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Show MAC VBAGH TALKS OF NEEDED FINANCIAL REFORM NEW -YORK, Jan. 17. Franklin Mac-Veagh, Mac-Veagh, secretary of the treasury, addressed ad-dressed 700 bankers and their guests at the Waldorf-Astoria tonight at the annual an-nual banquet of tho bankers of tho city of New York. "Banking, like charity," he said, "begins "be-gins at home. And unless a nation has a sound, useful and wise national banking bank-ing system thcro Is nothing on wlflch to build largely arid safely a world system. Until wc get rid of panics which arc whollv unnecessary, and readily avoidable, avoid-able, we cannot claim for a moment to have a domestic financial system that the world can rely upon or that we ourselves our-selves can rely upon. Nor can we Indulge In-dulge In national or Industrial financial pretensions as long as wo have no banking bank-ing reserve that Is worthy of the name- "By reserve I mean, of course, a reserve to meet adequately the special exigencies of the business world a reserve that !s reserved for any and all needs at any and all times." |