The sun., 1913-11-07
'SCHIFF SEES DANGER
IF MONEY BILL FAILS
Business Conditions Like Those
in 1907 Will Come, He
Warns.
| A AMENDMENTS ARE URGED
Cham Der Of Commerce TO
Send a Committee
to Washington.
A MENDAfENTS ARE URGED

Jacob H. Schiff sounded a warning in
currency matters yesterday at the meet
ing Of the Chamber of Commerce,
III currency legislation is defeated "
he said. "if this measure is not passed
properly amended, and we get away from
the goal which we want to reach and
which Is now in sight. we Will get into
very difficult conditions IN this country
and we want to avoid this"
Later when asked what difficult con-
ditions' meant Mr.. Schiff said
The difficulties l foresre unless proper
! currency legislation be enacted are 4
| growth OF discouragment which to some
| extent already exists IA difficult situation
In agriculture. q curtailment of CONNER
cial and other credits and a considerable
depression In real estate because OF a
growing inability to procure mortgage
loans. Also great disappointment and
disheartening OF the people. particularly
In the agricultural sections"
Mr.. Schiff remarks at the cha of
Commerce were made in secoidinp Il
motion made by A Barton Hepburn that
the chamber appoint committee of three
business men 10 60 TO washington and
confer with Congress IN an effort to Sc
cure amendments to the pending legisld
ton particularly those amendments au-
vocated by the chamber at It's special
rency legislation was needed as soon as
possible. but that the country wanted
good legislation
Mr Schiff's speech carried ont the idea
that central bank plan was an Ideal one
IL feasible but that he opposed that plan
for the same reason that he opposed Mr.
Vanderlips central bank plan not long
ago. lie said IN part:
Seven years ago this chamber sounded
the call of necessity for currency legisla-
tion. ] remember committee was then
appointed which brought in very elab-
crate report. read 1t the other day
and found the essentials were just such
as experience of the last few years has
shown us to be the only lines on which
currency legislation can likely be had IN
our country The committee appointed
held that central bank was most de-
sirable solution OF the currency problem.
There was by no means any Ceftainty
that such an ideal solution could be at
tained. and the committee declined 10
recommend in so many words. the estab-
lishment of central bank. but pointed
out other ways In which the problem
could be solved
Il think the gravest mistake some OF
us, especially in the East, are making Is
to do things. from the purest motives,
am sure but which would look AS II We
said that IL We could not get what Nc
want We would rather have moths 1
| at all
LAS have said before. Mr.. Presl1"Nt
we want monetary legislation. Eight
| Years ago. in 1905. | raised the cry ir
, this chamber that II monetary conditions
| were not changed. and changed soon. we
| would go through great difficulties
| did not know as I was right then. but
| events. am sorry to say, proved II
| 1897 that ] was correct.
! II was then decried as an alhrrlist
| and I am afraid ! may be decried as a'
| alarmist again when l say that II this
measure is not passed. II currency legis'
| latiOn is defeated. II this measure If not
| passed. properly amended-it need moi
| be in the next twenty DAYS of this ses
| sion We can take our time. two or three
| months, in order to get good legislation
but II IL is not passed, and We get awa>
| from the goal which We want I" reach
which is now in sight. We will get into
very difficult conditions in this country
| and We want to avoid this