The Birmingham age-herald., 1917-09-24
GREAT FINANCE PLANS
By HOLLAND

able, reports of their resources, their
 loans and their general condition to
 small committee of leading bankers.
 Some years ago this committee would
 have been regarded as representing
 the so-called money power or money
 trust of the United States but now 1t
 Is known to be cooperating with the
 government and with the people to
 the end that our splendid resources in
 money and credit may be so carefully
 nourished, so systematically handled,
 as to make money market conditions
 as easy as possible this fall. although
 the people will be asked to subscribe.
 before the heavy frost comes. to
 new loan presumably of $8,o00, ,0o0 .ooo.
 Prominent among tho members of this
 committee is George F. Baker, formerly
 president of the First National bank, and
 properly proud of the fact that through
 the bank of which he Is now chairman
 of the board, subscriptions for the lib- erty loan considerably in excess of s100.-
 O00, 900 were made MT. Baker has had in
 the past associations with voluntary com
 mittees of bankers who were assembled, often at the call of the late J. F. Mor- gan. for the purpose of considering ways and means whereby threatening money
 market conditions or securities market
 panic could be averted.' Another mem Der of this committee is Charles H. Sabin, president of the largest trust |institution in the United States, and seat ed side by side with him at the commit tee meetings is Frank A. Vanderlip, pres ident of the largest of the national banks of the United States, and ono of the greatest banks in the world. MT. VanderA lip has also had the experience as 8 member of quickly assembled committees in handling difficult problems whose cor rect answer would relieve dangerous financial conditions. The money power possessed by these and other members of the committee is very great and 1t is l all at the service of the government and the people.
 There are no really dangerous condi- tions at present nor Is there likely to be any. The only question for the bankers to consider is how they may aid in float ing the second liberty loan and in ad- vancing some of the other governments enormous financial projects, while at the same time so acting as to prevent undue stringency in the money market With this committee, and ex-officio the head of 1t, is Benjami Strong, Jr. the govern or of the federal reserve bank for this district
 Members of the committee have said to their friends that they have been very | glad to see the readiness with which the
 banks have responded to the request that detailed memoranda be sent which show each day, if possible, what the conoltlon of the banks of New York and of the metropolitan district Is. The banks have fully opened their books to inspection. With this data the committee Is fortf- ] fled to take such cooperative action as iY l deemed expedient: A few years ago thu I organization and meetings of commit tee of this kind would have been looked upon with suspicion, and the charge would certainly have been made that it l was acting as sort of money trust, | seeking to command for personal ends the l control of the money situation.
 l Times have changed. No longersts the l orxanixation and meeting of g commit l tee of this kind regarded with distrust. l for 1t is known that 1t Is nothing more l thman a cooperative undertaking, with I the Rovernment as one of the associates | be perfected . sound. safe and simple system of so mobolizing the stupendous kresources and money power of the Ameri- 1 can people as to make 1t all the easier I for the government to secure the funds l 1t needs, and at the same time to pro- l tect American industries and legitimate | business For 1t Is curious paradox | that. while the people of the United States were never in possession of SO 1 much money as they are at tho present l time nevertheless 1t Is vital that there be well systematized coordination and highly perfected cooperation between the banko of the United States and the gov- ernment in order that these resourceq may be skilfully handled and conveni.'
 ently utilized. It is something of this
 kind that the railroads of the United fs sNkrt6s 11hya accomplished. . LII, <