Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-11
j. S..RESERVE ACT
LAUDED BY BANKER
President Of Association
Outlines Foreign Trade
Aims of Organization.

High tribute to the federal reserve
act and the manner in which the fed
eral reserve board has functioned dur
ing the last. two years is paid by
Richard S. Halves, president of the
American Bankers Association, who
is at the New Willard to attend the
annual convention of the associa-
ton which begins next Monday.
In an interview this morning Presi-
dent Halves outlined some of the aims
and hopes of the organization of
which he is the head, and detailed
some of its accomplishments during
the year just ended.
During the past year our associa-
| tion has given much thought to- for
eign trade and has worked in close
touch with exporters through our
commerce and marine committee. he
said. The results of our efforts in
this line will be made public at the
convention"
Plan 100000, 600 Corporation.
Continuing, Mr.. Halves said: I'VE
plan to organize a $100.000.000 cor
poration to advance foreign trade,
operating under the Edge law, not to
be q; strictly banking measure, but to
be operated by committee Of three
Representatives of the American Bank
erS Association, three from the Cham
Der of Commerce of the United States
and three from National Foreign
Trades Council. 1t will have the sup
port of industry and finance. l be-
lieve- the chief and practically the
only way we can solve the problems
of the day is through interesting the
saving public in foreign securities
and inducing them to make invest
ment therein through a we'll founded
organization.
IF we do not want to build Chi
nese wall around the United States
we must assume our national duties
and opportunities"
Revision of Tax Laws Needed.
Mr.. Halves was especially emphatic
| in referring to the need of revision
of the existing tax laws, prefacing
his statement with the assurance that
1.-The American Bankers Association
never interferes with legislation ex-
cept where the public interest is con-
cerned."
Continuing, he said:
There is a demand from every
state for just and equitable taxation.
Demand will be made for a law
which does not drive from the ave-
nues of trade any legitimate business
money which will naturally seek in
vestment in industrial enterprise
and in investments generally. The
surtax of the present income tax
law is doing and has been doing Just
this since it became operative. The
war is over and revision is past due,
am hoping lnaC the day VIII come
when Congress will say to business
men, to financiers. to industry, Come
sit in with US; put your feet under our
table and help US frame a law that is
just and equitable-that will aid, not
stife, American industry"
Most Important Need.
In reply to a question as to the
most important need of the day in the
United States Mr.. Halves answered.:
Encouragement of thrift and a de- |
crease in the extravaganza that has
been so marked in the United States"
He admitted that both Of these essen |
tials were making marked progress
along the lines indicated.
1T is impossible for me to saw
enough in praise Of the federal re-
serve act or of the excellent manner
/ in which the Federal Reserve Board |
has functioned during the last few
wears, and especially during the last
two months. ;
But for this law and the excel
lent handling of matters by the
board, L believe we would have suf-
fered severely from a series of unto
ward happenings that would have
shaken the industrials and financial
Fabric OF the nations and would have
caused conditions from which re-
covery would have been slow and
even doubtful.
LAS it is l have Travelled all over
the country, west, east and south
speaking in sixteen states, and i |
found nothing bpt great optimism |