New-York tribune., 1919-10-02
Association Adopts Resolu-
ton for Special Courses
i'll Schools to Teach the
Value of Earned Wealth
Williams Asks Generosity
Controller Says U. S. Must
Bear the Worlds Burden:
Skinner Discusses Laws

fesentatlves OF business and capital to
check and combat the spread of indus
trial radicalism in the United States
was made to-day, when the American
Bankers Association adopted unani-
mously the recommendation of the ex-
ecutive council that the association fos
ter general educational movement for
economic instruction throughout the
country.
The general plan, as outlined, is TO
incorporate in the studies in element
airy schools and in the lower grades of
high schools courses designed to stop
the spread Of Bolshevism and to de
monstrate to the children the value OF
wealth obtained by work and the neces
slty for production.
John Shelton Williams, Controller of
the Currency, speaking before the ma
tlonal bank section of the convention
at the Planters Hotel, declared Amer
lea must temporarily assume financial
responsibility for the world
America must carry and guide the
world while, at least" he said
Generosity Best Policy
"The plain demands Of self-interest
are in precise harmony with the clear
call OF Christian and human duty. Self
lshness and altruism kiss each other.
Sagacity and ethics are Of one voice.
When we go down to the roots we
usually find that generosity. like hon
esty, really is the best policy. but in
this instance the conclusion is righ.
before u.s.
George I. Skinner, Superintendent OF
Bank Of the State of New York, ad-
dressed the state banks section of the
convention on Model State Banking
Laws"
call upon bankers to rally to the
support of industry when in distress
from unjust demands" of labor unions
was made by II. H. Smith, of Detroit.
The issues between the closed shop
and the employer and between the
Bolshevist and all the rest OF society
are not issues of the economist and the
employer alone" Nh Smith said, They
are the issues OF the bankers as we'll"
He declared manufacturers would de
mand whether banks were their fair
weather friends or steadtast defend
ers.
Samuel Rea president Of the Penn
sylvania Railroad. characterized the
Cummins bill, which is pending in
the Senate, as "the first broad, friend
~ Legislative expression toward rail
roads in probably the last fifteen or
more years" Nevertheless. he found
certain features of the bill "repre-
hensible.' and compared them to the
fifth wheel of a wagon"
The reprehensive feature Of the
BILL" he said, "is that what a com
pany earns under fair and uniform
rates through good management and
eflcicnt transportation can be taken
from it and given to others under the
provisions Of the bill pertaining to the
communicating of the so-called excess
earnings of individual companies"
Beneficial Features
He summed up the beneficial feat
ures of the bill follows:
"1-Return OF the railroads to pri-
vate ownership.
"2-Exclusve Fedora! regulation
of securities.
"3-Reduction of rate suspension
period from ten months to five months.
"4-Creation Of TRANSFORMATION
board charged with overs ght of rail-
road physical conditions aud admins
tratlve questions and general credit
ga more detailed definition Of
what elements shall be considered in
deciding reasonable rate.
"6-Prevention of strikes that
would interrupt interstate commerce.
"7-Pooling of earnings and traffic,
"S-Clothing the Interstate Com
merce Commission with power to pre-
scribe minimum as we'll as maximum
rates."
Objections to Bill
Mr.. Rea raised these objections to
the bill:
"1-The Interstate Commerce Com
mission is not given effective authority
over state rates. Without this au-
the transportation board fully protect
railroad credit?
"2-The provisions as to making com
pensatory rates and permitting a re
turn sufficient to maintain railroad
credit and provide adequate facilities
are not sufficiently definite and man
datory to produce that result
to be effective.
"4-The communicating Of the so
called excess earnings of individual
companies and Denalizinc surplus earn
ings. if used to provide better rail
road facilities, is decided blow to
operating initiative and conservative
financing.'
In sketching the internatonal fnan-
cial outlook. George E. Roberts, vice
expressed regret that the United
States government had taken gold
from Germany in payment for food.
Advocating the stabilization OF the
dollar, Professor Irving Fisher, cs
Yale, said: The secret OF the high
prices then lies not so much in scar
city of goods or protiteering in trade
or in the other conditions usually sup
posed, III our money and banking
conditions"
Railroads Great Problem
In the annual address of the presi
dent of the association, Robert +.
Maddox, he said:
I'VE hope Washington will soon act
on the peace treaty and the league
of nations, as there are many domes
tic problems which require the at
tention Of Congress. The greatest Of
these s legislation concerning the
railroads. Nothing is more important
than the service and development of
our transportation systems They
are the arteries through which the
life blood of the nation flows. They
touch the activities OF all our peo
ple We know that the railroads have
not received fair treatment from the
rate making power, and by denying
them reasonable returns on their IN
vestments their credit has been large
ly destroyed. Their physical condi
tion had declined before the govern
c,ap$ took them oyar and under pOy-