The Birmingham age-herald., 1913-06-28
The Laborer Worthy of His Hire

A few days ago a contractor and builder
of this city who has recently built some
of the largest office buildings, and who
is, it is understood. to build the $30,0000O0
office building which is to stand upon the
land formerly covered by the building, of
the Equitable Life Assurance society, said
that he would gladly pay $4,000 year. or
even more, he could thereby secure the
services of men competent to be associated
with him in some of his building under
takings But he said sadly hat compe-
tent $4,000 rien were not easily to the
found since il they We're of business abii-
ty great enough to justify paving them
as large a salary as this they were pretty
apt to be found in the list of employers.
Great ability in many lines is not to be
hired
When Governor Hughes was authorized
by the state legislature to appoint public
service commissioners whose salary was
to be $4,000 he discovered that it was with
great difficulty that men who were worth
SIS, 900 could be secured. The governor
made tentative offers of commissioner
ships to several men of first class ability
He learned to his chagrin that really first
class men were occupied in managing
their own business. 1t was not until sew
eral declinations that Governor Hughes
was able to find men who were of good
ability who were willing to accept such
appointment.
AS experienced a man as William A.
Nash, who built up the largest state bark
ing institution in New York state, and
who has been one of the greatest execu-
tive forces of the New York Clearing
House association, is quoted as having
said that he wondered whether it would
be possible for the President to find really
competent men to serve upon the proposed
federal board which is to have exclusive
control-not merely supervision, but ac-
ta.~ control-with power of direction and
management, of the reformed national
banding system. in view of the fact that
the salary is to be only $4,000 In reply to
that, however, it IS said thst the really
great intellectual forces of The world of
banking as well as of business could not
be tempted by any conceivable salary to
serve upon board of this kind, or. In
fact any other.
The Peoples Control
No Intelligent banker in this city doubts
the strength or extent of the ultimate
power of the people to control the ma
tional banking system so long as one lasts.
Some of them do doubt the expediency of
putting absolute control formulated in Il
law into the hands of a body of men who
directly represent the people and who only
indirectly represent the bankers. Yet the
common opinion here seems to be that il
any bill for reforming our banking laws
be adopted at this session of Congress 1t
will contain this feature of exclusive Ged-
eral control. The power of the people to
reach indirectly the state banks is con-
stantly exempife5 by the fact that no
state banks can issue currency without
paying a tax of 10 per cent to the federal
government. Not dollar of tax of that
kind has ever been collected, and there
was no expectation that dollar would be
collected when the law was passed. 1t
was use of the federal taking power alb
solutely to prohibit certain acts At the
time of the panic Of 1907, when excessive
rates for money prevailed, some state
banks did contemplate issuing currency
even though they would be compelled to
pay a tax of 10 per cent to the federal
government. They could afford to do this
Il the rate for money was quoted above
10 per cent. This history shows how
easy 1t is for the people. either directly
or indirectly, not merely to supervise. but
to control banking operations.
Yet possibly the most brilliant and suo-
cessful experience of the history of Amer
lean banking was that of Massachusetts
and some of the other New England states
| for some years before the national bark
| ing act was adopted. There was only the
mildest form Of state supervision and not
l any state control. The New England
banks kept constantly redemption fund