New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-15
SPRECKELS SEES No :.
CAUSE FOR PANIC HEN
Can Occur Only Through Delhi
ate Spread of Disquietinn
Statements, He Asserts
SAYS WILSON CAM STOP I
Banker Believes There Is p.
Great 0vercapitalization II.
World over-Won't Take
Ambassadorship.
by Cable 70 The Trlhu,.


by Cable 10 The TribunA,
London, June 14.-There Is no
mate reason why there should !.
panic in America, and should ons
it would be only through the sr.'',
Of "disquieting statements by hors'
and other men of financial em,,.N
with deliberate intent" is the vI.w
Rudolph Spreckels, the San Franc,..
banker, who is in London ~
Spreckels has such confidence IN -.
courage and ability OF President wr
son that he IS sure the President vor,
Immediately crush any deliberate =,
tempt to create a panic.
The Californian said that Ery,..
bankers with whom he had talked vas.
satisfied with the fundamental soura
ness of American conditions.
Personally" he declared, II an a
the opinion that the trouble IN h,
great overcapitalization throughout u.
world. l believe the United STATE, !.
in a better position than Europe. b.
cause with our resources yet una.
veloped and our opportunities for a..
pansion we have power 60 absorb oys.
capitalization with less depresslrs 4.
fects than the countries Of Euro.
which are not possessed OF our po,s,.
tial resources. In general. I am t.xt
to say that l believe that all ia
economic factors are favorable for COZ.
tinued prosperity In the United Staas
Il do not believe that the preset
tariff bill will be detrimental 10 H.
country. Though a Republican sm
therefore a believer in protection. fes
that tariff revision downward Is nec0.
sary. Under the old system there wu
too many abuses, as the bill larger
conferred benefits on special interest,
believe the present bill when passe.
will not deprive legitimate industr!a
of the proper protection, but will sin.
ply drive out what Cecil Rhodes Gale.
bastard industries which simply t..
tened under the old system Of speca.
privileges.
What I do think more injurious TIA,
anything else is the uncertainty as .
when the bill will be passed and as q
what Il actually contains. AS q nar';
We have an immense capacity q
adapting ourselves TO any sort OF COZ,
ditions. but II is the uncertainty rI
creates disquietness. Naturally n
manufacturers are not going 10 lmpos
quantities of goods until they G''
lust how their Industries will be s.
fected by the new bill. Hence th1I
is a suspension Of the commercial i~
which IS Injurious.
L had hoped that the tarlH o
would be passed by June H. WINE !
Washington before sailing | take.
with number of Senators and urss'
on them TO offer their various amsa''
ments. thus putting themselves on re-
ord as TO what they believed should :
done: then 70 facilitate the passage
the bill. believe they should taA'
broad and patriotic standpoint feal'
ing what this uncertainty means 70 "
country, and put aside their fiieu"''
ing tactics"
Mr.. Spreckles when asked aOoa' :
agitated question Of his receiving
Enthusiastically said.
My position. which desire 70 lh''
clear e that having sufficient capit&
feel free 10 devote a conslderaos y
ton OF my time 20 the service VI
country. I've been active in the n'
nicipality, state and nation nous
Republican, l organized for MI va.
Progressive Republicans, because
uoved him 70 be the right man. 90
myself ready to support any 'n'"
party that's best for the couhu'
have stated that I decline 10 hou
public office, either elective p"
pointive. l say this because ! w.
desire TO be placed in a posiuO.
having the place offered me- "~
be free Of favors from any pSrr,
that my own freedom Of action VI,
unimpaired. Hence, no arnoas''
ship or other office for me.
Mr.. Spreckels will sail on the 0'~
on June %. after a trip TO PARIS