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JAMES W. ROLLINS, First Vice-President
W. T. A. FITZGERALD, Second Vice-President

JAMES E. DOWNEY, Secretary

ADDISON L. WINSHIP, Civic Secretary

Board of Governors
Robert Amory, Jr.
Horace Bacon
March G. Bennett
Matthew C. Brush
Charles L. Burrill
Charles M. Cabot
George W. Coleman
Morgan L. Cooley
Louis A. Coolidge
James E. Downey
Frederic H. Fay
James E. Fee
Frederick P. Fish
W. T. A. Fitzgerald
R. H. Gardiner, Jr.
George B. Glidden
E. K. Hall

Robert O. Harris
Frederick Homer
Louis E. Kirstein
Charles Logue
James P. Munroe
H. Staples Potter
Elwyn G. Preston
Charles M. Rogers
James W. Rollins
Bernard J. Rothwell
Alonzo R. Weed

Robert A. Woods
Executive Committee

W. T. A. Fitzgerald, Chairman
Frederick Homer, Secretary
Frederic H. Fay
Louis E. Kirstein

Elwyn G. Preston

House Committee

James E. Fee, Chairman
Louis E. Cadieux
Henry H. Fuller

: Clarence W. McGuire

W. E. Skillings
Entertainment Committee

March G. Bennett, Chairman
Robert H. Bean
John B. Dore

Carroll W. Doten

George B. Glidden

Charles J. Martell George P. Morris

H. Staples Potter S. W. Reynolds George S. Smith Max E. Wyzanski Art and Library Committee James P. Munroe, Chairman Frank W. Bayley A. B. Beeching Carroll M. Bill Charles K. Bolton Charles L. Burrill Charles F. R. Foss Herbert F. Jenkins Charles Logue

H. L. Hawthorne

Auditing Committee

Horace Bacon, Chairman
Charles M. Cabot

Alonzo R. Weed

Membership Committee

Charles M, Rogers, Chairman

Robert O. Harris

Frank L. Locke

William H. Pear
Abraham C. Webber

Ralph G. Wells

John White, Jr.

Bulletin Committee

George W. Coleman, Chairman

Myron E. Pierce

George P. Morris

George S. Smith

Building Committee

James W. Rollins, Chairman
Clarence H. Blackall

Carl Dreyfus
David A. Ellis
James M. Head
John S. Lawrence
James P. Munroe
Bernard J. Rothwell
John R. Simpson

Finance Committee

Robert H. Gardiner, Jr.
Nathan L. Amster

Edward A. Filene

Laurence Minot

James J. Phelan

James J. Storrow




"This Club is founded in the spirit of good fellowship and every men
ber of the Club knows every other member without an introduction.

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One "JIM" ROLLINS, Chairman of the Building Committee


One "LOUIE” NEWHALL, Architect


In the construction of the new Club House
Judge presiding: Hon. ROBERT O. HARRIS
Clerk of Court: Hon. JOSEPH C. PELLETIER

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Thursday, May 13

The Entertainment Committee is pleased to announce that


Secretary of Commerce in President Wilson's Cabinet, will be the guest of the Club on the above date.

Secretary Redfield will deliver an address:


GEORGE S. SMITH, Former President of the Boston Chamber of Commerce, will preside.

JOHN H. FAHEY, President of the Chamber of Commerce of the United States, will also be a guest on this occasion, and will speak upon the work of the National Chamber.

Other gentlemen present will be:
Governor DAVID I. WALSH.


Hon. EDMUND BILLINGS, Collector of the Port.

Hon. ALFRED L. AIKEN, Governor of the Federal Reserve Bank in this district.

A dinner will be tendered the guests at six o'clock. Tickets at the office of the Civic Secretary.




"Gentlemen, there is no limit to the latitude that may be indulged in by a presiding officer and others who speak on an occasion of this kind, but I have no delusions about my public career or about the future. I am like all the rest of you, and have been doing what all the rest of you would do if you had happened to be in my place, that is trying to apply to the public service the kind of principles and actions which you carry out in your everyday private life. You are not lacking in courage and ability or you would not be in the places where you are. You are simply doing the things which honest, upright, capable men do and I am trying to do the same things in public life. About the future I have no concern at all, because whatever may come, I shall be content to do, as in the past, what seemed the right thing to do whatever the conditions may have been or the position I have occupied. We have just finished the longest term of Congress in actual session which this country has ever seen. I belong to the minority party, so I have not been in sympathy with many of the things which have been undertaken, and yet, I have tried to modify and perfect the things with which I have been in sympathy and have tried consistently to defeat the things which I believed to be bad. The most flagrant example of the latter class was a bill against which I think Massachusetts sentiment was pretty unanimous, that is the Shipping Bill. It did not seem to me that it was wise to think of buying a belligerent's ships. It did not seem to me that the emergency could be overcome by the method which was contemplated, and it did seem to me that it was putting ourselves in the position, as a government, of owning and operating transportation lines, setting an example which might be extended in other fields, one which might be harmful, if not vital, to the life of the Republic.

"In this case, I do not think I can ever modify my views. I am opposed to all forms of Government ownership, Government operation, or Government interference with business, except in the case of a monopoly, I believe it will be harmful to the success of our people if such policies are undertaken.


"Mr. Fish has suggested that I say something about the National Reserve Act. I seldom have opportunity to address so many representatives of predatory wealth, and so many who are anxious to have me stop so that they may go back and loan some of that wealth.

"I voted for the Federal Reserve Act as most of you know, after long months of consideration and work on details because I believed that

the banking system of this country had reached a point where we should adopt the methods which other first-class nations had adopted, and be able to prevent some of the troubles with which we are familiar. I very seldom vote for anything in Congress which has my full approval. If I could write the laws, I would write every one of them differently than the form they take when they finally pass. But there was so much that was good in the Federal Reserve Act, that the time seemed to have come when imperfect though it was it seemed to me it ought to be put on the statute books. I do not know whether it is working to your satisfaction. Quite likely it is not entirely. I know that some of you are criticising its operation. You will probably have ample opportunity to criticise it. It is not difficult to criticise an undertaking which is practically new, which is in an untried form, which has come into a system of banking already established, and which must interfere with some of the methods which have existed in the past. Any one can criticise a law under such conditions, but what you want to do is to criticise intelligently and have that criticism in such form that it may be used to correct features of the law to which it will apply. I expect the National Reserve Board will come to Congress from time to time and ask that this law be changed. They have already done so in one or two minor particulars.


"Nobody knows better than those who have served in Congress, as ex-Governor Long and Judge Harris have, how difficult it is to pass fundamental legislation. It takes a long course of education and training. The public must be educated as well as the legislators themselves. I had a good example of this statement brought to my attention in connection with this very act. Mr. Charles Warren, now an Assistant Attorney-General has, in his service, the conduct of matters relative to the Federal Reserve Act. He told me he had read the Senate hearings, which included some 3,200 pages, and was particularly struck with the development of the education of the members of the committee as those hearings went on. I can say to you with propriety that those hearings were very greatly prolonged for the express purpose of getting clearly into the minds of, not only the witnesses, but the members of the committee the fundamentally sound things which nearly every banker knows. One of the best witnesses who appeared before the committee was that young man sitting at the right-hand table, Mr. Blinn, who made an especially strong impression. The hearings were an education for the witnesses, for the members of the committee, and for the country at large, and was justified for that reason.

"After we had gone through all that educating process, the result of the study made by the Monetary Commission and by many others who have considered the subject, it would have been a mistake to have failed to pass a law because objection was made to some features of it, so for those reasons I was one of the few Republicans who saw my way clear to vote for a measure proposed by a Democratic administration. I do

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