The Sun

FOR A SOUND BANKING SYSTEM
BUSINESS MEN ORGANIZE THE NATIONAL CITIZENS LEAGUE.
Announcement of the Directors-John Claflin Says the Movement Will Be Kept Non-Partisan and Must Not Be 'Delayed as Tariff Reform Has Been.
John Claflin of H.B. Claflin & Co., president of the New York State branch of the National Citizens League for the promotion of a sound banking system announces the following list of directors:
Cleveland H. Dodge of Phelps, Dodge & Co., John C. Eames of H.B. Claflin & Co., Gerrish H. Milliken of Deering, Milliken & Co., J. Harper Poor of Amory, Browne & Co., Henry A. Caesar of H.A. Caesar & Co., Arthur Lehman of Lehman Bros., Edward D. Page of Faulkner, Page & Co., Welding Ring of Mailler & Quereau, Cornelius N. Bliss, Jr., of Bliss, Fabyan & Co., James Talcott of American Hosiery Company, Herman Fleitmann of Fleitmann & Co., James H. Post of B.H. Howell, Son & Co., Frank Trumbull of the Chesapeake and Ohio Railway Company and Edmund D. Fisher, Deputy Comptroller of New York city.
Besides Mr. Claflin, the officers of the New York branch are Isidor Straus, treasurer; Irving T. Bush, chairman of the executive committee; William Sloane, chairman of finance committee, and George A. Plimpton, secretary.
The offices are at 100 Broad street.
"We are aiming," said Mr. Claflin, "to make this movement in the furtherance of currency and banking reform a national one.
"There is a popular belief that this problem is one that only concerns bankers. That is altogether a mistaken one.
It concerns every business man, every farmer, every wage earner.
"The panic of 1907 was as unnecessary as disastrous. It disclosed weaknesses in our banking system which all admit can be and must be effectively corrected.
The country is still suffering from the effects of this panic, and the small businesses are suffering more than the large businesses.
"So the problem is one that concerns our entire population, and as President Taft is pointing out in his Western speeches, there is no legislation of any kind, tariff, railroad, corporation or of a general political character, that at all equals in importance the putting of our banking and currency system on a sound basis. It is one of the first few duties the Government owes the people.
"This movement is non-partisan and must be kept so. The problem is too vital and pressing a one to be made the football of party politics. It must not be delayed and diverted as the tariff matter has been.
Asked if the work of the National Citizens League was allied with the Monetary Commission, Mr. Claflin said it was not.
"The National Citizens League is altogether independent in every way. We recognize the able and thorough work done by the Monetary Commission and that many and valuable suggestions may be had from it. But the league has no cut and dried plan to offer.
"There are certain basic principles of reform upon which we are agreed. We have adopted these. Further than this we want suggestions from all-from all sections and all classes-to the end that the remedial legislation that is finally adopted by Congress shall reflect the needs of the country at large.
"We do not advocate a central bank doing a general banking business, but do believe in what has been called a National Reserve Association, controlled and managed so as to represent the democratic spirit and the sound common sense of this nation.
"When the weaknesses of our present system are understood and the principles of sound finance are made clear to all- and we hope to make them so just as the principle of sound money were made clear-I have confidence that the legislators will devise the right kind of laws and that the people will want these laws enacted.
The headquarters of the National Citizens League are in Chicago.
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