Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-04-22
EVANGELICAL AND OTHERWISE.

join it. while the government is max
ing public exhibitions of the useful
| ness of the banks in times Of stress,
country bankers, angered at the efforts
to take their exchange profits from
them in the par collection plan, are
fighting back.
ITO advocate legislation and execu-
tive orders in the best interests of the
country, such as the restoration of
reasonable exchange rates. and fair
regulation of interest rate and super
vision; to oppose legislation hostile to
, members. such as increases and branch
banking" are the objects sought by
the Country Bankers League.
A. j. Frame of Waukesha, Wis.
banker of wide knowledge and expert
ence and generally known in financial
circles, Is the first president of the
organization. George w. Rogers, vice
president. Bank of Commerce, Little
Rock; William MacFerran, president of
the state Savings Bank of Topeka. and
McLane Tilton, president of the First
National of Pell City, Ala, are spon-
sors for the association
A-circular setting forth the principles
OF the organization has been prepared
citing the general approval of the fed
eral reserve system. their obiec.ions
having been directed at minor evils.
me kftchin bill presented in the clos
ing session of the last Congress aimed
AZ restoring reasonable exchange rates.
but no action was obtained
It Is claimed that no existing organi-
zatfon is willing to take care of the
interests OF the country banker: he has
not been represented at Washington
It Is stated in the circular that less
than fifty state banks have joined the
federal reserve system in the two years
that have elapsed since it's inaugura-
ton. One paragraph Of the circular
says:
up to this time much legislation has
been enacted without regard to the
country bankers; the banks that repre-
sent about three-fourths of all banking
institutions and respond to the financial
country's population; this because the
country bankers have neglected to pre-
sent their views and necessities to those
In authority. and who are not, perhaps,
under the circumstances, to be unduly
criticised for their action"
IL $500 country bankers toin the
league meeting will be called to per-
feet legislation.
Dread Taxation.
Special taxation already passed will
increase the tax bill Of the United
States Steel Corporation an amount es-
timated at $43.000,00o this year, Elbert
II. Gary, its chairman. told the stock
holders at their annual meeting in Ho-
boken. Added to their taxation it would
make the total paid on this account be-
tween $so.ooo.ooo and SOS. 100000.
What would be the effect of further
taxes proposed could not yet be cal
depend on the attitude of the law
makers and the action they adopted.
Small wonder Wall street is trying to
get out of its stocks or that the BEARS
are aiding them in doing 1t.
Henry clews on ra1rtion.
Henry Clews. the veteranswalI street
authority. has this to say on this sub
ject:
There has been considerable I'M
easiness. perhaps more than necessary,
over the government tax proposals
Both the excessive corporation and in
come tax proposals excited grave con-
Germ lest they intimidate capital and
discourage new enterprise. There is
much difference of opinion as to what
proportion of the cost of the war
should be born by taxation and what
by bonds. So far as taxation goes the
object should be to raise as large 4
sum by taxes as feasible and consistent
with an equitable distribution upon all
classes: the higher rates Of course fall
ing upon those bestyble to bear them.
At the same time. Serious self-injury
would be inflicted If the rates were
carried SO high as to dry up the springs
OF capital and. impair home enterprise.
This is a problem which Congress is |
endeavoring to solve: and the admin |
fstration can no doubt be safely de- |
pended upon to handle the expected |
bond and note issues with as little pub
lie inconvenience as possible. One de-
cfdedly encouraging feature was the
report that the interstate commerce.
commission would grant the railroads
their REQUESTS for an advance in rates |
to compensate for recent increases in |
expenses"