Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-02-10
W. W. Ritter Makes a Speech Be-
fore Utah Association OF
Credit Men.
THINKS 1T RANK INJUSTICE
Says There Is No Necessity for the
Government to Enter the Bust
ness at This Time.

The Utah Association of Credit Men
held its monthly luncheon this after
noon at the Commercial club, with
nearly 60 persons present: including, as
Invited guests. quite a number of the
more prominent banking men of this
city and Ogden. The function was
noted as being the occasion OF an in
formal and interesting discussion on
the matter OF postal savings banks, this
being brought UP Mt the special request
OF the National Credit Mems associe
ton In New York, which Is asking sOr
opinions from the various branches es-
tablished over the nation. The principa;
address of the meeting was delivered
by Hon. w. w. Ritter, president of the
DeSeret Savings bank. chairman of the
board of regents of the state university
and one of the best known and best
posted flnanciers in the west Mr..
Rlter's Views were especially desired.
as being valuable from one OF his years
and long experience in the banking
world, and these views were expressed
in the following address,
Il feel it is almost presumptuous
Tor HE TO undertake TO discuss a sub
Ject which is largely technical and
scientific one. For the questions of
finances are subject TO economic laws
as inexorable and immutable as are
world. Yet l possibly may be par
doned for accepting the invitation 10
speak to you when so many undertake
to discuss questions OF finance VINO
have less knowledge than /. and I do
not profess to have much. 1t Is one
OF the peculiarities of American poll
tics that men who know nothing of
finance do not hesitate to discuss 1t rs
freely as those learned In the scieu-
tlc professions discuss matters De-
longing thereunto. We do not expect a
blacksmith to understand medicine,
nor a physician To understand geology,
nor the shoemaker to understand
physics. but Notwithstanding this. as
l have already stated. men who have
no knowledge or experience In financial
matters think they know all about II
and do not hesitate to put forth their
Views.
II am reminded OF a circumstances
with which many OF you ars doubtless
familiar. Some years ago Il man we'll
known To many Of you kept a junk
shop In this city. and during the fin7n-
cial disturbances resulting from the
silver discussion. he wrote ionS
screed which was published in one OF
our leading papers. giving at great
length a solution of all our fnan-
cial difficulties. 1t Is not neces-
sary to say that his views were
about as sound in regard to these
questions as the views OF the shoe
maker would be in regard Ia the neo-
ular hypothesis. And yet there were
many, doubtless, who thought these
views very sound You will rsmem-
Der. as further evidence of the tenden
CIV of people to discuss matters OF
finance OF which they know nothing. of
how soundly Grover Cleveland was
berated for consulting with j. Pier
pont Morgan in regard to the grave
condition the United states treasury
had fallen into. In his writings he
asks the question il ii would have
been prudent TO have consulted
blacksmith There Is no sort of doubt
that, in this country especially. the
profession of banker has met with
more suspicion and distrust than any
other profession.
AGAINST POSTAL BANKS
Coming more directly TO my sub
ject, / ought to say in the outset that
1 am opposed strongly opposed. to the
establishment of postal savings banks.
I do not believe there is any spontane-
Gus demand for them as coming from
the people; but II is rather the result
of political eXigencies- I am inclined
to think that the Republican party
took up this question and made an
issue OF it to set before the people to
Offset the one taken up by the oppos-
ing party making an Issue of the ques-
ton of guarantee of bank deposits. At
first glance. both of these questions
are attractive to the non professional.
but wholly injudicious according to
the views of those who ought to
know best. 1t is certainly un-
fortunate for us that such grave
questions fraught with such possible
grave consequences. should be the
football of politics. In other coun-
tries these questions arc left to the
determination of those skilled in
economies. and the people acquicsce In
their judgment, and as little legisla-
tIon is enacted as possible in regard
to these economic questions and per-
NIT them to follow the drift OF
economic laws, which they Will surely
do in the face OF any and all legisla-
tion that may be enacted TO direct
them. But. you may ask. and properly
so, Have not other nations legislated
Into existence postal savings banks?
And do they not work well elsewhere?
] answer. yes, But under circumstances
and conditions greatly different
from those that obtain in this country
1t Is a great mistake that many make
in supposinK that banking and
financial conditions that operate we'll
with us. We must take Into considera-
tion the history. political and social.
and economical development OF peo-
pie together with their temperament
and inherited notions in
discussing this question: for what
might Mt one people under certain
conditions might he wholly unfit for
the temperament and experiences OF
another.
"As an illustration: The banking
laws of Scotland are among the best
n the world and ft the wants and
conditions of the Scotch people. and
vet they would be wholly unsuited to
q larger nation and would break down
at the first strain put upon them And
yet men with considerable experience
and wisdom point to the Scotch sys-
tenn OF banking and Its excellencies
and have recommended II as pattern
for us to follow. 1t Is quite possible
that the Chinese method of banking
although l am wholly unacuuaInted
with 1t. may be best for the Chinese.
but not ut a single condition with
which we are surrounded.