The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1918-02-26
British Already at Work.

innate and urgently needed expansion
Of our import and export business,
Senator Owen told the Senate.
British Already at Work.
British banks are already estab'
fishing such banks, with the aid Of
the British government, he said.
France is taking steps along the same
line. and Germany has its banking
plans adequately organized now.
The Owen amendment contemplates
a capital of S1OO.OOO,OO0 authorized,
with a paid up capital Of S2O,OoO.OOO.
the stock to be non-taxable, and to be
offered to the banks OF the United
States and to the public, and IL not
subscribed TO be taken by the Treas
ury of the United States.
Senator owen strongly opposed
naming bankers on the directorate
Of the proposed institution. He quoted
from. and had written into the record,
a quotation from an editorial IN The
Washington Times OF February y,
1918. which said. among other things:
in the seventeenth century. when
Cromwell had power. he asked him
self first Of all: What does England
needT He knew that a commercial
nation needed men that understood
commerce"
Discussing the editorial, Senator
owen continued:
And he points out that the policy OF
England established at that time of IN
yiting to England men who understood
commerce had resulted in the tremend-
Gus commercial growth OF England.
A.
who understoom commerce with indifrer-
ence. and with neglect. and even with
persecution. went into decay.
Need Trained Hen.
America needs men who under
stand commerce. This bank ought
to be controlled by men who under
stand commerce and not by bankers.
The mechanism Of banking is under
stood perfectly well by those who
understand commerce, but the banker
who is engaged in banking for the
purpose of making commissions. OF
getting the highest interest rate he
can. does not sympathetically deal
with commerce as commerce"
The Senator spoke at length of the
success that has attended the Bank
OF England and pointed out that the
directorate is made up wholly of mer-
chants.
when Secretary McAdoo intro
duced Lord CUnlifTe. governor Of the
Bank Of England. as a banker" said
Senator Owen. Lord Cunliffe quickly
corrected this and said no, he was a
merchant"
Appeals for Quick Action.
He appealed for action by Congress
which would prove that the United
States has as sympathetic an attitude
toward foreign commerce as It has to-
ward domestic commerce. 81 call at
tention to an Interesting editorial in
The Washington Times Of February
II appealing for justice in this mat
ter" he said
1T was the inability Of bankers to
perceive that the commerce and in
dustrial interests Of America were
superior 10 their private acquisition
OF property that made necessary the
Federal reserve act and which took
out Of their hands the power to fix
credits in the United States" the
Senator explained, TO make panics
or squeeze credits from time 10 time
in order that they might multiply
their fortunes a. the expense of the
American people. They still do that
without degree. and they still do 1t
within degree, beyond a shadow Of
doubt.
Any man who is familiar with
Wall Street knows IL perfectly we'll
The traders In stocks are very skill
ful in diagnosing the conditions when
that situation arises, and those who
q n enabled n nj
cessfully on either the bull or the
bear side, just as credits are being
expanded or being contracted by
49,. ...L. IL. ri IL.