Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-06-22
WARM WORDS UTTERED BY
FINANCIAL AGE EDITOR BE-
FORE IOWA BANKERS.
SHELTON WILLIAMS COMES
IN FOR SEVERE SCORING
State Bankers Association Ends Con-
vention in Waterloo-Osase Banker
Defends New Law and Association
Refuses to Go on Record-New Off
GERS Elected.

waterloo. June L'IittiSLSS We
opinion which developed over the stand
OF Iowa bankers on the federal reserve
act enlivened the final session of the
thirtieth convention of the Iowa State
Bankers Association which adjourned
Yesterday.
Criticism of the act which came al
the first session when the retiring pres
ident. H H. Blackburn, gave his opin-
ion in his opening address, was brought
70 a climax in the address of =. Howard
Hooke. editor Of the Financial Age,
New York. on The Federal Reserve
ACT and the Comptrollers Regulations.
\ champion for the act was found
in X j. Johnson, Usage, who intro
duced a resolution on the proposed
check clearing plan. The resolution
was later tabled on the ground that
the majority of the members were
state bank officials and they did not
wish TO drive the national bank mem
bers into any unfair position in eX-
pressing their opinion on the act
Officers Elected.
Election of officers resulted in choice
OF George s. Parker, president of the
Livestock National Bank, Sioux City,
for president; j. P. Kirby. Baskerville,
Vice president, and John Carmody,
Perry, treasurer. T. ". hall, present
secretary, was reelected The 1917
convention will be in Des Moines.
The resolutions on preparedness was
unanimously adopted, as was another
on national thrift. The resolutions
committee included c. H. iMcNider, Ma
son City: John r. Welch, Mapleton;
j. \. Bradley, Centerville; E. S. Van
Gorder Audubon: Karl Johnson, Usage;
T. NJ. Orr MOnOna: s. Lincoln Rutt,
Casey and Martin Nee, Gladbrook.
Hooke's Opinion of New Law.
In his talk on the federal reserve law,
Mr.. Eooke, among other criticisms.
said:
Going back a few years, it would
seem that the act was conceived in
sill and fashioned III iHiqtity.' The
Money Trust Bugaboo' was dangled
before the country until there were
some people who actually believed there
were a few men in New York who
controlled the destiny of the nation,
and IL these men became vexed, they
would precipitate a calamity upon the
! country.
1t was apparently the purpose OF
| the progenitors of the act to injure
/ financial New York and TO establish
! the financial center in some other sec
! ton OF the country. or to split it ul
/ into twelve financial centers.
In the opinion of many the federal
reserve act as it stands on the statute
books today is fundamentally unsound
structurally wrong and impracticaole
in its operation, and If continued will
cause the operation Of the Gresham
| law. which is that cheap money drives
dear money out of the country.
Gold to Go Hiding.
1T IS not a function OF the gov
! eminent to be on the credit currency
of a people The coin note will re.
place every dollar of gold now being
carried as reserve in the state bank:
and trust companies Of every state o
the union, save only New York ant
| California. where the state laws pro
vide otherwise.
THE idea Of having the government
on the currency is on the same theor.
and emanates from the same Sourc
as that Of having the government min
silver at the ratio of 16 to l. There i
no banker in Chicago or New York. o
any official Of any federal reserve ban
but what will tell you they are going t
get the notes-but not during this ad
ministratiOn.
The act is structurally wrong be
cause il provides for twelve banks in
stead of one, with the consequent ex
pense of operating the larger numbe
OF central institutions.
1T IS Impractical in its operatio
because it is impossible to carry GU
it's mandatory provisions, particular
that relating to the par collection c
chechs.
Warm on Shelton Williams.
1.-The attitude of the officials of tn
treasury department toward the bank
during this administration would lea