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courageous of the Presidents of the United States was GROVER CLEVELAND. [Applause.]

Now Governor Wilson enters upon the Presidency with none of the difficulties which surrounded BUCHANAN and none of the handicaps which troubled CLEVELAND. The political sea was never so calm and the political skies were never so propitious. In the midst of war we are at peace with all the world with no dangers threatening from abroad. Our internal conditions are as good if not better, than they have ever been. A “bumper” crop, unequalled in the history of our harvests, is to add to our national and individual wealth. Our internal trade is of unequalled volume, and with the movement of this crop to be largely increased. The mill and the furnace are running on full time. Labor was never so fully employed, nor with wages so high. Tbe farm was never receiving such returns. Our exports and imports were never so large, and the balance of trade in our favor runs into the millions of dollars. Our only scarcity is of labor in many of our industrial centers. There never was a better time when practical experiments with long cherished theories could be carried out with less danger or with more benefit if the theories are correct. [Applause.]

The mission of the hour seems to be to reduce the bigh cost of live ing, without lessening the opportunities for earning a living. The experimenters must bear carefully in mind the lesson taught by the well-known epitaph upon the tombstone in the country churchyard, “I was well. I wanted to be better. I took physic, and here I am.” [Laughter.]

While I belong to the opposite school of economic principles from that of the successful party, I do not see how it is possible for that party to fail to try the merits of its principles, its platform and its promises. We hear much in the vocabulary of politics of the mandate of the people. Taft and ROOSEVELT stood for a tariff for protection, and Wilson for a tariff for revenue only. The combined vote for Taft and ROOSEVELT is a million and a half more than that for WILSON. Nevertheless, under our system of government, by which pluralities, and not majorities, are required, the Baltimore platform and its advocates are in possession of every branch of the government and the mandate is to carry out their promises. All business men, and I am looking at these questions now only from the business standpoint, insist that the work shall be begun at the earliest possible moment and finished in the quickest possible time. The trained American business mind fears no conditions when factors are thoroughly understood. The genius of American enterprise, the optimism of the American spirit, the confidence in American judgment has pulled us through many a panic, repaired the losses of the troublous times, and placed our business again upon firm foundations, and with prospering and prosperous conditions. The only one thing which the American business man cannot meet is uncertainty. The business men of the country pulled us triumphantly through the depression of '95 and '96, and a few of the captains of industry, placing patriotically at the service of their country their reputations, their acknowledged ability and their fortunes, pulled us safely through the panic of 1907. But in both these instances conditions were known. There were no uncertainties about the factors. The only question was the existence of ability to meet them. With the results of the election, the danger to the judiciary and the recall of the judges has ceased to be a question. It will continue to exist probably in that marvelous City of Seattle as an object lesson. There it takes a majority to elect a Mayor, but a small per cent. can put bim on the recall. The result is that the highest office of that municipality is a greased plank. [Laughter.] It takes a majority to put the citizen to the top and less than a quarter of the vote may pull him down to the bottom, and the procession goes merrily on for the gaiety of nations and the booming of Seattle.

President Wilson, in numberless speeches has felicitously put the remedies which he proposed instead of the drastic ones which are declared in his platform. He repeats before and after election, and we know that he believes what he says, that he can take all the evils there are in the tariff out without interfering with the business of the country, and he can suppress the evils there are in the trusts without disturbing labor or capital. I am sure that all of us, of all parties, wish him God speed, and we of all parties trust that theory may be so chastened by experience and experience so liberalized by theory, that the net results of the measures and policies of the incoming administration will be the continuance and improvement of the happy business conditions of the country in which we rejoice to-night. [Loud Applause.]

Monthly Meeting, Thursday, December 5, 1912.

A regular monthly meeting of the Chamber of Commerce was held in the Hall of the Chamber on Thursday, December 5, 1912, at halfpast twelve o'clock, P. M.

PRESENT.

John Claflin, President.
Jacob H. SCHIFF,
PHILIP A. S. FRANKLIN,

N, į Vice-Presidents.
JAMES TALCOTT,
FRANK K. STURGIS, j
WILLIAM H. PORTER, Treasurer.
SERENO S. Pratt, Secretary.

And three hundred and three other members.

ANDREW CARNEGIE, Honorary Member and John T. TERRY the oldest member of the Chamber occupied seats on the dais with the President.

The minutes of the regular meeting held November 7th were read and approved.

THE PRESIDENT.—I am very glad that we have with us to-day one of our honorary members. Mr. CARNEGIE has not often honored us with his presence in the past. We hope he will come more frequently in the future. [Applause.]

REPORTS OF STANDING COMMITTEES. JAMES G. CANNOx, Chairman of the Executive Committee reported the following named candidates for membership and recommended their election :

FOR RESIDENT MEMBERS.
Nominated by

Seconded by John R. BRADLEE, Welding Ring, William E. PECK. William R. CRAIG, E. H. OUTERBRIDGE, HENRY Hentz. Edward K. Crook, Joseph F. SIMMONS, GEORGE GRAY WARD. MOREAU DELANO, JAMES G. CANNON, WELDING Ring.

Join I. DOWNEY, J. Edgar LEAYCRAFT, WILIAM G. CONKLIN · EBERHARD FABER, William E: PECK, WILLIAN F. Smith. W11.BUR C. Fisk, ALFRED E. Marling, EDMUND Dwight. CHARLES A. FRANK, ANCELL H. Bali, STEVENSON TAYLOR. HERMAN A. FLU'RSCHIEIM, ALGERNON S. FRISSELL, HENRY R. ICKELHEIMER. JEROME J. HANAUER, Jacob H. SCHIFF, FELIX M. WARBURG. GEORGE G. HAVEN, JR., Frank K. STURGIS. EMORY S. Lyon. HENRY E. HUNTINGTON, WELDING RING,

JAMES G, CANNON. JAMES R. KEISER, Joseph H. EMERY, GEORGE E. BEERS. LEONOR F. LOREE, WELDING Ring,

JAMES G. CANNON. Edgar J. MARSTON, HENRY S. THOMPSON, Gates W. MCGARRAU. Julius P. MEYER, R. A. C. Smith,

GEORGE T. Wilson. ROBERT G. MORAN, WELDING RING,

FREDERIC W. LINCOLN JOSEP B. MORRELL, WELDING RING,

FRANK A. FERRIS. WESLEY M. OLER, S. THEODORE HODGMAN, Eustis L. HOPKINS. WILLIAM P. Pullips, THATCHER M. Brown, EDGAR L. MARSTON. GUSTAVE PORGES, ADOLPH WIMPFILEIMER, HUBERT Ciliis. Join J. PULLEYN, JOHN CLAFLIN,

Thomas M. MULRY. ARTH ('R B. RAYMOND, EDWARD C. RICE, ALFRED ROMER. William C. Reick, R. A. C. SMITH,

GEORGE T. WILSON. THOMAS A. SPARKS, WELDING RING, HERBERT BARBER. WHLIAN G. SICKEL, R. A. C. SMITH, GEORGE T. Wilson. JOSEPu VanVi.ECK, JR., BENJAMIN A. WILLIAMS, JAMES G. CANNON. RoDUAN WANAUAKER, JOSEPH B. MARTINDALE, WILLIAM H. PORTER William T. WEST, Edwin H. Baker, C. L. BERNHEIMER.

MEMBERSHIP OF THE CHAMBER.

MR. CANNON.—I may say on behalf of the committee that if these gentlemen are elected to-day, there will be only sixteen vacancies left in the membership of the Chamber. As you know, our membership is limited to fifteen hundred. We thought perhaps the members might desire to have their friends come under that limit. When that in reached a waiting list will be formed.

Mr. CANNON also reported from the Executive Committee the nomination of ERNEST C. Bliss as a member of the Committee on the Harbor and Shipping to serve until May 1914, in place of ALFRED P. BOLLER, resigned.

J. Howard CowPERTHWAIT and CHARLES T. GWYNNE being appointed tellers, two ballots were taken resulting in the election of the candidates for membership, and of MR. Bliss to fill the vacancy in the Committee on the Harbor and Shipping.

MEMORIAL OF GUSTAV H. SCHWAB.

TaE PRESIDENT.—Since our last meeting a highly esteemed member of this Chamber has died. MR. Gustav H. Schwab bas not been with us for the past two years, owing to severe illness, but while he was in full possession of his health and his strength, he was one of the most useful members of this Chamber; and the work he did for this Chamber, and for the city was of very high importance. It is fitting that the Committee on Foreign Commerce and the Revenue Laws of which he was for years Chairman, should now report a minute expressive of the respect and the sorrow of the Chamber.

WELDING Ring, Chairman of the Committee on Foreign Commerce and the Revenue Laws presented the following report and moved its adoption :

To the Chamber of Commerce :

GUSTAV H. SCHWAB, elected a member of the Chamber of Commerce of the State of New York November 1, 1888, died November 12, 1912. MR. SCHWAB succeeded his father as a member of the Committee on Foreign Commerce and the Revenue Laws, and for more than twenty-two years served the Chamber on that committee, for most of the time as its Chairman. Like his father, Mr. Schwab's activities in the Chamber were devoted largely to the subjects wbich especially affected the welfare of the Port of New York ; and the labors of father and son on behalf of the Port, covering a period of more than a generation, constitute a distinguished record of able, zealous and effective service, the value of which to the City of New York can not be adequately expressed in any memorial which we may adopt. What ALEXANDER E. ORR said in his memorial of the father in 1888: “Our records bear abundant testimony of his great capacity for work and they are studded all throughout with his masterly reports,” can be said with equal truth of the son, for all of MR. SCHWAB's work was characterized with immense energy, thoroughness and fidelity to truth.

Mr. Schwab's interests however were not confined even to the great matters intimately affecting the commerce of the city. He also took a deep interest in the maintenance of sound money, in the just administration of the tariff, in the promotion of efficient municipal government, and in the spread of education and religion. In his own words spoken in the Chamber, in memorial of WILLIAM E. DODGE and CHARLES STEWART SMITH, MR. SCHWAB unconsciously gave a pen portrait of his own character as a man and a citizen. Of one, he said, that "he was an example of what can be done in this city of ours by men who are engrossed in business but who still find time to devote themselves to public affairs and to show their public spirit in their works.” Of the other, he said, “ He felt the desire and considered it as his duty to give such time as he could command to the service of his city and country. He was not deterred by the derision of those who called such enthusiasts as he was by the name of “reformer' but in spite of defeat and ridicule he continued to stand for the high level of city government that he believed to be attainable.”

These words may be applied to MR. SCHWAB as descriptive of his own splendid career of disinterested public service.

Your Committee recommends that this memorial of Gustav H. Schwab be spread upon our minutes and that a copy of it be sent to his family with the hope that this expression of our gratitude for the useful activities of his life may in some degree serve to assuage their sorrow. (Signed) WELDING RING, EDWARD D. Page,

of the GEORGE GRAY WARD, Committee on

Foreign Commerce WILLIAM E. PECK,

and the Silas D. WEBB,

Revenue Laws. GEORGE A. ZABRISKIE. )

The report was unanimously adopted by a standing vote.

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