New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-19
CRITICISM FROM KIRBY
Civic Federation Attacked by
Head of Manufacturers.
CALLED A. F. OF l.. ASSET
Convention, at Last Day, Favors
Indemnity Insurance-Old
Officers Stay.

John Kirby, jr.. of Dayton. Ohio, who
was reelected president of the National
Association Of Manufacturers at the last
days session of the fifteenth ANNUAL meet
ing at the Waldorf yesterday afternoon,
took occasion in responding to the call for
a speech to criticise severely the National
Civic Federation
Il have been sometimes criticised for
certain intensity of Speech" Mr. Kirby
said, but l believe the very use of plain
words has at least brought us to-day TO
where we can enjoy some liberty in the
management of our business affairs.
want to say here that the Civic Federation
is the greatest asset that the American
Fedora ton of Labor has. It has consist
emily worked to the disadvantage of bust
ness interests of the country. When the
Civic Federation comes out and announces
that it stands for something, the members
Of this association. I know. win assist that
body in carrying out its purposes. but not
until them
Secretary George s. Boudinot and Treas
urer F. H. Stillman, both of this city, were
reelected.
A number of resolutions were adopted
yesterday. among them one indorsing
government peace policy in establishing an
between nations without .resorting to force
of arms. Resolutions recommending the
establishment of a system of accident in
demnity insurance for its employees, to be
elastic enough to provide for old age and
sickness were passed. The resolutions
said that the present system of determin-
ing employers liability unsatisfactory,
wastefu1, slow in operation and antago-
m 69r hafy
ployers and wage workers. 1t was stated
further that an equitable, voluntarily
mutual contributory indemnity system,
automatically providing indemnity for vic
TINS of industrial accidents and their de-
pendents, was required to reduce waste,
litigation and friction and to meet other
requirements of enlightened industrial
nation. The members of the association
pledged themselves to cooperate with leg
islators throughout the country to secure
legislation along these lines.
The committee on national Incorporation
reported in favor of federal Incorporating
act, as has been sanctioned and advocated
by President Taft and Attorney General
Wickersham. The committee on industrial
education declared in its report that the
interests of manufacturing demanded new
education for boys who are to work with
tools and machines, which could be ac
quired in competent trade schools by spe-
cial courses, but which could not be salts
factorily given in the ordinary public
schools
Congressman Vreeland addressed the
afternoon session on the subject of banking
and currency. He advocated a central
United States reserve bank, as he called it.
as a panacea for all the ills and defects
the present system contained, as he saw
them He said that financial panics were
and those already experienced
were due to the defects of the present
banking system. A lack of cohesion, I'M
modified reserves, an improperly protected
gold supply and eccentric banknote sys-
tenn were some of the principal defects.
I'VE want to build up system which in |
itself will prevent any panics starting, he |
said land to this end we need a localiza-
ton of bank reserves and Capitalization of |
banknote issues. We do not want a cen |
trail bank like that of Andrew Jacksons |
time, or like any central bank which ex- /
lists abroad, but one peculiarly adapted to |
the business conditions in this country as
they exist to-day. / would have a central |
reserve bank with s1O0,O0OOOO capital and |
the stock owned by all the banks through |
out the country, the governor of such a |
bank to be appointed by the President and !
the bank to hold part of the reserves of all
the other banks. 1t should do business only
with the government and the banks, and
deal in foreign exchange of gold. Expert
ence has shown US that the great banks of
New York are not fitted to hold the reserves
Of the banks throughout the country, be-
cause of their tendency TO loan large sums
FOR high interest returns in speculative en-
terprises. Our reserves need to be mo-
oilized somewhere
Referring to the objection that a cen
raj bank might be controlled by special
the speaker asked who was in
control now Il believe the business men
# the country are smart enough to draw
Ip law for the esta blishment of such
1ank which would preclude it from the
control of the Standard Oil any other
special interest and keep it entirely out
# politics. he said.