New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-21
URGES A CENTRAL BANK
Mavor Says System Should
Snread Over Whole Country.
LIKE BUTTER ON BREAD
rood Commercial Paper Could
20 Marketed Anywhere, Then,
He Tells Bankers.

,,.,,r GqvnOr came out last night as
.t,c,ate Of central bank. Incidcu-
IN, n. amused those who attended the
'nrpal dinner Of the Bankers Of the City
v.v York. i'm the Waldorf-Astoria
;u, few filings at the newspapers Of
.,,s city and hints as to his opinion Of
49,. nancy trust" inquiry in Washington.
.,ting over the list of speakers. the
49,, remarked that there ought to 5e
toast TO "Pujo.
"a !.TP ST,s he asked. with a questioning
900. ~ voice. What is he" \ banke:
,-a,, the Northwest" And there was
,ns, q slight ripple Of applause.
onr banking system was Very bad the
yayor declared it ought to extend an
,rer the country and treat all alike. 1t
,os no good unless spread out like but
,ar an bread. Some Of II might come his
GOV no remarked. If it were we'll spread.
I, was absurd. he declared. that bills Of
.ycbance or good commercial paper.
.hicb are being discounted I'm this city at
a. 10 per cent. should face discount
.,,es Of from \ 10 - per cent at points
5stant from the metropolis. Mayor Gay
,or said he knew no reason for that eN-
espt faulty system.
n there We're central bank. or if ma
aonal banks were permitted 10 establish
s-apches. as i'm Canada. no such condi-
ions would prevail, ard money could Dc
attained throughout the country on good
commercial paper at the same rates at
which stock brokers receive loans here.
The MAYOR advised the bankers NO, to
20 10 Washington personally in support
d good banking bill
III YOU were 10 go there To- do &c." be
declared. "all the Pujos would say You
had come TO serve selfish purposes"
The Aldrich bin was good. the Mayor
went on. but it was designed merely TO
cope with a panic. What the bankers
ought to demand was a bill TO prevent
panics.
Presidents and officials of practically
every bank in New York City were pres
.ent. At the guest table were William
woodward. president Of the Hanover Ma
tional Bank POSTMASTER. George f..
Baker Edmund G. Converse. Richard
Delafed Fred r. Farnsworth. Walter +.
Frew. Mayor Gaynor. Alexander Gilbert,
Captain Albert Gleavos, l.. : y; Bishop
Greer. Charles a. Hanna. y. Barton Hep
burn, Francis l.. Hine Charles II. Hutug,
William T.. Knox. J. p. Morgan, jr.
William A Nash. Cornelius a. Pugsley.
William Shcrer. Frank y. Nanderlip and
George c. Van Tuyl, IT.. the state Super
n,endent of Banks.
Dr. George G. Vincent. president Of the
University Of Minnesota. the first speaker.
aid that three great truths had been
established by the money trust inquiry.
First that there was no money trust.
Second. that if there was one il must
and always will be i'm the hands of good
and noble men. and the common people
need no longer fear or tremble for their
welfare is in the hands of the pious.
Third, that. a it had been shown that the
present banking system was perfect We
were perfectly safe.
But cvniciSm was a great national dan
Ger. Dr. Vincent declared. Traditional
phrases had lost their meaning 10 many.
ard there were many. too, who have lost
faith in the fundamentals Of democ lacy.
Percy Finlay. a lawyer, of Nc rphls'
Tenn. spoke about the industrial devel-
opmen, Of the South.
Among those present were Jan es {.
Bishop. Cornelius y. Bliss. jr., James O.
Cannon. ". r. Corey, Henry p. DAWSON
smyvesant Fish. job +. Hedges. AleAan-
Ter J. Hemphin, Percival :. Hill. II. NJ.
Kilborn willard V. King, Darwin +.
Kingsley Thomas W. Lamont William
G. McAdoo. Frank +. Peabody' " lIliaiL
Pos. Frank o. Roe. James Speyer' W IL
lruesdale. Frank Trumhull, Frederick ~
Underwood. Cornelius Vanderbilt kod-
man Wanamaker and Frank W. WOOL