The Washington times., 1915-10-06
John Shelton williams Condemns
Guilty National Institu-
tions.
2 IN DISTRICT OF COLUMBIA
I'VE Won't Stand for 2,400 Per
Cent Interest Charges" He
Tells Kentucky Bankers.

FRANKFORT, Ky. Oct. CA severe
arraicnment Of national banks LOT
usurious interest charges. which In IN
stances. he declared. have amounted 10
oloo per cent. was pronounced by Comp
troller of tho Currency Williams this
afternoon in an address before the
annual convention Of the Kentucky
Rankers' Association. Even as late as
septen,ber 2, last, l.2OS of the more
than ;.Oon banks reporting. admitted III
the face of state usury laws ana inc
sections Of tho revised statutes imitinh
the rates national banks may charge 10
having received 12 per cent or moro on
loans. Two Of these banks were To-
Gated in the District Of Columbia.
Through the efforts OF ane ,,ons To'o pr
Ioderoi reserve system, MIR. williams
said interests rates throughout the
country have now been much improves.
md he added that the majority or the
mntional banKs are at present conduct
ing their business on q high ana hoho'-
"grS TSo pEomptrolicr took occasion to an
srer critics of the Administrators Mt.
titude toward business. declaring tntt ts
il is the atm of the Government ~ ~
conserve. build UP and promote H., H.
legitimate business, whether u ls .no
f,,sincss of agriculture. or of manufac-
,,,,inS or Of finance or commerce or
any other department oil human '"
deavor."
Provide For Defense, He Cautions.
While expressing confidence that the
..oui.t tirmness,". the perfect )ustness'
the immovable common sense. ana inc
vy,de clarity of vision OF President Will
son will keep this country at peace
without a surrender Of any rights MI; mr;
Williams urged economy on .ne AZ p. 90
OF the American public to be reaoy 70
meet vast financial demands. one OF
which, he said. may be the burden OF
proyiding for our own defense.
I'VE have learned from Spsep ,non us
now inadeauately prepared we are.
said the speaker. we are asleep among
hungry and armed nations. In home
crowded with goid s ana mo-, 'ov even n gun on
,be Hoo's nrsmises. We have been taught
that numbers and courage now are use
less without the mach,nery. eSu,ptht rsara. that
the highest valor and most ardent pa
triotism mean only an invitation ,or
the slaughter Of the bravest ana pesI;
Mr.. Williams expose Of the usurious
methods of the banks was set forth 70
proye the untustness OF criticism OF
The activities OF the Comptroller onice
recentIy voiced by Senator weeks Dc
Tore Michigan bankers. and In reply to
the Massachusetts Senator suggestion
that bankers be allowed to determine
the rate of interest to be charged.
Facts Would Startle Public.
Should a Senatorial investigation or
the activities Of his office be inaugu-
rated. the Comptroller declared that no
was prepared with facts which would
not only startle and horrify the public
but rouse a storm even among bankers
themselves.
I'VE read much Of the infernos OF the
slums OF the great cities. of degradation
and misery and squalor. OF the 9rinains
caylousness of tenement landlords ana
sweat-shop operators. ore oonfrv sa,a NV wc % ,,nd
bankers. men In business that should
be the most respectable. as II Is the
most responsible. Of all secular avoca.
lions. literally crushing the c,s,,nr faces OF
their fangs in the very heart Of pov;;
crty. Yet we are told by a United
States Senator that the banker-thc
900 per cent banker lending to a
straitened and sorely pressed farmer
is the man to determine that'-the rate
of Interest. We are told that when the
Government tries to use its power to
prevent these thefts and rapes on Lhe
prosperity of communities 1t Is guilty
OF impertinent intrusion and unwise In
reference with business and private
Judgment.
hut have 1t here for reference. the re-
port of q national bank in a certain
state. from which I will give You some
instances. Here II a loan Of s'oe to !"
terest, S1O-12O per cent others are
$3.50 for 90 days intercst $50, OF "a
per cent, s13s foFHforty days. interest
10 day., interest s2o. or 70 per cent,
$50 for one month. interest charges,
:'G0 per cent. l thought we had
reached the limit when We found a ma
-. IL
cent. but on this paper Is record Of a
loan by a national bank. mind you. OF
$3.50 to a woman. for six days, with an
interest charge of 81. which figures out
per annum. The banker is the man to
determine that Senator Weeks tells US
Leads To Anarchism.
Surely. the Massachusetts Senator tc
the contrary, the Government can have
no duty more solemn or urgent than tC
do all possible to end such heartless op
preston of its citizens and such shame
less degradation of its institutions ant
its name. When we allow one class oi
he destroyed. to be deprived of hope ant
sclf-respect and to be doomed to de
spair and misery. we injure the entire
RUNE ne wSen T we
people to feel that they have been de
spoiled. robbed, drained to death ant
can find in the law no rescue or remedy
they turn to lawlessness. The farme,
fioundring in the cruel tentacles of a 30
per cent Government bank learns quckl!
to be disloyal to the Government, anC
to hate bitterly all banks and banker!
and representatives of wealth anC
money. He is hurt and ruined, and h,
bestows his wrath not on the individual
but on the entire system he suppose!
the individual to represent. He express
cs his wrath and hate blindly with hi!
ballot. Three hundred per cent vii
make anarchists silently faster thar
MI the I. W. W. apostles who cn,
hnwL Interest rates which mcaI
failure nnd the steady absorption a.
the results of sweat aud l2bor foRen