Evening journal., 1914-04-28
TRADE BOARD Wants
DUPONTCO.PROTECTED
Business Men, Object to
Government Monopolizing
SmokeleSS Powder Trade
NEW ASSESSMENT
SYSTEM ENDORSED

AT the MONDAY luncheon and meet
ing Of the Chamber Of Commerce in
the DUPONT Hotel today, among other
business transacted was the adoption
of a resolution protesting against the
United States government monopoliz-
ing the manufacture of smokeless
powder for government use, to the
detriment Of the dupont Powder Com
pany, and the adoption of the report
of the committee appointed by the
trade body to inquire into the new
city assessment The latter report
approves Of the new assessment and
declares that it will be a big thing for
the city.
During the meeting an interesting
address. concerning the new currency
and banking laws, was delivered by
William II. Berry. collector Of port Of
Philadelphia. Mr.. Berry, who was in
troduced by President Satterthwait.
was warmly applauded by the mem
bers. He expressed regret that his
time was so limited, as he would like
to speak for several hours on the
question. He remarked that on one
occasion he spoke for nine consecu-
tive hours on the currency question,
and held the interest of bis audience
during the entire time.
Mr.. Berry described the currency
law under which this country has ex-
listed for the past decade, stating that
Il was due to the currency, and moth
ing else, that business depressions
have occurred from time to time.
Mr.. Berry explained that the bank
ing business is founded on the law OF
averages, and that the banks were re-
quired to have a certain amount of
money on hand at all times to dis
count notes and checks.
This balance, in State banks and
trust companies, was 10 per cent OF
the total deposits, and in national
banks the law requires IL to be 25
per cent, while in outlying banks It is
10 per cent. making an average of
about 10 to 12 per cent This amount
l'of money the banks we're required to
have in order to do business, in addi-
tion to their liquid assets. Mr.. Berry
declared that all the combined banks
for the past ten years, have been re-
uuired to carry all their old credit
and one billion dollars worth of new
credit In addition to care for the new
growth of business in the country.
II was therefore necessary for tn,
banks TO get 10 per cent. of this amount
in cash TO carry on their business. whicl
lmakes SlO0,O00,000 of new money tho
banks had TO get each year. The banks
Mr.. Berry said, get only 80 per cent. o
lone-half of the new money that comes
I into the country. and il was thercfor'
necessary that the country had to Sc
cure S200,O00O00 in new money eacl
year, mp TO this time. to supply this.
The speaker said gold mining wa
the only source the country had TO Sc
cure this new money, and the combines
amount of new gold coin secured by tn
country in a year, both domestic an'
I imported. is only S65,000,000 a yea
which is only one-third of the amoun
the banks alone are required to have L
care for the growth of public credit
This, he declared explained the bust
ness depression. "Thc sole reason al
men canot work all the time is due &
the faulty currency system he de
clared
Mr.. Berry then said that the ney
currency and banking law passed b.
the present administration was tn
solution of the trouble and explaine
the working of the new law.
Against Government Powder.
The following resolution offered b,
William C.Taylor, Of the Delaware Trus
Company, was adopted unanimously.
Ianimously:
Whereas: II has come TO the atten
tion of the Chamber of Commerce, of tn
City of Wilmington, that legislation
about 10 be enacted by the Congress o
the United States looking 10 the monop
oily of the manufacture of smokeles
powder for the government, and
Whereas; The y. I. dupont de n,
mours Powder Company has for MOI
than a century supplied the governmen
with powder and was induced to inves
land has now invested several millio
dollars in plants devoted almost e,
lclusively to the manufacture Of smok,
less powder on the representation and i
the hope and expectation that the sam
would be a continuing business. and
Whereas; The facilities which N
q government proposes to enlarge in ord'
. 20 monopolzc the manufacture Of sIholS,
less powder for the government are, +,
the most part, made up of secret pr'
; ce5scs, methods and machinery investC
and devised by the +. /. dupont de n,
mours Powder Company and given TO I'll
government for use in its plants will
out compensation-the dupont Powdl
Company going so far as to furnish u
: plans and blueprints for one of Il
r factories and detailing its engineers I
= assist in laying out the same, and
e Whereas; The price of powder to Il
/. government. through the years, has be,
reduced in proportion as methods