New-York tribune., 1913-06-27
WOULD FREE COUNTRY
FROM PRIVATE CONTROL
John Shelton Williams Tells
Bankers What He Hopes
from the Administration.
FOR "PITILESS PUBLICITY"
Assistant Secretary of Treas
ury Declares Innermost
Policies and Purposes
Will Be Known to Ali.

Blue Mountain, Md, June 26.-Pointing
10 the late J. Pierpont Morgan as having
been known as the King OF American
Finance" John Shelton Williams, AS
sstant Secretary OF the Treasury. in an
address here tonight expressed the hope
that the Wilson administration would
free the country from the financial direc-
ton OF any man or group of men and
transfer control to the government.
The speech. delivered at the annual
meeting OF the Maryland Bankers Asso-
citation. was the first word from an Off
cial of the Treasury Department regard
ing the needs for currency reform and
the business conditions Of the country
Mr.. Williams declared that the United
States had never been in better and
sounder condition and had never had
better assurance OF commercial stability
than il had to-day.
Speaking OF MIR. Morgans personal pre-
dominance in the financial system. the
Assistant Secretary said.
The Almighty never made a mortal
man good or strong enough TO be master
Of the destinies. to control the prosperity
or adverity. the contentment or misery,
Of hundred millions Of free and honest
people.
To Transfer Control.
My personal hope is. and l tell II TO
you frankly, that the present administra-
tion will transfer the financial control
and direction OF this country from any
man or group OF men, responsible TO no
body but themselves. working in secret,
with their motives and designs guessed
at obscurely, TO the government itself, di-
recuy responsible to the people. and with
all its purposes and plans spread before
che people who create II and for whose
4, rvice II is created and exists.
Mr.. Morgans plans and policies were
known TO himself and his few intimates.
and were revealed only as he saw III 10
allow them 10 be given by word Of mouth
or through the newspapers. The inner
most policies and purposes OF the govern
ment will be spread with pltiless publicity
before the people In Official documents and
In the debates IN Congress. for and
against. and every business man. banker
and farmer t. the furthest and most
remote sections OF the country. can know
As much Of the financial conditions and
prospects as MIR Morgan's intimates and
partners knew while Mr.. Morgan was the
financial king"
Honesty. fairness. stability and con-
slstency. Mr.. Williams said. would be
governing principles of :he adminlstra-
tons banking and currency measures.
Disclalm.rg any attempt 10 accuse or as
sail any person or political party Mr..
williams. who was a banker and business
man before he entered the Treasury De-
partment. a few months ago said:
1t is no violation OF confidence 10 say
that since ! have been In the Treasury
Department. and so had access behind the
scenes. | have learned Of some strange
and sinister doings In the past. not gen
cral. thank God! and not affecting the
financial structure as whole.
Most Men Honest.
"The men inside the department learn
quickly that the vast majority OF bank
ers and business men of America are
straight and honest. and deserve. as |
believe they will receive the careful pro-
lection and consideration of the admins
tration.
yet the corrupt spots are dangerous
and dcmoralizing and spread infection.
Speaking for myself. | know they should
be removed Speaking from what have
learned Of this administration. I believe
they will be removed and all OF us and
the entire country and its business will
be better for the removal.
NO society can be clean or stable while
the seeds OF moral infection and disease
are floating in the atmosphere. We must
and will learn the difference between
earning money and getting money. The
purpose and labor of all OF us should be
10 get all business as nearly as possible TO
basis OF actual value and service. OF
fair returns for investment and brains,
honestly used. and Of trading on reason
able expectations and accurate statement
ITO hasten these conditions and make
them possible we need new currency and
banking laws"
The speaker denounced pessimism on
the commercial outlook for the United
States and declared that "the balance
OF trade for the fiscal year ending next
week will be greater than we have ever
known" Internal commerce. he added.
showed conditions equally encouraging.
This administration" continued Mr..
Williams. "is the friend OF all honestly
operated business enterprises. large or
small. public and private"
hDNTIN CuIO HOMIME uEPE