El Paso herald. (El Paso, Tex.) 1901-1931, 1916-09-27
BANK DEPOSITS
ARE ENORMOUS
Controller of Currency Tells
Bankers Of Tremendous
Gains in Banking.

Kansas CITY. 40. Sept 27.-The bank
deposits OF the United States are now
so enormous that they far exceed the
combined totals Of many Of the great
national banks OF the world. controller
Of the currency John SHELTON Williams
told the annual convention Of the
American Bankers association here
Tuesday night He told the bankers
they could fulfill their duty to the
world in the great financial recon
struction following the European war
only if they put the soul OF the people
into the use and application Of their
dollars"
Shall the Dollars Prey:
We have outerOwn responsibility to
our country and generation said Mr.
Williams We have become response
Bile TO the whole world because we have
become the supreme world power. es-
pecially in that vital department
reaching 10 the root and core Of all
things which we here directly repre-
seut-the financial.
1T is for YOU. gentlemen, control
ing the powerful banking interests Of
this supreme country. TO determine
whether these dollars of ours shall
prey upon our country and the world
with teeth and claws. or shall have
souls put into them 10 upbuild TO help
heal the horrible scars OF war. 10 lift
the stricken TO strength and hope"
L. :. Creditor Nation.
He reviewed the progress Of banking
under the federal reserve law. sketched
the cOmmandin- positions the United
States has taken in world finance de
clared that for the first time America
had become distinctly creditor na-
ton. urged the bankers to take a more
active interest in politics and warned
them against the danger Of too great
concentration Of wealth At the ex-
pense OF small enterprises
rs il not hard TO grasp the thought
that this country Of ours. which in 1902
had already reached a pinnacle among
the nations. has since that year doubled
the volume Of its business In virtually
all the great cities Of the land2" asked
he. IF we should divide the new
wealth created annually among all the
men. women and children engaged At
work. they would have not far from
$1,000 Der year each
DEPOSITS Are Enormous.
Our deposits in all the banks
throughout the United States at this
time are so huge that II there should
be withdrawn from these banks an
resources at this time Of the Bank OF ,
England. the Bank Of France. with the
Bank of Spain. the Bank of The Meth
erlands. the Bank OF Norway. the Bank
erland and the Imperial Bank Of ia.
pan. all combined. the deposits Of our
banks would still be as great as they
We're three years ago
We hold a mortgage on the worlds
assets The world holds a
on our soul. on our good Will
and broad nobility Of purpose.
UpbUild small Home Industries
THE law Of gravitatiOn. as we know.
applies in finance as in the physical .
naturally draw to themselves the lessee
masses. While we are planning gi-
gantic schemes for world development.
let US not forget that the most imme-
date and vital business duties which
lie before US relate 20 the upbuildinc
Of our home enterprises. especially the
small factories and mills and develop
ment undertakings in the lesser cities
and towns and in our country dis
tricts. These provide The surest and
safest foundation on which 10 erect ma
tional wealth
Bank Failures RedHced-
In summing up the results achieved
under the federal reserve system, Mr.
Williams said rates for money had
been lowered and equaiiZed, business
of all kinds placed on stronger fOun- .
dalton and bank failures greatly rs-
duced
Proposes Railroad Legislation
Congressional legislation in regard
to railroads. which would make federal
control superior 20 that OF the states,
was asked in resolutions proposed to
The resolutions declared
that railroad improvements had been
arrested because of the costly con-
1icts- arising between the various
state and congressional rulings in the
supervision Of the railroads
Less new mileage was built last Z
year than in one half a century with !
more lines in bankruptcy than at any
time in the history of the country. the
resolutions set forth
nna
Officials elected 10y the state secre- 3
tary's section were
Major s B. Rankin. Columbus. O.. I
president; z. II. Colburn. San Fran !
cisco. first vice president; George J. J
George D. Bartlett. Milwaukee. second /
vice president. and A. F. Philpot Dali !
as. secretary and treasurer.