The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1917-06-19
GRAY WOULD
EXTEND u. s.
BANK PLAN
Reserve System Prais-
ed BY President of
State Bankers
CITES RAISING
OF LIBERTY LOAN
Financial Men of Mich
igan Here For
Annual Meet

More than $50 bankers from every
part OF the state arrived here Tues
day. 10 attend the thirty-frst annual
convention OF the Michigan Bank
ers' association. which opened in
the Board Of Commerce auditorium
Tuesday afternoon The convention
will continue thru Wednesday.
William Livingstone, president OF
the Dime Savings bank. delivered
the address OF welcome Tuesday.
This was followed by the annual
address OF the president. William
]. Gray. president OF the First &
Old Detroit National bank
A dinner for the delegates will
be given in the d. A. G. Tuesday
night. The speakers will be w p
G. Harding. OF the Federal Reserve
board. Washington. and James
echermerhorn
In his address, President GRAY
advocated the extension OF the fed
eral reserve system 10 include all
banks. His speech follows. in
part:
I experienced very great regret
two months ago when tho executive
council decided. owing 10 the war, 20
give up the boat trip which had been
planned In connection with the pro-
ceedin9s ~ this convention. Yet Il
seemed uniting that while every
other man OF the nation was striving
-. A.
bankers OF Michigan, should start on
on pleasure ride. should place our
selves for four days beyond the reach
or our posts Of duty so tho executive
council by a unanimous vote decided
10 abandon the trip. and instead 20
hold purely business convention IN
this city.
MAY ! add that the bankers u po-
troit have desired themselves 20 as
sumo the entire cost 81 entertain
snent, ana that upon their suggestion
the appropriation for this year al
lowed TO tho entertaining city has
been invested i'm a Liberty bond MAY
II never he sold but remain forever
IN the treasury as memorial ~ your
visit.
1t seems extraordinary that the
Democratic party. whieh from its
birth had stood as tho exponent ~
states-rights. that this party should
produce. as within tho past few wears
word), more nationalistic legislation
than the ncrcest Federaiist could
have dreamed Of ~ his philosophy
The federal trade commission the
shipping board. the Clayton anti
trust act, the federal farm loan act
the pure food law. and the income
tax q, refer Mits principlel. are all
instances OF congressional legisle p
ton. which would not have been pos
stblc 10 or Is years ago And this
revolutiora ry--or should I say evofu-
tionary--legislatio has received all
most universal acclaim. The neces-
stiles OF war. OF course. for two
months have compelled dictatorIal
legislation. but even before the dec
laration against Germany we had
essentially become nation rather
than union Of states. and commit
ted to countrywide legislation on
subjects which before had seemed to
belong exclusively to the states.
The most far rea ching bit OF legis-
lRtion. OF the Kind OF which 7 sneak
and the one most interesting 10 ~ as
bankers, II the federal reserve hank
act. now in It's third year OF actual
operation
The federal reserve system has
demonstrated its usefulness 20 the
country, Under IL the banks ~ the
country have been able n Withstand
the strain Or the abnormal conditions
which have affected the entire world
during the past three years Except
Ing for the help afforded By the fed
eraf reserve act the banks must have
broken down. but instead ~ failure
we see today the banks carrying on
transactions of hitherto Dnheard-of
size.
The Liberty bond issue - two bill
lion dollars has been successfully
try. ard the payment - the large
sum OF money required in the pur-