Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1912-09-12
REYNOLDS HAS
CRITICISM FOR
THEPLATF0RMS

uSU 1uUu VSvtuSO
Chicago Banker Says Par
ties Failed to Provide a
System Of Banking; De-
fends Banks.
Detroit, Sept. 11.-A reply to the
critics of banks and bankers was
made today by George M. Reynolds
president of the Continental and Com
mercial National bank Of Chicago, IN
his address before the American Bank
ers' association convention on line
Money Trust Inquiry" At the same
time Mr.. Reynolds found fault with
the national platforms of the three
larger political parties, because, ne
said, they failed to help provloe
proper system Of banking and cur
rency.
Speaking of the criticism heaped
upon bankers after the last panlcs'
he said:
81 am surprised that any student OF
the subject should pretend to believe
that the banks in times of stress Will
fully withhold from the public the use
of such credit and money as 1t Is pos
sible for them under existing condl-
tions and in accordance with the law
10 supply. Self-interest alone wouldn't
permit of their doing this, for no profit
can accrue to bank where an excess
Of reserve accumulates. Furthermore,
the law of competition would not per-
nit it, for in these days when 1t IS
the universal practice for banks to ex-
tend credit in proportion to the bal
ance which a customer carries with
the bank subject to his check, the
banker knows full we'll that If he
fails to meet the legitimate require
ments of such customer it will result
in the loss of that account which, un-
der the law of competition, will go
to his neighbor, who will extend
credit against such balances. There
/ tore, self-interest prompts the banker
10 do his utmost to serve the public
under these conditions"
Discusses Currency Reform.
In regard to the need Of currency
reforms Mr.. Reynolds said:
"The failure on the part OF those
prominent in shaping the policies OF
the great political parties to inspire In
the members of those parties patri-
otic desire to consider this and other
hona0f1v
fairly, on their merits, without re-
spect as to whether or not It will
make or lose votes for their party can
didates, is causing great deal OF IN
dustrial and social unrest. If the time
and thought given by some to the pro-
noting of class prejudice and hatred
could be devoted by them to an effort
to promote qualities of mind and heart
that would reflect fair treatment, JUS
tice and equity, much of the conten-
ton which is now SO prevalent would
be dissipated.
Being more or less optimistic by
nature, and trying at all times to be-
lieve that what is may be for the best
In the long run, see In these conten-
tions and differences of opinion upon
this and other questions, this lesson.
viz: the necessity for careful study
OF all Of our national questions with
open, unprejudiced minds, in the hope
that we may become factors in the
creation of a public sentiment which
will tend to insure their settlement
along wise and just lines and result in
the greatest good to the greatest num-
ber."
The "Money Trust Inquiry.
Referring more closely to his main
topic the speaker said:
"I do not believe the bankers of the
country will enter the slightest objec-
tions to the making of a comprehen-
sive Investigation Of the banks by
those charged by the house with that
responsibility, so long as such investi.
cation does not require them to dis
close to the public the confidential re-
lation existing between themselves
/, and their customers, the divulgence OF
which might greatly embarrass the
customer and thereby DO serious In
Jury to the banks. In my opinion the
banks should. and believe they
would do to the limit of their ability to
do SO, decline to make this informa-
ton public.
n II DanKer can Ue lOTceu 10 uls-
gnlose a confidential relationship be-
tween his bank and It's customer, 1t
would require but short step further
to capitalize for the qualification or
prejudice the confidence between the
attorney and his client, as well as the
secrets of the confessional.
II cannot believe condition exists
which can begin to justify such drastic
treatment no more do believe con-
gress will take any action which
would strike so directly at the person
al rights and liberties of the people.
d AUTOMOBILE RATE
nECI AIRED TOO HIGH