The Detroit times., 1917-06-20

lowed by toast 10 the president 81
the United States. Unlike previous
dinners Of The association which
had become noted for their elaborate
menus. a real War menu VAS IN ef
feet And, better sin. The men Who
hoid The hnances OF Michigan n
their hands seemed 20 enjoy tho
simple repast
William J Gray. president ~ the
First and Old Detroit National bank
and president OF the association, pre-
sided
In his annual address Tuesday AZ
ternoon. President Gray advocated
the extension n the federal reserve
system 10 include all banks His
speech follows. in part
experienced a very great regret
two months ago when the executive
council der ded owing 20 the war. o.
give az tho boat TRIP which had beer
planned 81 connection with the pro-
ceedinEs ~ this convention. Yet -
seemed uniting that while every
other man Of the nation MAS striving
20 yield his utmost. that We. tho
bankers az Michigan, should start oF
on a pleasure ride. should place QUIZ
selves for four DAYS beyond the reach
az our posts - n-tr 50 fhe executive
/ council hy q unanimous vote decided
I 20 abandon the trip. and Instead D..
\ hold purely business convention In
I this city.
May add that the bankers ~ ices
troif have desired themselves % as
sumo the entire cost Of entertain
meut. and that upon their suggest 20
I the ppro prtation for THIS YEAR si-
I lowed 20 the entertaining city bas
been invested in a Liberty bond MAJ
+ ~ never be sold but remain f0rerrr
: 81 tho treasury A. memorial % youf
visit
u seems extraordinsrv that tho
T DEM ratio % rfy which from its
birth bad stood as the exponent ~
Z statcs-ri Ehfv. that fhie party SHOULD
{ ur0duce- a. within The past few years
III has prod uref tif may coin fht
World. more nationaltstfc leEtsia tion
I than the herceat Fnderalist c0sld
( have drea med ~ m ms philosophy
TIE federal TRADE -rnInissi0n the
shipping hoard. tho CLAYTON anti
trust act. the federap farm loan act.
the pure food lew. and The income
tax ~ refer 90 u.s. principle are al
Instances - congregational leeisfs-
ton. which would not have been pose
slh'c 10 or - years ago And this
revolutiona ry--0r should ! say evolu-
tionary- egiElatlnn has received all
most universal acclaim. De ncrNe-
stiles % war. &c course. for two
months have compelled dictatorIai
, Liquidation. hut even before the dec
iarstfon against GERMANY we had
essentially hec0rle = nation rather
than a. union ~ states and commit
ted 20 country wide legislation or
sub ects which before had seemed Co.
belong exclusively 20 TIRE states
The most FAR res hing Mt ~ fenia-
latton Of The kind % which ] speak.
and the ore most Interesting % Is 49,
bankers. 81 the federal reserve bank
act. now In is third year ~ actual
operation
The federal reserve system has
demon stratec 80 usefulness 20 the
country Under 10 the hanks ~ the
country have been able 90 withstand
the strain ~ the abnormal condition.
which have affected the entire world
during The pasf three years. Except
ing for tho help Afforded ly The fed
eral reserve act ne banks must have
broken down. bat Instead of failure
we sre today Tho bank carry az on
transactions of hitherto unnesrd-of
size.
The Tlhertv bond issue ~ two hN
lion dollars has been EuccCssfuIlv
placed among tho people ~ this coun-
try. and the payment ~ fhs large
SUM - money required in the pur-