The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1917-09-27
BANKERS CONVENE
AND TELL PEOPLE
To SAVE MONEY
Also Say Railroads Are Per
secuted by the
Public.

> AtlanL1c' city, IN. j., sept. 27-AS-
surance that the American Bankers
Association stands ready to give the
government all the assistance possible
in the flotation of future bond issues,
was given by Peter W. Goebel of KAN
sas City, Kas., president of the AS
ISOLATION, in an address he delivered
here today before the annual conven-
ton of that organization. He said:
"All the banks of the country have
extraordinary duties to perform in
these trying times. They have assum-
ed these new tasks willingly. One
Of them Is to assist the government
in the sale and distribution of war
loan bonds. This duty naturally falls
to the banks. The banker is the fl
nancia1 adviser of his community To
him the people turn even when the
government calls and patriotism die
tates. The financial machinery is UNI
der his control. So when the Secre-
tary of the Treasury called on the
banks to assist in floating the two
billion dollar Liberty Loan issue, the
banks, with scarcely any exception,
devoted their entire energies to the
task and greatly aided in the achieve
ment of the splendid success OF that
campaign. ~
1.-THE American Bankers Associa-
ton stands ready to give the govern
ment similar assistance in the. flota-
ton Of future bond issues. The or
ganizahon should not again UNDER
| take to finance such activities and it
will probably not be necessary. The
Federal reserve banks, as the govern
| mental agencies for selling and distri-
buting war loan bonds, have had ex-
perience and ample time in which to
perfect Organizations for this purpose
MI - IN
| them In every way possible. There
are undoubtedly some things the As
ISOLATION can do better than any
other organization, and it remains
only to have these things assigned to
| It as it's work in aiding to raise funds
to carry on the war
1.-THE loan operations Of the gov
eminent are in proportion to, its vast
| military operations. We have under
taken not only to pay our own bills,
but to advance funds to our allies.
1t is Idle to give figures, They are
| uncomprehensible. So far the funds
advanced have been expended in this
country. Soon the payment of the
troops will call for large expenditures
abroad. The food and munitions for
our armies will not be paid for by
others. To supply these necessaries,
production must be greatly increased.
It is obvious that we must change our
ways II we are successfully to per-
form that which 1t is set for us to do.
We must stop skimming off the cream
and use all the milk.
THE only way the people can pro-
duce the funds with which to supply
the government is by thrift. Thrift
means the wise and waste1ess use Of
our resources, it applies as well to-
the employer of labor as to the wage
Garner It demands the effective use
of machinery, of soil, of mines, Of
forests and OF men, We need thrift
| in the productive processes as well as
lin consumption. Thrift means great
| er production as well as waste1ess con-
sumption, SO we must save and be-
come more competent. -
Discussing the recent change in
bank reserve requirements, Mr.. Goe-
bel said that fear of an undue credit
| expansion and currency initiation fire.
said:
Under the existing conditions, it
seems to me that both credit and cur
rency expansion are necessary. We
are all inclined to measure the posi-
bf1ities in such case by the disas-
trous experiences that attended. ex-
pansion or the need for it under the
j'old system. We must remember that
we now have the machinery BY which
the tendency to expansion can be con-
trol1ed,. and have watchmen- Under
any plan Of banking, confidence must
be placed In some human element
No automatic system for the regula-
ton of credit has yet been devised:
none is possible. The situation, as I
view 1t, is perfectly safe, provided we
exercise good judgment and requisite
care. We now control the system 1t
is no longer controls us"
Asserting that the railroads of the
United States had been most patriotic
In responding to the demands of the
government, Mr.. Goebe1 said:
ut seems to me that the real les
son is found in the lack of railroad
facilities. in the failure to have a. re-
serve which would permit the rail-
roads to meet that emergency. The
greatest difficulty is found in NOV
ing commodities. The long campaign
of repression is bearing bitter fruit
The situation bespeaks the need of
Justice for the railroads, of fair rates, |
Of liberal treatment and of the sum-
mary discontinuance of persecution"