The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-02


casts aside the successful banking systems
OF foreign countries" but added that the
bill as passed IL vast Improvement upon
the original bill. believe 1t workable.
but not by amateurs
Mr.. wanamaker's Address.
Mr.. wanamaker's address follows:
"Nowhcre else IN the United states is
there any organization Of 1000 men SO
thorough, representative OF the active.
influential citizenship OF our country:
From a business point OF View. part OF
your large membership covers with
complete network manufacturing interests
of this Oldest leading manufacturing centre
~ the United States.
81 do not presume to speak to you as
a manufacturer but no other class OF
men is as closely allied to the user of
raw materials who produces merchandise
as the commercial men, OF whom ! ain
one.
II have long been OF the opinion that the
rock bottom foundation OF business pros
perity Is the manufacturer coupled with
the distributor OF the manufactured ar
ttcles. Neither ships. railroads nor bank
ing can play much IL any. paying game
IN any country during the chill silences oi
mill wheels and forge hammers
Naturally. change OF long es!ao-
li,hed tariff has a disturbing influence
Who Is to blame for this?
The Republican party, long In power.
had full notice far back of the unrest or
the people with tariff unnecessarily
high in spots. That party was deai'
dumb and blind to the widespread EVIL
dences of determination 10 enforce
changes in the tariff corresponding To
the improved machinery and greater skill
OF American workinen.
For q Moderate Tariff.
PERSONALLY. l argued, while in the
Cabinet of President Harrison. for
moderated tariff may say an equa!iz-
ing tariff--along the line OF the views
OF Samuel ]. Randall. well known Penn
sylvania Democrat and Congressman.
Il felt 1t my duty as a Pennsylvania
10 present the same views at confer
euce upon the tariff plank OF the plat
form In Chicago At the last Republican
convention.
The day of judginent came 10 the Re-
publican party in November, 1872. Good
Republicans, worn out by broken pledges.
resolved to punish their partys deai.
dumb and blind leadership. They united
against radlcalism and deliberately Joined
forces with the Democratic brethren In
turning over the national Government TO
Woodrow Wilson. who took office pledged
distinctly to two objects OF profound
interest to the business world:
"A lowered tariff.
"a revisal of the monetary law. TO
time.
I'm less than one year both these great
undertakings have been accomplished
All honor to the persistent President ana
the Democratic statesmen who have made
their word good.
ut is quite too early to pass judgment
with any certainty on either OF these laws
Neither manufacturers nor bankers have
as yet crystallized their views.
Speaking for myself alone, the Wood
row Wilson tariff bill OF 1918 Is far
better bill than either of the Grover
Cleveland bills. 1t is much better bill
than / expected. and believe 1t possible
for the manufacturers to adjust tnem-
selves to the changed conditions In at
least two-thirds Of the items IN the new
schedules.
II do not think that the changes in
the tariff schedules have thus far affected
business seriously. The manufacturers
have free wool. which will help them to
some extent. Some of the manufacturers
will drop certain classes OF goods and
turn their machinery in other directions
Commerce in Healthy Condition.
There has been considerable sacriflc-
ing OF stocks IN first hands, largely be-
cause of financial needs not met by bank
ing facilities ON the whole, trade and
commerce are In a fairly healthy condi-
ton. There Is but little OF speculative
nature going on. The assurances OF the
President and the Acknowledgement as
70 the future dealings with the corpora
tons operating under the sherman act
lave done much toward restoring con-
fdence There IL not much more room
for shrinkages of values.
The recent failures are not an index
of general trade conditions. That period
of greater economy has set In In many
directions In clearly manifest, attribute
bic, II is beloved. to the income tax, which
has reduced the spending money and
worked some hardships to hundreds OF
thousands of people whose living is there
BY affected, especially such as are under
salaries.
The question arises, IL industries and
active labor are to be taxed. whether
it would not be fair to tax the idle and
non-producing classes.
The crux OF existing business con-
dtions IL to be found in the monetary
legislation
Congress and the President have or
daned new system Of finance. The
measure is complex and almost beyond
the comprehension Of an ordinary lay
man or trader who has not studied
finance.
81 have never believed that II was a
proper function or prerOgative OF any
Government to conduct banking BUSH
ness directly or Indirectly. except In
tnre OF war.
banking IL a science and requires
men with years of special training and
expert knowledge. Many of the banks
that have not succeeded In this and
other countries have been managed by
SPECTATORS and inexperienced bankers.
There are large central banks In foreign
countries that are successful, but they
are not managed by the Government.
Their directing forces are the bankers
and merchants.
The Bank OF England, the bank OF
itelchbank and the Bank Of Netherlands
(which liz probably the best organized
central bank. though not as large as
others In Europe to-day, are not In any
way supervised by their respective Gov
srnments
Credit and banking are the two most
sensitive and delicate engines of COM
0ArcA and TIA I,lacInR OF tina mRnRRa.