The Washington times., 1914-10-14
WARNS BANKERS Of
FEDERAL ATTITUDE
President Reynolds AssaiIs Law
makers for Turning Tide of
Progress.

RICHMOND, Va, Oct. 14.-Warning
against the attitude of the Federal
Government with respect TO corporate
interests, Arthur Reynolds. president
Of the American Bankers Association.
in his address before the fortieth an
nual session today, declared that the
country's lawmakers had failed 10
realize that a momentous change has
been wrought by great financial en-
pansion. The speaker declared that
from the standpoint of our domestic
condition" the lawmakers are seeking
TO turn back the tide of progress bY
depressing the organizations which
the evolution of the new condition re-
Quired for its continuous operation
and development and which has invol
UNFAIRLY sprung into existence all over
the country
The political factor in the situation
is the stumbling block to progress"
declared President Reynolds.
Theoretical New Freedom.
Public opinion, when properly in
formed, will not tolerate the continu-
ancc OF the present program when it
realizes that such a course will handi-
Cas- this country in its competition with
other nations whose policies are the re-
verse of ours. In order to establish a
theoretical new freedom We should
not be compelled TO sacrifice our busi-
ness progress. surrender our rights as
business men. and be forced to delegate
the control of our own affairs INTO the
hands OF government appointees.
We are today in the maelstrom OF
uncertainty; State and federal legisla-
ton for the control of business by bu-
reaus and commissions under political
domination seems to be the order or
the day and the advocates of this poncy
are endeavoring to create prosperity by
legal enactment disregarding those
agencies which have heretofore been
most efficient in promoting II.
The grand transformation in the
worlds finance, which our reformers,
failinC to recognize, are seeking % con-
troll by a political policy which, II Jog
icslly completed, will dominate the eco
nomic policy of the people-if IT does
not 60 farther and plunge us into the
sea Of socialism.
In their efforts to reach q few men
who have taken unfair advantage under
the new conditions, they overlook the
fatal handicap they are imposing upon
the entire business structure Oh inns
country, under which competition with
the world at large, already d1fficult, VIII
be still further impeded.
IF these would-be reformers were
pursung their policy in response to
great popular demand for such action,
Ihey might be justified in such a course
Aside from the usual expressions and
stock promises Of reform that we .reao
every four years in the platforms Of
ALI political parties, there is no organ
iZed effort for much OF the legislation
that has already been enacted. or ls
still under consideration. The commercial
organizations representing the business
interests of this nation have not de-
InanGed IL and, on the contrary, have
protested and objected, and even labor
organizations have confined their ac-
tivities to those subjects which only
concern their present interests.
Unsettled Conditions.
The protests Of the bankers and busl-
ness men against this invasion of their
liberties has not only gone unheard, but
organized effort to modify some Of the
drastic measures proposed has been
openly referred to as conspiracy to in
I1uence legislation
Il do not believe that the people have
abandoned those principles underlying
our economic structure which have EN-
abled us to attain our present position
n the business of the world.
Il 90 not believe our lawmakers de-
sire 10 champion the cause of those who
demand redistribution of property, by
law. il possible, or by other means if
necessary, but a logical continuation of
their present course will ultimately place
Them in that position.
The unsettled business conditions
which have existed for some timeScou-
pied with the present worldwide dis
rurbance, have accentuated the situa-
ton, and IL we are to have any general
prosperity in the near future will de-
uend on whether the attacks upon busi-
uess are 10 be continued by our law
makers and additional drastic laws pass
"a 20 further disturb the situation.
The business men of the country are
anxious 70 see the end OF the depressing
influence Of Congressional interference
. nd bureaucratic restriction; they regard
present methods rather as tyrannical
nan liberal and no progress toward
permanent prosperity is possible under
= continuation in the present course"