The Bridgeport evening farmer., 1915-10-06
Williams DenounCes
 National Bankers As
 Usurers; Gives Facts
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1 The bank that lends at such rates is l destroying it's constituency and is at l the same time committing slow but
 sure suicide. Some reports from the 1 south and west, the northwest and | the southwest, especially in the wheat 1 and cotton sections of the southwest, are b1ood-curdhng. They are like stories from darkest Russia, of the op- pressions inflicted upon the peastIntry.
 The reports received at the Comp troIIer,s office show indisputab1y that in some states and sections, borrowers and especially. small borrowers, have 1 been and are being subjected to ex- tortions and exactions which the aver age man would consider impossible in this enlightened age.
 MT. Williams devoted much of his time to answering criticisms of his action in regard to lower interest rates by Senator Weeks of Massachu- setts, in a, recent speech before Michi- gan bankers. He declared Senator Weeks had said that the banker him. self was the man to determine inter est rates, and in reply read a list of banks which showed an average rate
 of more than ten per cent. It in cluded two banks in Illinois, six in Minnesota, two in Missouri, 20 in Georgia, six in Florida; 21 in Ala bana, two in Louisiana, 315 in Texas, IT in Arkansas, three in Tennessee. 90 in North Dakota, 25 in South Da- | in Montana, IA in Wyoming, 37 in Colorado,a.25 in New Mexico, 300 in Oklahoma, s12 in Washington, 10 in Oregon, I 3 in California, two in Utah, one in Nevada and B in Iadho.
 In one southwestern state, said MT Williams, 131 banks reported they charged maximum rates of interest of from 15 to "A per cent; ST banks a maximum between 25 and 60 per cent; 22 banks maximum between 60 per cent and 100 per cent; IS be- tween 100 and 200 per cent. and eight between 200 and 2, 1000 per cent.
 Most of these disgracefu1 rates,''' said the CoInptrouer ere for conn paratively small 1oans.'' The legal rate in the state, he pointed out, was 6 per cent and the maximum author ized by special contract, 10 per cent
 MT. Williams reviewed the financial situation through the first year of the
 European war. He said that this country had not only avoided financial crash but had wiped out the floating debt of $35O, O,000.0 due to Europe January l, 1915, and absorbed be- tween 750s and 1000 millions of do1-I lars of American securities that were held abroad and now is in con ndition to help finance the whole world at the conclusion of the war Hes present. ed as fact that the United States was now in position to buy back the American securities held in foreign lands, if they should be offered, but. that Europe has come to realize that America is the most stable country on earth's and that Investors there cling the best real values ''as the American dollar has, become thes worlds standard of value because it com mands the worlds faith
 Giving figures to substantiate this assurance, the Comptroller said 'tthe Y1a fed cold ss11nT9fv of fhe TJnifAd States in gold coin and bullion is more. than two billion dollars, of which state and national banks hold one bill lion and the Federal Reserve banks and the Treasury $40 millions, leaving more than 400 millions in the pockets of the people At no time in recorded history have the banks of any country held such resources as the banks of this country hold today Deposits of all the@banks in the United States. including trust companies, had, in the past 15 years, increased at the aver age rate of about. 3. billion dollars year, he said.
 The income of the. people of the United States over the expenses of living and, available for development and investment amounts to 5000 mill. lions of dollars per annum- MT. Will 1iams said aand he placed the total at 30,000 n1ili ons a year He said the total wealth of the United States is now gGSL1D1AIGd at. z I0 O11l1OnS as con- pared with 76s bf1lions as the total wealth of Germany in 1911; 55 biI-. lions the total wealth of France in 1908; and 108 billions the wealth of the whole British Empire, including the United Kingdom. Canada Aus tralia. India and South Africa. by the latest available computation, that of 1908.
 Mir williams cautioned his hearers that the time may be near when this nation will need it's resources and when even our unprecedented and unequalled strength VIII 8Ioe raxed.''
 ssAt the close of this great war; he said, git will be our task to finance the world. We may be the one af- fluent power. Thes train on us will be enorna oJls.s We may have to bear, too, the burden of providing for our own defense. We have learned from observation and from comparison forced upon us how inadequately prepared we are We are asleep among hungry and armed nations in a honec rowded with gold and food, with our doors wide open and not even a gun on the premises. We will have to take care care of ourselves and of countries, governments and peoples abroad. The one sure foun- dalton, not only of our financial and business structure, but for the govern 'ment and civilization itself, for safety in war and growth in peace, is in the dividual.''
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