New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-07
Reminds Chamber of Com.
merce That in 1905 He Pre-
diCted Financial Panic
Which Came in 1907.
URGES SPECIAL COMMITTEE
Says Business Men of Country
Should Watch Work on Cur
rency Bill and Insist on
Measure That Will
Promote Prosperity.

Jacob II. Schiff, of Kuhn, Loeb & Co.,
warned the bankers and business men
of the country in a speech before the
Chamber Of Commerce yesterday that
unless proper currency legislation was
enacted without unreasonable delay a
monetary panic might follow.
Mr. Schiff urged the chamber TO APP
point a committee to go 10 Washington
and watch the progress of the currency
measure which is now being discussed.
I'VE want good legislation he said,
and a special committee could do a
good deal TO secure that. 1t is our
duty TO aid President Wilson, who by
his integrity and initiative and good
craftsmanship has brought the matter
before the attention Of Congress"
He advised that the committee should
be composed of business men as dis
tinguished from bankers" as the
chamber had already had report on
the measure from a banking point OF
view.
Says Chamber Made Mistake.
In support Of his warning Mr.. Schiii
said: IF you will forgive me for seem
ing pride, I will say something now
that I have never said hefore-that
in 1905 forecast a grave situation IN
the monetary resources Of the country.
At that time I was called an alarmist;
but in 1907, two years later. my words
came true, and very bitterly was II re-
allied. II was too late then TO avert
the conditions that had already made
themselves felt.
Seven years ago" he continued
this chamber commenced work on
financial legislation, but we MADE the
great mistake, arising, no doubt from
the purest motives, of not taking what
we could get If we did not get what We
wanted. IL is better TO take what We
can get than nothing at all
Taking up the consideration OF speed
in currency legislation. Mr.. Schirl
said. ut need not be done in the next
twenty DAYS. We can take two or
three months for good legislation, but
Il must be done, and done very soon.
II not, the conditions in this country
will be very difficult, ana we must
avoid partisanship. as 1t is now very
much out Of place.
"Good citizenship must take the place
OF craftsmanship if the prosperity and
hanpiness Of the people are to be at
tanned"
At another point in his speech Mr.
ScbiN said: What we need now Is
statesmanship and not pnrtisanship'
and II the currency legislation to reg
uIate the money situation Is not sue
cessful it will be very serious
Points Out Dangers.
Later in the day, in reply to ques'
tion. What are the difficulties which
Won foresee?" Mr. Schiff wrote out the
following answer:
"The difficulties foresee unless
proper currency legislation is enacted
are a growth Of the encouragement
which TO some extent already exists. a
dificult situation in agriculture, a cur
tailment in commercial and other cred
its and considerable depression In real
estate because OF a growing inability to
procure mortgage loans.
In answer TO the question, DO you
support the Glass bill in Its present
form, ?" he said: with the needed
amendments, yes" Some time ago Mr.
schiff expressed himself as being in
favor of S2l2 per cent Of the bill as IL
stood.
Chamber Of Commerce members
seemed to be in accord with Mr.. Schifi
in his view Of the possibility Of panic
and his remarks, which were I'M
,romntlI. met with hearty applause
A Barton Hepburn, president OF the
Chase National Bank, introduced res
o,ution which ne said had the approval
% Frank A. Vanderlip, chairman OF the
chambers currency committee.
The resolution, which was unani-
mously adopted. was as follows;
Whereas. This chamber recently
adopted resolutions as to currency leg
islation pending at Washington; and
Whereas, The final character OF such
legislation is likely to be determined in
the near future; therefore,
Resolved, That the president Of the
chamber be requested to appoint
committee Of three, of which he shall
he a member, whose duty 1t shall be to
confer with Congress for the purpose OF
securing, as far as possible, the amend
ments to the pending currency meas
IRE which were recommended by this
chamber at a special meeting recently
hold TO consider currency legislation"
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