Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1916-10-26
BANK PROSPERITY
PROOF SYSTEM IS
SOUND, He CLAIMS
John Shelton Williams DWelIS
Upon What Reserve Bank
Plan Has Done to
Aid Farmers.
INTEREST RATES STABLE
Comptroller Declares Decen-
tralization Of Currency Has
Given Everybody Chance
For Credit.
INTEREST RATES STABLE

Indianapolis, Ind, Oct. 21.-John
Shelton Williams, comptroller Of the
currency speaking here today before
the Farmers National congress de-
scribed the relation of the federal re-
serve Law to the farmer and closed with
President Wilson's recent allusion to
attacks on the comptroller.
Gives Farmers Chance.
Il know that l nave been held up as
a Kind of ogre, q rawhead and bloody
bones. a terror to the banking and
financial interests of the country. May
be the best answer to that may be
found in the records and undisputable.
facts, that the national banks Of the
country today are stronger and in bet
ter condition than ever before; that
became comptroller and more pros
porous and show a smaller proportion
OF failures and losses han aver known
In their history; and my office is re-
ceiving a steady stream OF applica-
tons for charters for new national
banks and for permission to increase
the capital Of the existing banks"
Mr.. Williams said the new federal
reserve law will forbid the g%rasping
from using for their own advantage
the necessities of their neighbors, and
that 1t puts the farmer on the same
plane as the business man.
1.-THE farmer" he said, SIS enabled to
borrow according to his industry and
commercial standing because his banks
know how n where to get the money.
1t will not be- possible to have the
money supply locked in the great cen
tiers for speculation or gambling pur-
poses, while the real producers and leg
if1n,3tC ~nrG1nctiVa commerce ara
pin ched or denied, perhaps just at the
time Of greatest need.
Cries of back to the farm, he said,
were futile without promise of COM
fort and prosperity.
Put money or opportunity to earn
1t" he said, ION the farms and the peo-
pie will go to them fast enough and
stay with them. This is precisely what
the federal reserve system is doing in
large measure and we hope the rural
credits system will do in ven larger
measure"
Money Decentralized.
He told of the decentralization OF
huge accommodations of money from the
few great centers and it's transfer to
the federal reserve banks-"12 reser-
voirs from which pipe lines already run
to nearly 5000 banks. available to ev-
cry reliable farmer, storekeeper OF
business man."
God Almighty alone" he said.
knows how many strong men have
had strength, hope and power sapped
by unfair interest rates, how many
promising boys and girls deprived Of
opportunity and driven to worthless
ness n crime by the same direful in
exorable power"
This is the first time since the be-
ginning of the national banking sys-
TEN, half q century ago." Comptroller
Williams said, that the farmer has
been able to borrow on the security OF
his farm from any national bank" He
added that there had been "a general
collapse in interest charges in those
sections of the country where the
abuse was the greatest and a general
disposition by banks in all sections to
live within the law"
Banks that had been charging on
some loans up to SO and &c per cent
were not limiting charges to the rates
permitted by their state laws. the
COMPTROLLER said.