Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-14
URGES BANKERS TO
TAKE MORE ACTIVE
PART IN POLITICS
National Association Head
Would Thus Combat Con-
gressional Interference and
Bureaucratic Restriction.

RICHMOND, VA, Oct 14.--Artlrur
Reynolds, president of the American
Bankers Association. delivered a warn
| ing to bankers and business men Of the
country In his speech before the conven-
tlon of the association here today. He
called upon them to rise to defend them
selves from sinister legislative tendencies.
He also pointed out certain dangers in
the new Federal Reserve System.
Although there was scarcely REFER
ence to the effect of the war upon busi-
ness and banking, there was most
pessimistic note In Mr.. Reynolds remarks.
Many saw a reference to President Will
son in his statement that organized effort
by business men to modify some Of the
drastic legislative measure proposed has
been openly referred to as conspiracy TO
influence legislation"
Mr Reynolds said that lawmakers have
failed to recognize the momentous world
changes, and are seeking to turn back
the tide of industrial progress by repress-
ing the organizations which the eVolu-
ton of the new conditions require.
Public opinion when properly informed,
he continued, will not tolerate the handi-
caps this country Is receiving in competi-
ton with the other nations Of the earth.
URGES INDIVIDUAL FIGHT.
'"The time has come when we must
take more active part In the practical
politics of the day, for the banker and
business man to WELD that influence In
our Government to which they are en-
titled must make more effective use of
their citizenship in the future he said.
Heretofore we have contented our
selves by forwarding or adopting resolu-
tions; now we must resort to individual
eff ort and must ourselves take part in
the work instead OF relying solely upon
the Chamber of Commerce, the local
Board of Trade or the State Bankers
Association.
"These organizations have done we'll
and from their representative character
are Justly entitled to be heard; but such
work, to be effective, must be supple
mented at home by the citizen, the man
from whom the lawmaker holds his COM
mission. Denying the assumption that
the business man has no place in poll
tics, let him now find his true place, and
by an Independent, fearless exercise of
his rights as a citizen acquire his share
of influence in the making of the law,
as we'll as it's administration.
''Even IL all the laws proposed and
passed were just and proper 1t would
be impossible to force so many and rad
ical business changes without the results
which we have experienced.
RECALLS THE RAILROAD
SITUATION.
Indeed the failure to aid railroads in |
their reasonable requests has not only
undermined the values of one of the most |
important Investments for savings funds, !
which will be felt not so much by banks |
and business men as by the common peo-
pie, the salared man and wage-earner, |
and which in due time will be fully ap-
preciated by the public. continuation |
of this policy will further impair the |
value of these stocks and bonds in the |
hands of European holders, who esti- |
mate them in proportion to their earn
ing capacity. thus inviting liquidation of |
these securities, which will compel ad-
ditlonal exports of gold with its attendant |
business disturbance.
THE business men Of the country are
anxious to see the end of the depressing
of congressional Interference
and bureaucratic restriction: they regard
present methods rather as tyrannical
than liberal. and no progress toward per-
manent prosperity is possible under n
continuation in the present course"