Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1916-12-17
American Democracy May Be
Face to Face With COIIec-
tive Buying and Selling n.
European Countries,
BANKERS BLAMED FOR
GOVERNMENT IN BUSINESS
# Financial Interests Had
Been Fair With Farmers No
Farm Loan Board Would
Have Been Created,
II. unanna .ouanAL seEelAL LgAesa MlRgl

nv uostuNa JOURNAL SPECIAL LEASED wiREl
chicago. Dec. 16.--Frank a. VAN
derlip, president of the National city
hank of New York, addressing the
Chicago Bankers club tonight, warned
his auditors that the United States
would have to meet economic and so
cial problems as a result OF the war
that would tax the ingenuity and re-
sourcefulness Of the nation, and called
upon bankers to prepare to aid in the
solution of these problems.
The belief that the United States
could proceed along its own way un-
affected by the war and seeking only
TO keep out of it, he declared, seemed
a lack of imagination, blindness of VI
sion. and complete failure to un-
derstand the unity of the industrial,
commercial and financial world.
Must Meet Socialism.
UNLESS / utterly misjudge affairs
he said, there are going to develop
for this country problems of the
gravest import-problems that will
need for their correct solution the at
tention Of the most enlightened minds,
state socialism in Europe may de-
velop problems the like of which
never concerned our minds We may
have to meet collective buying, state
aided Industries, forms Of government
tai cooperation with business quite
outside our range of thought. Gov
ernment control of ocean-borne com
merce and novel factors in interna-
tonal finance would be subjects Ioi
national consideration. There may
come out of the war changes in form
of government that will have profound
and world wide Influence
Mr.. Vanderlip, reviewed the results
Of the war in the United States up to
the present, the increase in gold sup
plies, the developments of credits
He discussed national legislation
with praise for the federal reserve act
--%re the federal trade commission
Mentioning the federal farm loan
board, he said
Sees No Fault in Bankers.
Does not the objection to the prin-
ciple involved, when governmental
relations are injected into business,
lie 0ulIt us lluNu WIN 'eliAtNNLo 49,
with the legislators? Will we not
always find the people cropping to do
through governmental agencies things
that are left undone or are badly
done by individual initiative? Must
we not safeguard the future from an
unwise participation Of government in
business by seeing that business Is so
f9frIKy a Il m N fGt pTp6
so completely responsive to legitimate
needs that there will be no sound |
reason for government participation? |
within a week | heard the repre-
sentative of four great railway unions
state his views before a New York {,
club. To my mind, they were views
that contained the essence Of anaF-
chy We were told that wd must not ]
pass certain laws because they would +.
not be obeyed; we were given clear I
limitations regarding the power of
these organizations, but there was not .
one hint of their duty or responsible
ity to society
Country Needs Awakening.
81 am hopeful that such utterances /
do not voice truly the attitude of the |
people of America, nor of any great !
part of organized labor, but they GER /
tainiy emphasize the need for ma /,
tional awakening to the need for /
sound thinking on economic problems. ,
1T is easy to see that the unsound, I
unwise, the wrong solution of these .
problems that are pressing upon us /
will cost an immeasurable sum of po- !
tental wealth, of individual happiness |
and national progress
Mr. Vanderlip declared he believed
the federal reserve board had ruled
unwisely in advising against invest ,
ment by member banks in short term