Yearbook of the Economic Club of New York Economic Club of New York GRADUATE SCHOOL of BUSINESS ADMINISTRATION HARVARD BUSINESS LIBRARY GEORGE F
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Yearbook of the Economic Club of New York Economic Club of New York GRADUATE SCHOOL OF BUSINESS ADMINISTRATION HARVARD BUSINESS LIBRARY GEORGE F. BAKER. FOUNDATION GIFT OF E0onoraic club of New York ( I \ COLONEL GEORGE W. GOETHALS Digitized by Google YEAR.,,, BOOK OF THE ECONOMIC CLUB ~ OF NEW YORK Volume IV Containing the Addresses of the Season 1913-1914 EDITED BY THE SECRETARY NEW YORK 1914 THE KNICKEllaOCIC (G. P. PUT Ell P11n1 NAll'I SoNs) NEW YORK INTRODUCTION The past year has been especially fruitful in im portant subjects of contemporary public interest, from which the discussions of the Economic Club have profited. The following addresses were so acceptable when delivered, that it is believed they will be valued in printed form. The Year Book, of which this volume is the fourth issue, is published chiefly for the members of the Club, each of whom is entitled to a copy. R. E. E. iii CONTENTS PAGII TW'ENTY-FIFTH MEETING Fundamental Questions in Banking and Currency Reform, with Special, Reference to the Cur rency Bill Address by Prof. Joseph French Johnson . 7 " " Hon. Robert L. Owen • 21 " " Hon. Frank A. Vanderlip " " Hon. Carter Glass TwENTY-SIXTH MEETING Woman Suffrage Address by Hon. Helen Ring Robinson 81 " " Mrs. A. J. _George 93 " " Dr. Stephen S. Wise 1o6 " " Hon. Charles S. Fairchild 126 TwENTY-SEVENTH MEETING The Commercial, Significance of the Panama Canal Address by Col. George W. Goethals .. " Andrew Carnegie . 145 " " Irving T. Bush 149 " " Dr. Emory R. Johnson IW " " Dr. Talcott Williams 174 .. " Dr. Hamilton Wright Mabie 182 V PAGE TwENTY-ElGHTH MEETING Tlie Pending Trust Bills Address by Prof. Jeremiah W. Jenks " " Samuel Untermyer " " Charles F. Mathewson " " Hon. Atlee Pomerene " " Hon. George W. Wickersham . PROGRAMS OF THE FlRSTTwENTY-FOURMEETINGS 251 OFFICERS, 1913-1914 CoNSTITUTION THE NATIONAL ECONOMIC LEAGUE vi TWENTY-FIFTH MEETING Monday Evening, November 10, 1913 HOTEL ASTOR GUESTS OF HONOR HON. MARCUS M. MARKS President-Elect of the Borough of Manhattan SIR GEORGE PAISH Editor of The Statist DR. LUDWIG FULDA Author and Dramatist, Berlin PROF. KARL F. TH. RATHGEN Hamburg PROF. JOSEF SCHUMPETER Vienna Wn.LIAM M. ACWORTH Chairman London United Tramways Co. SUBJECT FUNDAMENTAL QUESTIONS IN BANKING AND CURKENCY REFORM, WITH SPECIAL REFERENCE TO THE CURKENCY BILL SPEAKERS PROF. JOSEPH FRENCH JOHNSON Dean of the School of Commerce and Finance, New York University HON. ROBERT L. 0wEN Senator from Oklahoma; Chairman of the Senate Committee on Banking and Currency HON. FRANK A. VANDERLIP Formerly Assistant Secretary of the Treasury; Presi dent of the National City Bank HON. CARTER GLASS Congressman from Virginia; Chairman of the House of Representatives Committee on Banking and Currency JAMES SPEYER, Presiding President of the Club 2 FUNDAMENTAL QUESTIONS IN BANKING AND CURRENCY REFORM, WITH SPECIAL REFER ENCE TO THE CURRENCY BILL ADDRESSES INTRODUCTORY REMARKS BY THE CHAIRMAN MR. ELY: Ladies and Gentlemen: It gives me pleasure to ask the President of the Club, Mr. Speyer, to take the chair. (Applause.) MR. SPEYER: Ladies and Gentlemen: Before start ing the regular proceedings, I wish to say a special word of welcome to our foreign guests who are not going to speak to-night. We are glad to see here to-night two German exchange professors, as well as two distinguished English visitors. We are particularly glad to see these Englishmen and Germans sitting side by side (laughter), which we like to consider not only as a visible proof of their interests in our affairs, but also as a token of the improved relations which now exist between these two great nations, and which mean so much for world peace. We hope they will continue to grow stronger. These strangers have just witnessed and heard the din of a New York municipal campaign, but I know that they have sufficient sense of proportion and breadth of view to look below the swface and to realize 3 4 THE ECONOMIC CLUB OF NEW YORK that however much appearances may differ in different countries, the old saying is still true: "They cook with water everywhere"; even if some of our newspapers, and some people here do make an awful lot of noise while the cooking is going on. (Laughter.) The result in the inn has been very satisfactory and assures to our city a continuance of honest, intelligent, and efficient municipal government. (Applause.) After all, gentle men, public opinion is not so much expressed and formed, as strangers might think, in the market-place, as it is by a gathering of such men as are here to-night. Members of the Economic Club: This is our twenty fifth dinner, and the distinguished speakers and the large attendance are sufficient proof that our Club is filling a useful place in our civic and national life. Our membership list of twelve hundred is full, and we also have a waiting list. I will not delay the proceedings by reading to you a list of the members who now compose your committees, which it has been my privilege to appoint. You have the printed list on your bill of fare, and you will notice that they are all new men as far as your committee work is concerned, and Mr. Ely, our Secretary, assures me that never since our Club has existed have the mem bers of the committees and others taken such an active interest in the management of its affairs. Therefore, I think we may look forward to another successful season, and to many more if we remain true to our. policies not only to select important topics of the day for discussion, but also to see to it that these questions are discussed from all sides and listened to in a fair and non-partisan spirit. The subject selected for this evening is "Fundamen- INTRODUCTORY REMARKS BY MR. JAMES SPEYER 5 ta1 Questions in Banking and Currency Reform,. with Special Reference to the Currency Bill, " and the Committee has specified these ql!estions as follows: I. Does the Owen-Glass Bill provide for government control or for government supervision, and what should be the qualifications and the tenure of office of the mem bers of the Federal Reserve Board? 2. Should the notes be issued and guaranteed by the government? Being somewhat of a banker myself and having very definite views on these questions, I feel sorely tempted to take off my coat and to take part in this discussion; but I am not going to take advantage of your kindness. There were, however, two things that I wanted to say to you with your permission, and I hope you will like them; but I am going to say them just the same. The first one is this: For reasons historic, geographic, and others which it is needless to mention, our city of New York has become, and is to-day, the commercial and financial center of our great country. We are part of it and want to and intend to keep this position. I predict that any at tempt to change this by legislation-if ever such were made-would fail and would bring disorder, if not dis aster to the whole country. (Applause.) You cannot hit New York without hurting the whole country. (Applause.) I only hope you are going to like this. (Laughter.) The only way that I can see by which we could lose, naturally and justly, our leadership or the influence that goes with it, would be if we of New York did not recognize in good time the legitimate aspirations and needs of our fellow citizens in other parts of our 6 THE ECONOMIC O.UB OF NEW YORE great and growing country (applause) and the duties and responsibilities which our position of supremacy entails on us towards the whole nation. Do not let us forget that New York can only prosper and be happy if the whole country prospers and is happy. Some of us may think that we here have a paramount or special interest in banking reform and are entitled to special consideration; but I think we are all bound in honor and entitled by self-interest to approach and help such new legislation in a broad and patriotic spirit as citizens of the whole country. (Applause.) Another thing that I would like to say with your permission is this: Of course, in framing a banking and currency bill, the suggestions of bankers of practical experience should be heard and heeded, and they surely have been given ample opportunity and consideration by the chairmen of the two committees of Congress to express their varying views. But not all bankers are approaching this subject free from local bias, and it is only human that supposed self-interests should influence some of them. The experience of this and of other countries shows that the detached student of history, the independent economist, the broad-minded man in touch with public affairs-that these frequently form an equally correct and reliable opinion, provided they take time to study the subject thoroughly and without partisan spirit. Therefore, I think it is a mistake to suppose or insist that in framing new banking or cur rency legislation the various views of bankers should be regarded as the only ones to be considered or heard. That is all I have to say. Our Club is honored to-night by the presence of two broad-minded men of public affairs and political ex- ADDRESS BY PROF. JOSEPH FRENCH JOHNSON 7 perience from Washington. I want to assure both Senator Owen and Representative Glass that we do appreciate their coming here to-night to speak to us at this time and at this juncture, when we know they are burdened with official work and responsibilities towards the whole country.