The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-07-15

| Fs#3 e FaTSO, IN.
of anyone as to how it would effect
the business of u country and the
consequent prosperity, welfare and
happiness of. our millions of people?
ITO say you want to decentralize
the concentration of credits in the cen
tiers sounds very we'll. and it is a pop
ular 'catch-phrase' with those whose
desire for currency legislation is meas
ured by their prejudice against and
their desire to punish what has be-
come popularity known as Wall
street.
Can't Punish Wall Street Alone.
""Without undertaking to discuss the
merits of the criticisms of Wall street.
which criticisms I believe are largely
responsible for whatever prejudice
exist in this direction, / want to say
that patriotism, honesty, integrity.
good citizenship and f~air-dealing can
neither be made nor destroyed by the
mere passage of laws, and I cannot
refrain from saying to those who will
be responsible for the enactment of
this law that it will be just as i'm
possible to pass legislation of a.
financial nature that will punish Wall
street without Furnishing in a like
measure every city, town and hamlet
in the whole country, as it would be
impossible to pass a law which. could
force a change in the law of gravity.
You can regulate and supervise but
when you try to bring abou an entire
change from those natural conditions
created by the development, growth
and natural trend of our business and
commerce, you are undertaking a task
) brought with great danger. Wherever
large numbers of people ~congregate
and large amounts of wealth assem-
BILE, those people and that wealth will
WELD a proportionate influence. Legis-
lation IN this, as we'll as every subject.
should be free from all prejudice and
animus and have as it's basis equity
and justice.
The bill provides for practically
the same use of reserves as at present.
put 1t requires the transfer of these
reserves from the banks now holding
them to the federal reserve banks: re-
serves that the banks have been ac-
cumulating during fifty years of com
petltlve banking; but it is now, pro-
posed to pass a law requiring their
transfer within three years to another
Kind of a bank being organized where
they will still be used in a similar
manner As bankers, we are not OPP
posed to this, If, by giving up. this
NNASS we q lGS1 ILdL InG IulI.
purposes of this legislation will be ac-
companied n that there will be pro-
Vlded a proper safeguard against
future violent depressions in business
or panics and that our organization of
credit will be free from. the frequent
disturbances which we have expert
enced in recent years under our pres
eht law l believe the purposes for
which financial legislation is to be en-
acted will be better served by the
transferring from existing banks to
the federal reserve banks, at the start
OF only about ne-ha of the reserves.
as that would make changes in bust
ness less radical and less revolution
airy than would be the case if there
should be an early transfer of all of
THESE reserves to those banks.
This would not cause any delay in
the establishment of the federal re-
serve banks, nor would it prevent them
from developing their business.
All that is good is not confined to
any one class OF men any more than
all that is bad is confined to any other
class. Human nature is about the same
IN all classes of people, and under the
law OF averages the good and the bad
are fairly we'll distributed among The
dl1Terent classes. The bankers, as a
CLASS, are neither better nor worse
than a similar number of people COM
pris1ng other classes, but they rank
nlsn, IN comparison with any other
ciass, In their standard of good citi-
5zenshtp and fair dealing. There NAV
De warrant for criticism of some Of the
conditions that exist and the things
mat are done in Wall street. as there
is, no doubt, warrant for criticism for
some of the things done in other CEN
ters. believe, however, much of this
~preJud1ce is due to a Misrepresentation
on the part of the public, who regard
q csrtaln class OF operators in the
stock market as bankers.
While this class is not large in
numbers, the use by them OF the word
is a defamation of that term
as It is understood by the average
Legitimate broker, quite as much as the
use or the word banker on their let
terheads is a defamation Of legitimate
banking, and / hope that legislators
VIII not charge to the bankers of the
country anything which this class of
men say or do for the purpose Of in
nuenclng stock exchange transactions.
ALI ask is that public opinion shall
not place the sins OF others on the
heads of reputable bankers. Hold ali
guilty of Wrongdoing to a strict ac-
countability of their actions. and whan
the public is thought to be outraged by
the action of some man, firm or COR
poFatlon, make your criticisms against
the guilty ones and not against the
class to which they would have YOU
believe they belong. There should ba
no lnd1scriminate class criticism. but
II criticism must be made let it be di-
fecteld against the wrongdoer.
Again. 4 say, provide for the bank
ins ana currency system in the United
States which will create a broad mar
ket Tor commercial paper and bills of
exchange and which will attract tho
excess money Of the banks Of the
country through providing LIQUID IN
yetstments which are quickly conyerti-s
Die into cash, and YOU will soon COR
rect most of the alleged abuses of tlle
use or money and credit in the 8centers.
This bill, as lit stands, is 81 corlpro-
mise between the conservative and
radical members of the democratic
party, and since it has many good
qualities 1T would require the appIica-
ton of only a little more of the spirit
or compromise and cooperation be-
ItWeen the legislators and the bankers
Of the country to make 1T fairly ae-
Iceptable to all.
Z do not desire to see legislation de-
treated, for I regard the necessities for
an improved system Of banking and
currency as already too urgent.
In view OF the answers received by
The New York Times to questions on
this subject sent to banks. / am con-
IHdent quite a percentage OF the na-
ltionaI banks will not become subscrib.
ers; especially do feel the small
banks throughout the county win de-
to&dO So, and III cannot conceivA
any system of ha nlxiur 8cuu boS oyM