Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-10-24
FEDERAL RESERVE LAW
DISCUSSED BY WILLIAMS
Comptroller of Currency De-
IiverS Address Before
Farmers Congress
{ By Associated Press.)

INDIANAPOLIS, md, oct. 20.-John
Shelton Williams, comptroller of the
currency, speaking here today before the
Farmers National congress, described
the relation of the federal reserve law
to the farmer and closed with person
al statement brought out by President
Wilson's recent allusion to attacks on
the comptroller.
"I see that our president, in an adj
dress at Shadow Lawn" said the comp
troller, tells the country that the bank
ers, or certain bankers, or some special
interests, are after my official scalp be-
cause /, as the comptroller of the cur
rency have enforced the law. This is
no surprise to me.
ct know that 1 have been held up as
kind of ogre. a rawhead and bloody
bones. a terror to the banking and finan-
cial interests of the country. Maybe
the best answer to that may be found
in the records and indisputable facts,
that the national banks of the country
today are stronger and in better condi-
ton than ever before; that they are
more numerous than when L became
comptroller; are more prosperous and
show a smaller proportion of failure and
losses than ever known in their history;
and my Office is receiving steady stream
of applications for charters for new
national banks and for permission to in
crease the capital of the existing banks.
ENFORCES THE LAW.
my official scalp is not especially
dear to me. My business is to admins
ter the law and the law is justice put
into words 1 have had a somewhat
stormy time and have been an uncom-
fortably prominent target. But I have
always kept in mind words spoken by
A..s1 4
ago-'Is life so dear or peace so sweet,
as to be purchased at the price of chains
and slavery? Forbid ii, Almighty Cod
Mr.. Williams said the new federal
reserve law will forbid the grasping
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, ''is enabled to
borrow according to his industry and
commercial standing because his banks
know where and how to get the money.
II will not be possible to have the mon
ey supply locked in the great centers for
speculation or gambling purposes, while
the real producers and legitimate pro-
ductive commerce are pinched or denied,
perhaps just at the time of their most
important need"
Cries of back to the farm" he said,
were futile without promise of comfort
and happiness and prosperity.
PUTS MONEY ON FARM.
Put money, or opportunity to earn
it," he said, ION the farm 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 even larger
measure" He told of the decentraliza-
ton of huge accumulations of money
from the few great centers and transfer
to the federal reserve banks-"twelve
reservoirs from which pipe lines al
ready run to nearly 5000 banks" avail
able to every reliable farmer storekeep-
err or business man.
God Almighty alone" he said, Knows
how many strong men have had strength,
hope and power Slapped by unfair inter-
est rates, how many promising boys and
girls deprived of opportunity and driven
to worthlessness and crime by the same
direful, memorable power"
This is the first time since the be-
ginning of the national banking system
half century ago." Comptroller VIII
liams said, that the farmer has been
able to borrow on the security of his
farm from any national bank" He add
ed that there had been "a general col
lapse in interest charges in those. sec
tons of the country where the abuse
was the greatest and a general DISPOSE
ton by banks in all sections to live
within the law"
Banks that had been charging on some
loans up to so or 60 per cent were now
limiting the charges to the rates per-
mitted by their state laws, the comp
troller said.