Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-11-16
JOHN SHELTON WILLIAMS
SEES NO SIGN OF PANIC
Duty of America to Bear Large Part
OF Heavy Burden OF
World.
BANKS STRONGER THAN EVER
Deposits Increase Despite Raising OF
$18,OOO,OOO,OOO in Liberty Loans
in Past Year and Half-No Longer
Debtor Nation.

WASHINGTON, November l4.-John
Shelton Williams, Comptroller Of the
Currency and director OF the division
of finance and purchases OF the United
made the following statement concern
ing our Industrial and financial out
look:
Four years ago, in September, 1914,
with my knowledge Of the resources
and strength OF our country. and OF the
convention at Indianapolis that at the
end nf the war the United States would
be the gathering place for the renewal
and distribution OF hope and purpose,
for tho restoration and publication OF
civilization drowned In blood and
wrecked and dismantled by furious and
eonviction that with the power gath,
cred of peace, the resources derived OF
honest industry and the will born Of
our own self~searching. we will lead
the world. and Will be its dominating
influence" and that this wonderful
power and influence would be used by
us to bless and brighten, to lift and
comfort all humanity.
That was no gift Of prophecy; 1t
was simply the application OF business
looking forward, there Is no excuse for
fear or pessimism and no reason for
wild extravaganza or frantic optimism.
men and brains. We will need ali for
tho task before us. the most enormous
tasks that ever tested nation.
AS we modified our young manhood
for lighting. we have to mobilize all
the wisdom. vlrility, conservatism.
courage and wealth we can command
to adjust ourselves TO the new respon-
sibilities and duties put upon us, to
cooperate with our associated democra-
csies and allies in giving peace: free
have a vast. load TO carry. We have
vast strength with which to carry It.
Our part Is to, give our back to the
a n
the fear OF God. and with broad con.
ceptton OF our privilege and opportun-
ity.
BEST THOUGHT OF NATION
DEVOTED TO PROBLEM
The time has arrived when these
powers and opportunities will be eKer-
rised in the fullest measure. 1t will
require skillful guidance and careful
gies OF the people. which, for SO many
months past. have been dedicated to
the production OF engines Of destruc-
tion-to convert our swords into
plouEhshares and our spears into prun-
ing hooks. and shrapnel shells into
best thought of the nation Is now bent
on these great problems and that they
will be solved so as to prevent panic
or Industrial Generalization we may
be assured.
There has been much imitation of
certain kinds. which is incident to all
equalities in different directions. There
has been great scarcity OF labor OF
every sort and wages have been
In many cases.
The firm hold which tho government
found it necessary to take to prevent
Of life and for the raw materials need
ed in industry may now be exercised
in a conservative and healthy way to
establish n reasonable equilibrium and
to prevent destructive and sudden
movements. which sometimes in the
past have precipitated panics. There
fear such commercial revolutions or
financial crises as those through which
We have passed in the earlier years of
our country.
INDUSTRIES ARE ENJOYING
PHENOMENAL PROSPERITY
The agricultural mining and indus
trial activities OF this country are
enjoying phenomenal prosperity. and
from a financial standpoint our banks
are to-day stronger and better able
arise than they have ever been in the
past.
months nearly $4,000, 100000 from n the
sale of Liberty bonds. and yet the
deposits of our national banks to-day
are several billion dollars more than
the first Liberty loan. AS an evidence
of the improved management and
strengthened position OF the national
banks of the country 1t is deeply graft
flying to point to the fact that during
this calendar year of 1915. in which the
strain upon our banking resources has
been greater than at any time during
our past history, there has been only
one national bank suspension. In our
entire country. There has been no
such record as this for nearly forty
years past. This immunity from fail
ure Is the more gratifying when we
consider the extraordinary stress of
these difficult times through which we