Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-10-07

mem the sanction, the prestige and the
protection Of the great American ma
'ion--and lending $3.50 for six days to
Z washerwoman, or laborer's or a
farmers wife. at $500 per cent
AS somebody once said OF druggists
profits on powdered chalk, It gets out
from the person. Three hundred per
cent VIII make anarchists silently fast
er than all the l. w. W. apostles who
can bawi. When national banks. char
tered b. the government. disappoint
and deprive toll Of its just reward. and
stimulate resentment, we have pre-
pared and fortified the soil for fear
ful crop of disaster We can not per-
suhde ourselves or make others believe
that II is right or safe for banks 10
charge 100 per cent n year. while the
producing people about them are kept
poor. know Of such banks. do not
Intend to stand for them II | can help
II. The country Will not stand for
them"
INVITES Investigations
BY SENATE; OF ACTIONS
Mr. Williams said ne invited Senate
Investigation Of his actions or the con-
duct OF his Office.
4 majority Of tho national banks
arc now conducting their business on
a nigh and honorable plane and are
Charging fair and reasonable rates on
loans" Sir. Williams said. He predict
ed that wcil-thought- carefully
constructed conservative system Of
Tura! credits for the development OF
agriculture would come presently, and
said that in the meantime ne expected
70 do all possible to protect borrow
ers OF all grades against rapacity. He
asked the cooperation OF all banks
further TO improve conditions
The figures he quoted, Mr.. Williams
said. were taken from the reports Of
national banks. mot pawn brokers or
fecoe nized money sharks"
These banks know" he said. land
you and I know, that such rates are
disreputable and without excuse. what
ever tho security for the loans may he
The bank that lends at such rates Is
destroying it's constituency and IS at
the same time committing slow but
sure suicide. Some reports from the
South and West. the Northwest and tho
Southwest, especially in the wheat and
cotton sections OF the Southwest. are
blood -curdlinS. They are like stories
from darkest Russia of tile oppres-
sions inflicted upon the pcasantry. The
reports received at the comptroller's
Office show indisputabiy that in some
States and sections borrowers, and es-
pec!ally small borrowers. have been
and are being subjected TO eXtortions
and exactions which the average man
would consider impossible in this en-
lichtened age.
Mr.. Williams devoted much of his
time to answering criticisms OF his ac-
ton in regard TO lower interest rates
by Senator Weeks, OF Massa cnusetts, in
a recent speech before Michigan bank
ers. He declared Senator Weeks had
said that the banker himself was the
man TO determine interest rates. and in
reply read a list of banks which
showed an average rate OF more than
10 per cent. II included two banks in
Illinois, six In Minnesota. two IN Mis-
souri,. twenty-three in Georgia, six In
Florida. twenty-onc In Alabama, two
In Louisiana. 3l5 in Texas. seventeen
in Arkansas, three In Tenn essee. nine
~ In North Dakota. twenty five in
South Dakota. eighteen in Nebraska,
five in Kansas, thirty eight in Mon
tana. fourteen in Wyoming, thirty
seven in Colorado, twenty-five in New
Mexico: 500 in Oklahoma. twelve in
Washington, ten in Oregon. thirteen in
California, two in Utah. one in Nevada.
and thirty-three in Idaho.
DIsGRACEFUL RATES
CHARGED ny BANKS
In one Southwestern state said Mr..
Williams, l3l banks reported they
charged maximum rates OF interest OF
from Is 10 % per cent: sixty-seven
banks maximum between 20 and 90
pc. cent; twenty-five banks Il maxi
mum between GO and 100 per cent:
c.-nteen between 100 and 200 per cent,
an, eight between 200 and 1000 per
cent.
Most of these disgraceful rates."
said the comptroller. were for COM
In the State, he pointed out, was per
cent, and the maximum authorized by
special contract, 10 per cent.
Mr.. Williams reviewed the financial
situation through the first year of the
European war. He said that this coun-
try had not only avoided financial crash
but had wiped out the floating debt of
$3.50 100000 due to Europe January /.
1915, and absorbed between $50 and
1000 millions of dollars OF American
securities that were held abroad, and
now is in condition to help finance the
whole world at the conclusion of the
war. lie presented as n 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" and that investors
there cling to American securities az
likely to be the best real values las
the American dollar has become tho
worlds standard OF value because il
commands the worlds faith"
Giving figures to substantiate this
assurance, the comptroller said the es
timated gold supply Of the United
States in gold coin and bullion is more
than $4,000, 000.0 900, of which State and
national banks hold $1,000. 600, 900. and
the Federal reserve banks and the
treasury $4,000. 900. leaving more
than S400.000,000 in the pockets of the
people. AT no time in recorded his
tory have the banks of any country
held such resources as the banks OF
this country hold to-day" Deposits of
all the banks in the United States, in
Guiding trust companies, have, In tho
past fifteen years. Increased at tho
average rate Of about 81. 900, 600, 900 a
year, he said.
INCOME OVER EXPENSES
5000 MILLIONS A YEAR
The Income OF the people of the
United States over the expenses OF liv-
ing and available for development and
In v q ert amounts