The Washington times., 1915-02-21
U. S. IS TO BECOME
WORLDS FINANCIAL
RULER, SAYS Owen
Nations Stability Acquired
Through Federal Reserve
Act, Senator Ayers.

act. q stability that its banking sys-
tom never before possessed, the United
States, with branch banks established .
in every quarter Of the globe. is to
become the financial and commercial
mistress Of the world.
This was the prediction made last
night by Senator Robert L. owen.
chairman Of the Senate Committee on
Banking and Currency and ono Of the
drafters Of the new banking law. at
the twelfth annual banquet Of the
Washington chapter Of the American
Institute Of Banking. held at the
Willard.
Senator owen declared that every
nation endeavors to preseve it, gold
supply. and that in the end q nations
foreign debts are balanced by imports.
and exports. Consequently. he added.
tho nation which interferes with the
exchange Of goods between its peoples
and those Of other lands is but cur
failing the prosperity of its people.
Urges Bankers Aid.
Individual banks have been given
said, an independence that they never
before enjoyed. The speaker Urged
upon the bankers of the country to
do their part in the promotion Of the
nations prosperity by furtherinE the
growth of commerce.
While Senator owen turned his at
tention to a forecast of the future.
Secretary Of State Bryan. another
@tAI la %
ou. the pitfalls that have beset the
path of bankers of the past.
Temptations" was his topic. but be-
fore addressing the younger men of
been prepared, Mr.. Bryan took the
opportunity to pay off an old score
which he held against the banking
fraternity generally, Gliding its men,
his previous political career when a
Presidential aspirant. and taunting
them With the fact that 1t was not
the bankers. but a president and q
Gonsrsss: Con free ,Ss from o financial bias bias"
banking law. thus doing for bankers
| what the latter did not dare to do for
| themselves
that frssa not ;s. the 9ennk .ssr
attempt. to take from Wall Street the
power that not only dominated the bust
|
country; There never was a time before
when 100 men in Wall Street could not.
two weeks before an election, control
those men never refrained from using
| that power"
Warns Younger Bankers.
Turning back to the subject which he
had selected to talk upon. Mr.. Bryan
warned the younger men Of tho chapter
against living beyond their MEANS
against speculation "hard-hearted-
ness.' "a miserly spirit" failure to pro-
tect the interest Of depositors." and ad-
monished "a proper conception Of the
banks relations to the community"
Touching on speculation. Mr., Bryan
said that he had sought. and still hoped
it q criminal offense for any man con
nected with a bank to speculate on any
stock exchange or board Of trade.
.. should not be permitted to carry
A bank. Mr.. Bryan pointed out, canno,
not not even eve school district, without swing wins;
ample security. Why then" he asked.
should the people who deposit in the
banks bsd.s .ss.;H not be given proper and adequate
larry from the outside" asserted the
|
the inside? Search the court records and
you will find that the banks Of this coun-
try have lost vastly moro through the
burglars on the inside-dishonest bank
| oficials-than from the burglars on the
| outside
| II have never said anything so bad
| Of bankers as they say Of themselves.
when they declare that they are un-
| willing to guarantee each other
Advocates Civic Duty.
| Mr.. Bryan concluded his address with
an urgent appeal for the banker to take
his part in the political life of the coun-
try. and to do his civic duty. regard
less Of the effect on his private bust
ness.
| CONGRESSMAN Andrew J. Montague OF
Virginia. indorsed the appeal made by
the other speakers to bankers to lend
their efforts to a promotion of foreign
commerce. remarkine that the great de-
velopment work in the United States
| has now been done in large part. and
new markets must be sought. He desig-
mated China and South America as the
| two most promising.
| Col. John f. Bruton. chairman Of the
executive committee Of the regional re-
serve bank Of Richmond. outlined the
problems that have confronted the q
, rectors of the regional banks and tho
members of the Federal Reserve Board
in inauguratine the new system.
He said that there Is close co-opcra-
| ton. instead OF competition, as some
have thought. between the member and
| the district banks, and declared that
the Richmond bank was being conduc-
| ted to return simply a per cent div-
dend and modest surplus.
| That the> bank Is not hampered by
undue "red-tape."- he said was demon
strated by the fact that it has discount
| ed more than 1000 notes. mounting in
to millions. Colonel Bruton paid high
tribute to Col James F.. oyster. the d.:
rector of the bank from the District q
Columbia.
| DR.. II. Parker willis. secretary OF The
| Federal Reserve Board. spoke on the
| achievements of the Institute.
Toast to President.
Joseph w. Folk. chief counsel of the
| Interstate Commerce Commission. pre-
! sided. having been presented by w. w
| Spaid. president of the chapter. Befo1
INTRODUCING the speakers Mr.. Folk
posed toast to the "only y.Rreal
Of all the earth who stands
| civilization and barba rism-t
dent of the United States"
A musical program was
by Meyer Davis, j. F. NJ.