
surplus and undivided profits
The son of potter, who began to learn
the printers trade at the age of sixteen,
has become more than a practical banker.
He is also a great teacher of the funda-
mentals of finance and an international
authority on money.
will business in this country continue
to be good for a long time to Gomez" I
asked
"It seems so to me-" said Mr.. Roberts.
Business was never on sounder or bet
ter basis. Our unscientiic currency sys-
tenn lis the only thing we have to fear"
What is the matter with the currency
SYSTEM" inquired.
I'VE bankers say that It hasn't any elias
ticity, which means that the supply of
money is practically the same one season
with another and year after year. In the
autumn, when crops are to be sent to mar
ket-wheat, corn, cotton and so on-there
IS no more money than during midsummer
Agricultural products are bought for cash
Railway freights ordinarily must be paid
for in advance 1t happens. therefore,
that the East is drained each fall of money
that il may be paid in the West for har-
vested crops. Thus merchants find some
difficulty in getting money for debts COM
ing due, and manufacturers are inconven-
fenced and are often prevented from en-
larging their plants To put the situation
in another way, the country tips to the
West and all the water runs TO the East
IL is an unhealthy, an unscientiflc and un-
necessary condition and contains the ele-
ments OF danger and disaster.
I'VE do more business than any country
in the world with bank checks paying
them out in large and small transactions
in place OF currency. Such business is
principally matter OF confidence Checks
are accepted in the belief that there are
funds in the banks > make them good
However, if banks having funds with
which TO meet the checks decline to pay
them because of a scarcity of money, there
is panic. The ban we all remem-
ber. suspended payment in 1907 The
manic Of that year might just as well have
New-York tribune., 1910-01-02

the order and brought another quart of
French delirium. Cafe de rOpera seats
for dinner and supper cost $40 cash in
advance, and no rebate for leaving he
fore morning.
At the three Stanley restaurants and
similar places the decks were cleared for
action at an early hour and Champagne
Only" signs greeted the eyes of joyous
guests. The signs did not mean to ex-
clude cocktails. which are the Broadway
staff of life, but were aimed at the more
vulgar beverages. like beer and usual
distilations. Light chairs were put
away, valuable rugs were covered with
cloths and the only glassware allowed
on the tables were champagne and cock
tail glasses. Nor was it permissible for
guests to demand domestic brands of
fizz. They got the real French stuff,
$4 so a quart and 50 % a pint AS for
seating, it was take pot luck and, after
New-York tribune., 1910-01-02
A DR.. M'COSH sToRy

neeton graduates love TO relate n,
o'u story about DR.. McCosh. who WAS
president or the New Jersey COLLEGE he
Iore Ut f. L. Patton. Old DIR. Mccos,
very aosent-minded. and in making
e he announcement at O'Clock chanat -;
o onc morning. had to have some rsninda
S ~, q memo card or he was almost s,,rs .,
aerset' One day the French nrosas.ls.' W
asked him. just as he was mounttnS s'pe sps
Piatlorm In chapel, To announce ~ ,t ,he
juniors that their class would nSaa, W snS
st ahat morning instead of 10. The nras 1s >
ufeht f.ht nodded. but completely foreo, aahess.
~ not finding any reminder amo, a'Iue Ia
w,r,.ten announcements. A long nra,.aS' uls
S"waSs brought chapel 10 a close i'm tSoss SSoss
usys, and DR.. McCosh. on This AZ ~ 'ilose
Sdsnn9ost through the prayer when he s',S va
terrsa r~emennered ~ the request IInde-
,b,i t,bnhal phrase Just before the Amen aaG, and
amonn onaps, tsitnduis We're edifed TO hear
ttSSuse tSai,te the juniors TO remember foa; fSs;
ing ,ns,S ntenSh Siass Will be AT this morn
oered-Philadelphia Record renen-
New-York tribune., 1910-01-02

own form of government. Being competent
to govern ourselves. am sure we are conn
petent to run bank II the bank should
get dangerous, it would be quickly pulled
down
Back of the bankers desire 70 mako
money. of the purely material aspects OF
business, is the feeling of personal respon-
sinlilty, together with respect for the
American flag and the love of his country.
Weaith, or the lack of it, is no certain
measure of ones patriotism or individual
integrity. l think the people OF the United
states as whole can be trusted Whom
we remember that such men as Patrick
Henry feared the big states would control
the little ones. we realize the errancv Of
human Judgment when II is influenced nv,
doubt or suspicion
men "ho see the narrow edge on which
they sometimes poise In doing the nat;on,s
business, who perceive the abvss thai
opens at their feet and the chancas for
panic. ruin and idleness in the midst of
prosperity, only desire to prevent the dan.
gers they are conscious of at times b,,+
are AFRAID TO mention. There would bs M
Proht IN central bank for anybodv but
IL would feel sure. be a Safeguard ,o
SANITY ana security, alike 10 the man who
"oiAS win MS money and 20 the man who
toiis with his head or hands"
What advice concerning investments
Would YOU give to the person who ts sa,
ing part of his salary?''
No specific advice wouId hs ,,r,,,,.,.
possible. AS safe generalization il Nigh,
oe SAID that bonds of large and prosnero,,s
municipalities and OF railroads thar bava
regularly paid dividends for long ner,o,s
ot ,ime are sound investments. But I an,
10, no ions-oistance counsellor and | hone Won
WIN strike out your question and omit NV
answer" '''''' my
copyright. 1910 by James r. Morrou
New-York tribune., 1910-01-02
LIBERTY THE KEYNOTE.

little extra freedom was permitted
in the most conservative resorts. esne
c:ally at the approach of midnight and
aIlerWard You could not blame the
manager for accidents. considering that
the sole card of introduction to New
Years carnival is a government doom
ment printed in green or yellow Any-
how, what's the use of adopting cold
prudent attitude when everybody else
Ieeis sociable and doesn't care p dino
dong?
The Plaza introduced a Euroneor =,
novation which proved amusipe .s
added to the gayetv Of tbe a,,a,,;,,o. en-
masks were distributed to the guests
VINO put them on in the moment of dark
ness After greeting the New Year tbe
Haskers visited at various tables with
out the need for introduction. excbane-
ing witty remarks, which caused much
laughter.
table dhote supper was provided at
the Plaza for the So rate wine extra
Besides the masks. guests received tio,,
lers, accordion blowpipes and other nov
eities with which to promote hilarity.
Apoue LOW guests were booked for the
Ieast' winch began al 1870 D. m. At
tle Waldorf-Astoria the $500 guests
distributed in the various dining rooms
and at tables which held from two to
twenty persons took their food on the
la carte plan. The average nerson did
not spend less than S3 on food alone
some Of the tables had special decora-
tlohs OF flowers, ribbons and favors. cost
ing those who ordered them SO or more.
no charge was made for reserving
tables, as IN some other places Rattles
and horns were taboo. The usual an
nouncement of January's birth was made
by buglers and by chimes of a nine or
gan. A large proportion of the cele-
prahts had engaged rooms for two or
three days, as well as tables. At
Sherrys, Delmon1co's, the Hotel Astor
and similar places there were large and
liberal crowds
Ihe Cafe de fOpera had such a strik
ing scenic effect as a New Year sur
prise, IN addition to it's bizarre Babylo-
man splendors of bronze lions and bull
headed capitals of black marble columns.
that 1T positively made the heads of
guests swim. The surprise consisted of
an aerial ballet by live women" It had
TO be seen to be appreciated It NAV be
canard that one person tried to climb
marble column in order to take a bull
by the horns, but it is certain that MANY
would have found it difficult to get home
IL they had not taken taxis A chorus
girl remarked that the Oriental atmos-
phere was perfectly intoxicating, and
made bet that she could ascend the
grand staircase by walking on the backs
of the lions. Her protector ordered the
walter to bring two lions for a pre-
liminary canter, but the waiter mistook
New-York tribune., 1910-01-02

, o'clock, lose your reservation. table
d'h6te supper was served at So plate.
without wine
The main Stanley emporium. on
Broadway near 42d street. boasted two
detectives from a private agency to safe
guard the jewelry. whether stage or
otherwise. of guests, and six extra maids
to attend to women overcome by Holsters,
birds and bottles.
minute two before midnight at
Martins restaurant, Broadway, Fifth
avenue and Twenty sixth street, a wom-
ans clothes caught fire and before the
flames were extinguished she was badly
burned.
In more than one white light restau-
rant many of the guests We're under the
table, oblivious of the arrival of the
new year. Others We're essaying horn.
pipes and ballet exhibitions on tables,
New-York tribune., 1910-01-02
FIGHTING WITH THE ID. T's"

One of them was called some months
ago to certain address on the East Side.
The place proved TO be a saloon She
was politely hurried into the back roou
where she found a group Of excited per
sons struggling with a man who had de-
lirium tremens. They all backed away at
sight OF her and left her TO grappIe with
him alone. This she unhssitatingIy did
and managed TO force him into bed. where
she administered a soothing potion Shs
said afterward with a laugh that when
she got through with that case she Was
going 10 ride down Broadway on Hon
Just 10 keep in tune with the excitement
OF her life
Hardly any nurse gets through her ca
reer without having to cltnch in a Hss-
and-death struggle with the temporarily
insane. One was shot few days ago by
a typhoid patieat. and although wounded
and bleeding she wrested the pistol from
the man and threw II out of the window
before he fell. exhausted and bleeding 10
the floor
II might not be amiss 10 include in the
new course in the Teachers College soma
training IN boxing. little target practice
and few lessons in jiu jitsu
Then there is not only the sensational
TO look forward TO. There is the unex-
pected often in the form of misunder-
standings with patients. delicate personal
relations TO adjust, the family TO combat
innumerable things. The duties OF ths
visiting nurse are often misunderstood by
the patient. Sometimes when she enters
the room for the first time TO diagnose the
case she will be greeted With:
I'm be all right if YOU leave me alone
called you to wash the dishes-that
can't do-and TO hang the curtains. which
promised Martin I'D have done to-day
Then. don't you be forgettin. to give tho
poor cat some milk. She's had nothin' 20
make her fur stand on, since yesterday
mornin',"
Al other times she will find a company
of medically wise relatives in the house. =
They have recognized all the symptoms
ana know very well what ought To be
done. Ii the nurse cannot bring herself
10 asfee with them she has the entire
erowd-"the committee" she calls them
10 down. even while the patients lie may
be hanging in the balance
New-York tribune., 1910-01-02

of doing them good the visiting nurss
has now gained confidence everywhers
sufficient TO keep her busy from In
the morning till at night, going from
family TO family throughout her district.
Every one calls for her. And her duties
have grown from those Of simply caring
for the sick. TO keeping the healthy free
from the possibilities OF disease: to teach
Ing simple, clean living and 10 clean
ing up the whole situation" as Miss Wall
herself puts II. It looks stupendous
task. but the nurse is followed and per-
haps assisted by the social worker, who
runs after her along the trail that shs
has blazed
Private funds given from time 10 time
have kept the organization on It's feet
financially. but it is not a charity society
in the strict sense. as the services OF the
nurse are not furnished entirely free, IN
less the family to which she is called IL
quite unable TO pay AS rule. patients
prefer 10 pay If they can at all afford II.
the fee being from ten TO twenty-five cents
visit This money is turned in 20 the
general expense fund the nurse re-
ceivcs her regular salary of from $50 10
sS5 a month. according 70 the length OF
time she has been in the service.
In 1902 a spark of fame huttered az ths
door OF the Nurses Settlement, when It's
suggestion that the municipality should
furnish visiting nurses 10 the citys public
schools was taken up and put into opera
ton. IL was the starting point OF ths
great system of public school nursing in
America From that department the
system spread TO the Board OF Health.
where until a month or two ago one hun
dred and fifty visiting nurses were en-
ployed for the departments OF child hy-
geine and of tuberculosis. AT that time
il seemed expedient 10 double the number
OF nurses SO that to-day there are three
hundred of them employed by the city.
Then came the adoption of the system in
the insurance world and now only a few
days ago the bestowal OF a large sum OF
money upon Teachers College, Columbia
social and public hygiene, the graduates
from this department to be eligible for Wis
iting nurse service in any of the districts.
No news has been so enthusiastically re-
ceived down in the quaint rooms OF the set
tlement as this of the Teachers College en-
dOwment as it probably means the addi-
tion TO their staff of an always increasing
number OF college graduates. And thi. sort
of recruit is considered by them the mos.
valuable. Where other people question the
ability of the college bred woman TO BE-
"just woman" and TO care for domestic
things. different experience seems TO make
those leaders down there stretch out their
arms to the colleges for more
New-York tribune., 1910-01-02

while the crash of glassware rivalled the
popping of corks. The dressing rooms,
with their separate rows of recumbent
men and women. resembled a battlefield
In some cases the apparent corpses We're
stripped of their money and jewelry by
order of the management. and the valu-
ables were put away in safe so that
when the owners came back to life they
would not feel undue regret over their
philanthrOpic welcome to young January.
Professor Munsterberg, of Harvard.
says it is good for mankind to accumu-
late bun once in while. A booklet
containing other consultations along this
line by the worlds philosophers would
have an immense sale on Broadway the
morning after New Years Eve
New-York tribune., 1910-01-02

Father Time woke Yesterday morning
with a head that felt as large as nali
OF Manhattan Island His throat hao
Sahara. sensation. his bones ached ana
there were peculiar leftover feelings All
over his anatomy. The old mans scytne
hung askew over gas fixture. his shoes
we're on the mantel and his hour grass
and silk hat were smashed together Oh
the floor.
MY dear, what was / doing ias'
night?" groaned the venerable sehtle-
man. while he tried to untangle the
white whiskers that were choklngH
wound around his throat
Don't you remember replied Mrs'
Time You were celebrating the New
Year"
..sure. that's it," muttered Father
Time. .'Er-which one was it, m dear
.sNineteen hundred and ten. snorteu
Mrs Time IN disgust. Il think you re
the most unfilial father not 10 hno"
volrr own children, especially the NE"
ones"
I'VE had so many 1 can't keep track
Of en-" said the old gentleman al
trenlulous. hoarse whisper. DON s0oiO
me. Mary. I'm about all IN IL
ting worse and worse every year can
stand the noise and excitement not u
mention the expense, of having 'rese
Christening bees in New YORK Nee
whillikins. it's fun. But L can't STAN
q feel like 1910 B. c. Your fathes
rr;n,e Is going to sign the pledge, anu
NEXT wear he'll celebrate at the Noi.n
pole with whale oil tonic to build up
his strength" zeo
+, ;s estimated that there were l'ooo'-
40 PERSONS in and around New horh
- felt more or less like Father Time
Never was the birth of an Imperial
besr IN an effete monarchy OF Europe
acclaimed with so much noise and eH-
,.a,,se as the arrival of 1910. The past
records of giddy Gotham were oroheh
The common people howled' caNoI'eu
and carolled as if each one had receiver
. ,,t1e deed to a valuable lot Whlch ne
did not know lay under water. with Tin
horns they tried to blow the welkln OIL
-he man. and with rattles, cowbells ana
irving pans they reused the inhabitants
Of Mars TO remark that Earth must De
the bedlarn of the solar system.