New-York tribune., 1910-11-12

,,g upon this great plane
o''' institutions and building
" oui and beyond that an or
up !ioi.i '' riII be effective IN times
Of manic which can use reSei 'eo es one
rreat master power for good' whenever
Co. s,o, -eo,,ires. that VIII place the
.,,tr ,reat country, and OF all
:. .eui' VI u-here It belongs-un-
eoualled bv any In the
s.,;a Fsvors Central Bank
r,oo, II schin declared in favor of a
central bank as the sure means OF
svertine future panics- Now that the
election was over. he said' the currency
ores+,o, should be taken UP. even before
that OF the tariff.
The question Of currency REFORM ne
said. should not be party question. for
the veal Of the entire nation and the
whole people is so dependent upon its
-- so,,I+,on that it should have pre-
oosa,o. o,,ar every other question which
-. discussion by Congress"
Mr scbiT added that the American
noo,Ia has learned much In the last rev
1eo-s and realizes that no system can
-a1,af unless it is based upon
,.-o,;zo+;or of bank reserves. now so
,,,,I,o,,, .oo+tered. and because of this OF
so little actual value In time Oh ois-
tress.
"Tba emergency currency whlcn may
no ,ssred under the so-called Aldrich-
vrsa1and act" he continued, the suf-
Aciencv of which has not yet been test
ed. not unlikely will, II opportunity shaA
profrer itself for its use, serve well as
temporary makeshift in helping TO pre-
vent excessive money rates under con-
ditions which. without such an emer-
eencv provision. might lead 10 great
stringencv. an actual financial crisis the
Aldrtch-Vreeland measure will never
suffice to prevent
Mr.. SchiT recalled that the Chamber
of Commerce of New York declared at
first In favor of central bank and then
sidetracked the proposition In the belief
that the people, as a whole, were not
ready to adopt so farreaching a change
in methods.
ct am quite certain" he added, that
the membership of that important body
is to-day even more strong in the opin-
lon that no other way exists out or
our recurring financial difficulties than
the establishment OF a central agency,
through which the requirement OF our
cverchanging financial conditions shall
become prudently regulated and pro-
vlded for"
While ccngratulating the country on
the quick recovery from the financial
panic of three years ago, Mr.. Schif
warned his hearers that the country
had not become immune. and he advised
them to repair the roof while the sun
shone, adding. and it will. 1 believe
shine for some time to come"
After warning the Monetary Commits
sion that their conclusion was eagerly
awaited and would be judged by the
American people with intelligence in
finding the proper solution. he concluded:
With the excitement which the late
election has called forth ended. let us
hope that the country will now go about
it's legitimate business, for which under
lying conditions are for the time being
indeed very satisfactory. The two great
issues which need to be promptly, cour-
ageously and wisely. dealt with to assure
permanent prosperity are the tariff and
the currency; and of these two the cur
rency is the more important and should
have the right Of way"
Greeted by Or. Butler.
Nicholas Murray Butler. president of
Columbia University, under whose au-
spices the Academy of Political Science
was established and has been fostered'
greeted the association on its thirtieth
birthday. and commended its work.
1T is a singular commentary on the
heated campaign that has just ended
he remarked, that not a word OF the
great question of monetary reform d
heard from a single candidate or speaker
throughout the election. everything IL
the heavens above, on the earth below
and in the waters underneath was uls-
cussed but so far as I have ascertalneo
from the newspapers, not one Woru wa
said Of this question and yet tne Con
yress lust elected will probably nave &c
deal with this highly important Indtler
LOO stanton Rowe, president OF tle
American Academy of Poltical SClehCe
convened the greetings OF that Douy u -
the sister association, Whlle Ieorst T.
Roberts. Director Of the Mint, ana FIo,
taesor Laurence Laughlin delivered
L., q