Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-26
BANKERS TOLD
To ABANDON
COERCION
People, Nations BuIwark, Bound
to Have Last Word in Currency
Reform, Says Forbes.
BY 3. c. FORBES.

too much attention to the people, to
the man with a vote and little else" a
Wall Street man seolded me yestsr-
day, "and don't give enough consider
alton to the substantial men Of the
country, the great, big brainy men,
the men who have made America
what it is, the giants who head our
financial and business organizations"
Wen, to that would reply that half
the men active in wall Street are
ridieulousIy ignorant of the peoples
place in a republic. They have con-
tempt instead Of consideration for
the unlettered classes. They have an
over~eenine sense Of their own i'm
portanee and power They move in
dollar-ridden circle. They have
neither the inclination nor the
breadth Of vision TO grasp what part
"the people" play in the scheme of
things.
Rather than become an exponent Of
such views | would become a soaven-
ger. for that is an honest, ereditabls
calling.
Most Of New York's ablest bank
ers are men Of broad gauge, not at
all the type have just described.
But there are among them numbers
Of bourbons, short sighted, unable TO
discern the forces that govern tWen-
tleth century democracy, blind to
world wide developments In the re-
lstions Of the so-ealled masses to the
so-ealled classes. They can not real.
ize that humankind has progressed
rapidly these recent years toward
equality, that manhood has asserted
Itself against mere money, that caste
is being obliteratsd.
In the friendliest spirit eoneeiv.
able would urge the national bank
ers who have been in session here to
abandon at once all idea Of beinq able
to prevent the United States from
placing control Of the currency sys-
tenn under the Government. They can
not turn back the hands of the clock.
The railroads tried II and failed-and
to-day are heartily glad that they did
The people will insist upon havina.
through their representatives, the
final say in regulating BANKING.
The bankers may better accent this
large fact with good grace now. They
assuredly will have to accept Il later,
no matter how much they nrotest.
Threats to seek shelter under State
laws will not long avail, for even
should such unlikely steps be taken
the people Of the States would fall
into line and demand rigid control of
the lodging institutions.
Let the bankers use their every
effort, If they choose, TO secure more
generous representation on the Fed
ersl Reserve Board. They might win
a provision in the bill that three Of
the seven members shall be bankers.
But that the Government will insist
upon holding the balance of power is
a foregone conclusion IL over there
was one.
Other changes Of an administrs.
tive nature may also be GAINED BY
the bankers IL they exhibit a aenu-
inc desire to Cooperate in formulat-
ing the best possible measure. But
they need not expect to win one iota
by bluster, by coercion, by empty
threats. Some Of the protestants, I
know, are deeply sincere. They
really believe the handing over Of
bank and currency control to "the
politicians" would bring inealeuIabls
disaster. With such men one can
synPsthize. But on calmer reflection
they will reach the conclusion that
the heavens will not fall, that the
United States will not be engulfed in
one mortal eatacysm.
II is a time for calm counsel, for
CO. operation, for argument. but not
a time for intimidation. The people
will have none of it.
If the bankers accept the situa-
ton as it is-and which they may
be assured they can not ehange-if
they strive to obtain changes ealeu
lated to insure the smooth working
Of the system, they will benefit them.
selves and benefit the country. But
if they sulk, if they adopt an a.
won't play-in your back yard" atti-
tude they are doomed to ignominious
defeat.
The rising tide Of Government req
ulation of public services can not be
brushed back by bankers or by any
other set of human beings.
II you have anything 70 sell advertise
In The Sunday American. Largest cir.
culatfon Of any Sunday newspaper in