New-York tribune., 1910-01-20
HITS CENTRAL BANK
HENRY CLEWS TALKS.
Banker Also Opposes Postal
lSafangs Institutions.

Boston. Jan. .s.-Orposius q central ma
rionsi bank ar a possible and probable
gigantic financial combination. which might
en6ance-. II not orerturn American repub-
ucan institutions, and condemning postal
savings banks as involving 8 large increase
IN the r1urnber of federal employees. federal
patronage and rsternalism, Henry Clews,
of Ne-v York tonight addressed the Bos-
To-, charter Of the American Institute Of
Banking. a. fremont Temple. His subject
was. Reasons Against Central National
Bank and Postal Savings Banks
Ar Clews said in part:
We should guard AGAINST he creation Of
& central national hank because OF one
rring IN particular, and that is the slim
ufils II would give 70 the further concentrs-
tor Of the moneg power IN the Intteo
stairs Already that power has sssumed
enormous dimensions, end We have NeIF
recently seen fresh illustrations Of It's
growth IN the practical consolidation OF
several OF Nav york's large trust com
psnies The Guaranty Trust COMPANY. the
Rsnksrs Trust Company, the Morton Trust
Company. the Firth Avenue Trust com
psny, the Mercantile Trust Company, ano
the Equitable Trust Conlpeny. not 70 men
ton others, have PASSED hT purchase mo
the control OF q single banking lnteres1'
which controls the Equitable Life AssuI,
srce Society and IS also closely afhllafed
with several OF the largest so-called wan
Street hanks.
rhe proposed central national hank "onla
~ 70 directly stimulate this teldency OF
capital 70 combine win capiLal p.-,ts5o ana IS, 50
srirurions OF ordinery naagnItuoe 70 nulto
ur one instit Grion Of hitherto Unknc"H
and colossal proportions -.
Ths unlimited extent 70 winch ms
GENERALIZATION and consolidation nalSht go
not only in banking hut II al other coI-
F,oretiors MAJ be inferred when re glance
e. tbs rsstness of our industrial, transpor-
Ietron and Franchise corpo-are in-eresIs
arrive and important trusts covered oE
these descriptions with z floating cepifa !
sgErszstins more than tEenry thousano
millions % dollars
- wide 2 field for the exploits Of high
Tnsnce n Welding corporations together.
CT az least bringing groups Of them undeT
fore in this countrv or the world. noIv-ith-
r-z-afnC r1e great trade and banking con
sol.dstiors that We have already witnessed
The power and resources OF cehndl
17-tcrsl hank would almost surely he
used by the so-oaIlso captains OF INDUSTRY
and speculstfve raulttr1illfousi-ss 70 bring
about new and more gigantic combina tions
- add q their enormous wealth and bulld
Ut 2 rorey oligarchy that might hscorns
rnere powerful than the government itself
and finally endanger = not overJurn our
republican institutions.
Tbs government should. therefore. be
Cs-eful not = give II any more power 70
perperrsre wrongs and abuses or industrial
oppression, than u has ALREADY. while
placing no obstacle IN the way of leg1Tl-
should Euard against the individual viii
rpEer for e-il II au- one ~ these multi
million aires. or e combination OF them
The OBJECTIONS 70 central national
hank slsc apply 70 the government pro
Cosal 70 establish postal savings banks
FL over the country. It EaVors TOO much
cf psternalisr. and would add 700 much
- fhe concentration Of power IN tbs hands
~ the federal government 70 bs snTlSaDle
for the good Of the countrT.
Our government Is strong enough 70 dis
rsnss with all facti-ious and adventitious
I'D. and all doubtful means. IN the man
sEemsrt Of its finances. and resourceful
enough 70 be entirely independent L
needs neither postal savings banks nor e
central national hank These. I repeat
would be experiments and financial ex-
reTiments in new directions are alvay s
dangerous and disturbing Conservatism
should he our ratchTord and all radical
measures should be st9dloUsly avoided
and frowne6 upon. IN the interest Of the
Counrrv'E trede ard commerce. as well as
IN the interest of good banking and inan-
Cial stahiIttT
Instead OF postal savings hanks, il
would be better for Congress n authorize
the national banks - establish savings
departments on A basis Of n per cent spe-
would meet the possible reouirer1ents Of
sonne Of the people, particularly Of those
IN thinlv settled localities. where say
ings bsnkS are as yet few and far be
fT-sen