The Hartford republican. (Hartford, Ky.) 18??-1926, 1916-12-22
j. 5. WARNED OF
WARS PROBLEMS
NEW QUESTIONS To RE TAX ON
NATIONS INGENUITY SAYS
FRANK A. vANDERI.IP
IN ADDRESS AT CHICAGO
s.vs European Socialism May Rev
oIutionlzc Tho Methods OF
BusincSsS.

Chicago. Dec. l6. - Frank A..
Vanderlip. president of the National
city Bank, ~ New York, addressing
the Chicago Bankers Club tonight.
warned his auditors that the United
states will have to meet economic
and social problems as result OF the
European war, that will tax the in
renuity aud resourcefulness OF the
Nation. and called upon bankers to
study and prepare to aid in the solu-
tion of these problems.
The belief that the United States
could proceed along its own way Sc
rene. unaffected by the war and seek
ing only to keep out of it, he declar-
ed, seemed lack of imagination,
blindness of vision and complete
failure to understand the unity of the
industrial, commercial and financial
world.
Unless | utterly misjudge af-
fairs" he said. "there are going to
develop for This country problems of
the gravest import-problems that
will need for their correct solution
the attention of the most enlightened
minds. t...a
Complete Change Expected.
state Socialism In Europe may
develop problems. the like of which
never concerned our minds. We
may have to meet collective buying.
State-aided industries. forms of gov
ernmental cooperation with business
quite outside our range of thought.
r Government control of ocean-borne
commerce and novel factors in inter-
national finance will be subjects for
national consideration. There may
come out of the war changes in forms
of government that will have pro-
found and worldwide influence"
Mr.. vanderiip reviewed the results
of the war in the United States up
10 the present. the increase in gold
supplies, the development of credits.
He discussed national legislation with
praise for the Federal reserve act
and the Federal Trade Commission.
Mentioning the Federal Farm Loan
Board. he said;
Docs not the objection to the prin
ciple involved. when governmental
relations are injected into business,
lie quite as much with bankers as
with the iegislatorsf win we not
always find the people cropping to do
thru governmental agencies things
that are let undone or are badly
done by individual initiative? Must
we not safeguard the future from an
unwise participation OF government
IN lhsineSs by seeing that business
is so well conducted. so fairly ad-
ministered. SO completely responsive
to legitimate needs that there will
De no sound reason for Government
participation"
Within a week ! heard the repre-
sentative OF four great railway I'M
ions state his views before a New
York club. TO my mind they were
views that contained the essence OF
anarchy. We were told that we
must not pass certain laws because
they would not be obeyed; We were
given clear intimstions regarding the
power OF these organizations but
there was not one hint of their duty
or responsibility to society.
Il am hopeful that such utteran-
ces do not voice truly the attitude Of
the people OF America nor of any
great part OF organized labor. but
they certainly emphasize the nesd
for a national awakening to the need
Tor sound thinking on economic prob
lens.
1t is easy 10 see that the usound.
unwise. the wrong solution Of these
problems that are pressing upon us
vii cost an inlmeasurable sum o.
potential wealth. OF individual hap
piress and national progress"
Mr.. Vanderlip declared he believ-
e. the Federal Reserve board hal
ruled unwisely IN advising against
investment by member banks in short
term obligations or the belligerent
governments.
Il believe such action by the hanks
would be wise from q strictly bank
ing viewpoint" be said. "Sueh an
investment would tend TO restrict fur
Their gold importatiOns, which NAV
lead TO dangerous domestic imitation.
ard would provide credits which
would be better than gold when
eventually these exchanges turned
against us.'
UnNFYrIrmrnDWrn TN