South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-09-27
j. 8. FINANCIAL
FABRIC BEARS
GREAT STRAIN
SeC'y Daniels, Addressing
Bankers, Points Out Not a
Single Bank Failure Has
Resulted From War.
international News Service

international News Service:
CHICAGO. Sept. 27.-"Americans
have left the Valley of Money Get
ting and have reached the heights
of Money Giving" Sec'y of the Navy
Daniels today told the American
Bankers association in session here.
The secretary praised in the highest
terms the great work which the
bankers have accomplished, refer
ring especially 10 the fact that, de-
spite the great strain upon the ma
tiOnal resources not a single national
bank failed.
You have, all Of you. as in
dividuals as members of assOcia-
tions and patriotic bodies expressed
your pride and appreciation Of the
magnificent achievements of our
armies and our soldiers; our navy
and its sailors; our manufacturers
and their factories; our wOrkmen
and their industries" continued Mr..
Daniels. You all give unstinted and
Unselfsh praise for the splendid way
they have met the tremendous. prob
lens of this fearful war.
No Fears of Panics.
we are today we'll into the sec
ond year of our participation in this
war. We are spending more money
in a day than we spent at one time
in "A year We are asking YOU and our
people for billions, many billions at
a time We have diverted TO war
work much of our national indus
try. by which money is normally ac-
cumulated by our people and Yet
you are able today 10 attend this
convention with no fear of panics
at home with no anxious inquiries
after possible kilograms Of financial
troubles at the hotel desk with bal
ance sheets Of actual profits more
satisfactory than they have ever
been before, as undisturbed, as un-
afraid as If We were in the middle
of the piping times OF peace.
Think Of it, gentlemen. You have
paid out over your counters already
over six billion dollars for Liberty
bonds. out Of the total of nine bill
lion nine hundred and seventy-five
millions allotted. and vet your re-
sources. instead of shrinking. have
grown in the year preceding last
May. from sixteen billion. one hun
dred forty-four thousand 10 eighteen
! billion. two hundred forty-nine. an
actual increase of more than two
/ billion dollars. and the controller OF
the currency reports that the total
resources Of the national banks of
our country at this date exceeds by
more than one billion dollars the
whole worlds production OF gold
I from the discovery of America in
1892 mp 10 the year 1917
Rely on Bankers.
eve are now starting another
/ Liberty loan. We are relying with
the absolute confidence which comes
from past experience upon YOU
/ bankers 10 make it an even greater
success than those which have pre-
ceded Splendidlv have YOU met our
calls for aid i'm the past. even more
Splendidlv Will YOU meet our call
OF the present Back OF all the pride
iand pomp of war. behind the roar
OF guns and the shouting armies
with no legions OF honor nor Victor
I ia crosses dangling in front OF thei-
I ewes as glittering awards. must sit
in their quiet counting houses. the
controllers OF the worlds finances
I and through anxious hours an5
I sleepless nights must they provide
\ ways and means by which the guns
\ and armies may move forward to
I the front.
Prepare Forward Movement
.'In this silent unpicturesque. un-
/ heroic struggle. which is really our
first line OF defense We are now
preparing a forward movement in
I force. we are at the beginning OF
/ this loan campaign. gOing over our
/ accoutrements. testing our ammu-
I milton. preparing as IL were. a sort
/ Of general charge. Gentlemen. 7 have
not the slightest doubt i'm the world
/ but what at the very head OF al
the soldiers In this assault. we viii
see. as heretofore. our bankers the
urst over the top