The Washington herald., 1914-01-25
BANKERS MIIGLE,
TOAST ROAST
Capitals Financiers at An
nual Dinner DISCUSS Fiscal
Bills Passed.
INCOME TAX A LEMON
Senator Hollis Optimistic-Sena
Shafroth Speaks Nations Ambi-
ion-Money Men Merry.

Shafroth Speaks Nations Ambi-
ion-Money Men Merry.
The monetary measures of the admin
isfration were amiably roasted" on thu
fayors and even in the menu by mem
bers of the District Bankers Association
at their annual dinner In the Willard las
might, but II was evident that II the re-
port Is true that the financiers Of th<
country are unfriendly to the new-borf
currency law and the tariff measure. the
money merchants of the District must bt
excepted.
The sorbet literally proclaimed the In
come tax law to be lemon OF thu
brightest yellow and on the stage
money" with which the tables were dec
lorated II was branded "just one blanl
after another" while shoals ahead wert
predicted for the banks from the cur
rency law But when several speakers
who have had q hand in the making
of these measures told OF the virtues
contained in them they were cheerec
and applauded to the echo by every one
! of the rs washington financiers who
4 dined
Senator Henry +. Hollis, of New Hamp.
shire, predicted an era of great financial
peace as a result of the currency law. and
the local bankers seemed to agree with
him. Senator John F. Shaffoth. Of Colo
| rado said that there il starting move
ment in favor of banking institutions In
the United States that would make the
country the center Of the finances or the
world, and the diners made vociferous as
sent TO the prediction.
A Defense of Wall street.
The other speakers were William C.
Van Antwerp, one of the governors
of the New York Stock Exchange.
who came to the defense of that body
and of Wall Street in an address on THE
Popular Damnation of the Stock Ex-
change" and who incidentally admins
tered some singing slaps to the report
of the Pujo committee, and Carter b.
Eeene director of the postal saving sys-
| TEN, who told of the work this govern
mental banking system is doing with the
| immigrants into the United States.
The banquet was held in the big ball
room, and besides the card Of interest
| ing speakers, the surprises in the favors
and decorations provided by John Poole.
| of the banquet committee. and the two
other members, George w. White and
| William A. Mearns, the diners had a Sec
tion of the Marine Band and an excellent
cabaret to amuse them during the four
hours of relaxation.
senator Hollis was the first speaker.
A
picture reel depicting the adventures of
| Col. Hezza Liar in Africa" and he
congratulated himself that he had only
| to compete with a movie show and
not with a troup of yodlers. He took
up the story Of the long fight on the
drafting of the currency bill, explained
! the reserve system, and pointed out the
defects in the old monetary laws Of the
United States
in,
ton was mentioned when Senator Hollis
/ said:
There has been an example of too
rigid currency in Washington In the last
few months and ! imagine there are
those here who haze laid awake to won
der what would happen il one bank
should really go down."
No Miracles to Be Expected.
The New Hampshire Senator dwelt
i'm detail on the worthy points of the
new law, but warned his listeners that
the country must not expect miracles
from the law. He predicted an era
of prosperity under the new order OF
things, because for a couple of years
or more the people have been fright
ened and have been saving"
The Washington bankers showed the
interest with which they are watching
the designation of the central reserve
city in their applause when Senator
Hollis expressed a hope that Washing
ton might be selected.
He said that the Democrats have
agreed that they shall not recommend
any one for the Federal reserve board,
but to leave the President, to make an
unprejudiced choice. He said, however,
that he had suggested" the name of
one man. whose qualifications made him
a logical candidate for a seat on the
board. He did not mention the man of
his choice. much to the disappointment
of his audience, but II was generally
agreed that he had referred to George
E. Roberts, director Of the mint.
Senator Shafroth Praises Bill.
Senator Shafroth dealt with the new
measure also. He gave the three most
beneficent characteristics Of II, in his
opinion. The first was that instead of
leaving the reserve Of the country scat.
tered, II will be concentrated in eight
or, at the most, twelve cities, and that
instead of having the bulk of the coun-
try's money in New York, it will be in
the districts to which II belongs.
Then he said that the creation of dis.
count market would prove boom to
bankers as well as to the country. He
said that with the independent methods
of banking in force heretofore, panics
were inevitable.
The promised elasticity of the currency
was the third virtue Senator Shafroth
saw in the currency measure.
Mr.. Van Antwerp took exception to
several Of the statements made by the
Pujo Committee relative to the extent
of the country's funds employed in Wall
Street speculations. He denied the fig
ures given in the Pujo report, holding
that the money held by the street to be
much less than the street was given
credit for.
Carter B. Keene held up the postal
savings system as the friend of the
Immigrant, saying that 1t had drawn
out money from the timid foreigners
that they would never have trusted to
the Golfers of the banks
Banquet Guests.
Those present at the banquet were B.
F. Saul, Senator Williams. Senator Hollis,
Representative Carter Glass, Justice Pit
ney. of the United States Supreme Court;
Senator Shafroth, George W. White,
William Mearns, Cuno H. Rudolph, w.
c. Van Antwerp. Henry H. Mckee,
Luther F. Speer, George z. Fleming,
Robert N. Harper. James NJ. Baker.
William King, John Poole, Carter b.
Keene. Charles ]. Bell, William d.
Hoover. Waldo Newcomer. John Joy Ed