The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-10-22
BANKERS CONDEMN
ATTACKS" ON j. S.
CREDIT STRUCTURE
'ttemptS 10 Use Government
Funds to Hold Up Or Force
Down Prices ASSaiIed in
Report.


WASHINGTON, Oct. 22.-Discus-
on by the American Bankers as
,ciation of criticisms lcVeled recent
at certain New York banks by
comptroller Of Currency Williams
eliminated today in adoption ~ a
port of the associations resolutions
mmittee Condemning dangerous
tacks" by unnamed individuals on
credit structure of the country.
Presentation OF the report brought
a heated discussion, SeVerai
ambers maintained that the con
ntinn itself was not interested IN
. controversy which has grown out
Comptroller Williams charge that
rtain bankers had received inur-
nate rates OF interest on call loans
The resolutions committee report
pressed complete approval OF the
deral reserve system, condemned
" effort 20 use the government
nds or forcs to arbitrarily hold up
TO fore down prices or otherwise
interfere with normal economic
fluences;" recommended the elimi-
J ltion Of the excess profits tax as
reputable and of the surplus tax
Ncause ut acts as "A brake on pro-
lction" and pledged the efforts of
he members toward the opening of
rnreign markets through extension ot
4, ng term credits or other means.
The report condemned speculative
oarding" in agriculture or other
Industries. renewed the Recommended
ion for a national budget system
nd expressed the associations com
lete disapproval Of naturalization
industry, particularly as contem-
lated by the Plomh plan,
The association through adoption
{ resolutions, went on record as OPP
osing further participation of the
overnment in business enterprises'
nd referred to the alleged eXtraVa-
ant losses resulting from govern
hent operation of railroads.
While favoring immigration AZ a
neans of preventing labor shortage
nd enabling the development OF re-
ources, the committee report as
dopted recommended caution i'm the
dmittsnce of aliens in order that
he country's welfare and it's ideals
night be safeguarded. A five-year
rogram for construction of national
ighways was endorsed. The report,
a conclusion expressed the opinion
hat the United States faced an era
4 world leadership and prosperity
which could only be lost by internal
'trife or failure of national leader
hip"
Without referring to the charges
Il Comptroller Williams directly the
'eport of the resolutions committee
aid.
"In this hour when the element of
confidence is so vital in stabliZing
md sustaining business conditions,
We deplore utterances which with
nut warrant of ract, challenge the In
egrity Of Americas bankers as
whole and call into question their
motives and practices in the con-
luct of their business. Criticism
BASED on harmful generalizing IL
most unjust and mis- leading
"The Inevitable effect of such
Iroad and unfounded statements is
o create false differences in the
mind OF the public. We protest
against such reflections as not only
unfair, but in the present emergency
most untimely as calculated To ere
ate an unfounded hostilities in the
relations between bankers and the
public and in extreme instances to
breed violence OF actions and danger
Jus disturbances of the public mind.
IF such misleading differences
'hould be made for personal profit
Or qualification. they cannot be too
severely denounced as outrages
against the public interest. The del
cacy of the credit structure of the
can not safely stand such
violent handling. and Incorporate and
lnfounded attacks must seriously
threaten its security"
Immediately upon motion by Fran
cis II, Sisson. chairman of the com
mittee for adoption of the report.
d. f. Guinan, Of Mahoney City Pa.
was recognized, and proceeded to de-
fend Mr.. Williams, describing him.
as 'the most faithful and efficient
Of the currency who has
been in office since the organization
" government" This declaration
was greeted with Misses from several
sections OF the convention hall
Mr.. Guinan declared he was not In
Favor of the American Bankers as
ISOLATION entering a private quar-
'el" and asserted that the comptrol-
er's charges were not directed at the
association in any respect adding Mr.
Williams had on several occasions
siven unqualified approval to the
association and its work as an or