Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-22
Controller Kissed and Cheer
ed During Heated Debate
on Resolution.
FEDERAL RESERVE GIVEN
PRAISE BY ASSOCIATION
Support for Farmers Again Urged.
Members Charmed by D. C.
Entertainment.

BY an overwhelming vote the
American Bankers Association in
convention today adopted a resolution
deploring and protesting against the
charges made by John SHELTON Will
liams relating to high interest rates
in New York.
The resolution did not mention Mr..
Williams by name. But in the debate
which followed the submission Of the
resolution to the convention the con
troller of the currency" was freely
charges in question. made public by
the controller the day that the bank
ers' convention opened here. The con-
troller was defended by F. Guinan. a
banker of Mahonoy City, Pa. who op-
posed the adoption of the resolution.
in the debate, and was criticised by
Nelson B. Eldred of Auburn. ~ T..
and Daniel F. Kehoe of Maysville, KY
Resolution as Adopted.
The resolution adopted by the con-
vention follows:
I'm this hour. when the element of
confidence is So vital in stabilizing
and sustaining banking and business
which without warrant of fact, chal
lenge the integrity of America shank
erS as a whole and call into question
their motives and practices in the
conduct of their business. Criticism
based on harmful generalizing is most
BILE effect of such broad and unfound-
ed statements is to create false in
ferences in the mind of the public.
I'VE protest against such reflections
as not only unfair. but in the present
emergency must untimely, as calcu-
q or 70 a
in the relations between bankers and
the public, and in extreme instances
to breed violence of action and dan
gsrous disturbances of the public
mind. If such misleading inferences
should be made for personal profit or
qualification, they cannot be too Sc
verely denounced as outrages against
the public interest. The delicacy OF
the credit structure of the country
cannot safely stand such violent han.
ding. and intemperafe ana un1oonded
attacks must seriously threaten its
After the reading of the resolution
by F. H. Sfsson. vice president of the
Guaranty Trust Company OF New
york. chairman of the resolutions
along with the other resolutions sub
mitted by the committee, Mr., Guinan
took up the cudgels for Controller
Williams
Defends Controller Williams.
"can you," said Mr.. Guinan, take
up the quarrel of some bankers with
some government oficial. as an as
american Bankers Association with
anything. In fact. he has praised
it for its work during the war. He
has made charges against some pank-
ers in some cities. Why not ieaVc
it to the accuser and accused are
ho
a chip on our shoulder. ready to take
notice of every charge that is made:
1t is not the part of intelligence.
either. to render Nerdict peIore
we get all the evidence.
For years it has been evident that
there has been an attempt to discredit
the work of one of the most faithful
and efficient controllers of the currency
the country has had
This remark drew applause ana
Kisses.
.T believe in the American spirit OF
fair play" said Mr.. Eldred, when ne
obtained the floor He asked now ma. n,an
distinguished only by the office he holns.
a part of an administration we now nope
is in the throes of DEATH could be re-
garded .,
This is not a political speech con-
tinued Mr.. Eldred. 81 am democrat
hut not this year" He referred further
to Controller williams as the 'distin-
ruished and I hope soon to be extln-
guished controller" and SAID that ne
hoped the action of the convention wouid
be given as widespread publicity as had
Mr. Williams charges.
Mr. Kehoe, president of the Bank of
MaysvilIe, Maysville, KY. who closed
the discussion. said:
"CowardIy" Not to Act.
Il listened with interest to the re-
marks of the gentleman from Penn
sylvania Mr.. Guinan, and the thought
came to my mind that the resolution
had not been quite plain enough
am really country banker. But |
feel a sense of justice toward Wall
street Just as to the banks of the
entire country. | am not afraid to
defend my position. The banks stood
by the country in the war. and Wall
vanced in price 100 per cent. except
money, which we kept down. ! should
consider that we were towards IL we
failed to meet an issue of this kind
'1f the charges made by the con-
troller go undenied, they will he
few ShyIock bankers in New York
If the controller had quarrel with
a few bankers. he should have taken
it up with them.
IF any amendment is to be male
to the resolution it should be de-
sion hu< of the conduct of public
official
President Hayes of the association
put the question on the motion on
the report of the resolution commit
tee and it was adopted viva voce.
with a great volume of ayes"
Today vas the Anal day of the
bankers convention. The convention
adjourned early this afternoon.
Besides deploring the statement is
sued by Mr.. Williams. the report OF
the resolutions committee expressed
complete approval of the federal re-
serve system: condemned any effort to
use the government funds or forces to
arbitrarily hold up or to force down
prices or otherwise Ito interfere with
normal economic influences; recon-
mended the elimination of the excess
profits tax as unequitable and of the
sur tax because lit acts as brake on
and pledged the efforts OF
the members toward the opening Il
foreign markets through extension OIL
long-term credits or other means
The report condemned speculative
boarding. in agriculture or other IN
dustries renewed the recommendation
for a national budget system and ex-
pressed the associations complete dis
approval of nationa alization of indus
try. particularly as contemplated by
the Plumb plan.
The association, through adoption
Of resolutions. went on record as op-
posing further participation of the
in, h,,S apfArnrise