New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-04
DISCUSSES BIG BUSINESS
UnWise to Press It Forward
NeedIessIy, Macveagh Says.
URGES MONETARY REFORM
Secretary of the Treasury Ad.
dresses the New Jersey
Bankers Association.

Atlantic City, May s-Trankiin Mao.
Veagh. Secretary Of the Treasury, spoke
tonight before the New Jersey Bankers'
Association, in session here Of the pressing
need OF monetary reform Tho present In
action Of the Monetary Commission. he
said. he did not consider wise. The money
trust inquiry. he thought although hav-
ing in It the elements Of sensation and
tho chance OF misdirection." might do val>
liable work Complementary to thai Of tho
Monetary Commission. Meantime he said.
I'VE seem to be like the patient and hops-
less camel laboring along under his load
with nothing to cheer him and no hope al
cheer
While he did not consider that the bfl|
reported by the Monstary Commission
should be accepted without reservation or
change. he said TT In a measure that In |
its main features can he accepted by con.i
gress because II IL accepted with repsoSl
to its main features by 30 nearly the An.l
tire authority OF the country that II isI
hopeless to expect any monetary Measure
ever TO have a greater authority behind tt
A committee of Congress. he said. deal.i
ing with the question In a on-paxtisani
spirit. could readily form its own 3udg-
ment, and therefore Congress could form
it's own judgment without delay and the
whole question could be disposed Of With.
out continuing the "inexcusabls waste OF
time" Such details of the law as rs-
quired change. he said. would make those
requirements known within a short time
after the law WAS in force and could boil
altered when the occa sion required.
1t would be WELL he suggested, to hAvSd
the law In good working order before thu
country suffered from another pantc TEL
is true" he said. that there ara no hnans1
cial portents In the sky. but how manE
foresaw the panics OF 1898 and 1902
One Of the facts accepted as the rsgulli
OF the study OF monetary facts and cues.
tons said Secretary MaoVeash, rs that
panics are not necessary-they are . mat.
ter OF national choice. We might "a well |
refuse to learn the lesson taught US by the
awful disaster Of the Titanic as to refuse
to be taught by the awful disaster Of the
panic of 1907
The work OF those investigating thu,
money trust" he said would be supple.
mental to the work OF the Monetary Conn
mission inasmuch as the money trust
probers would bring to light facts regard.
ing the present and growing ooncentra-
ton OF money power" Congress will
find" he said. Through this investigation. I
that this evolution Of financial power and ,
influence is IN large measure the natural !
outgrowth Of our monetary system
II have never felt willing he continued,
ito forbid big business which is the result
of normal evolution, but I think IL very
unwise to press IL forward where IL is not
necessary. Plenty OF big business Is I'M
doubtedly normal and therefore civilizing;
but not all of It is"
He said that he considered 1t mistake
to assume II unwise TO restrain national
banks from owning other national banks.
81 think the Monetary Commission is
wrong" he said. 1T is running counter to
public interest. 1t seems to me, to bind ma
tional banks together. An essential OF the
value Of the national banking system lies
In the absolute individuality of ownership
and control OF each national bank in the
system. The national banking system
should be democratic, not oigarchic."