The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1920-10-22

Several delegates jumped into the
debate before It's close with q defense
of Wall street for its patriotism" dur
ing the war and aftsrwsrd. ane
warmly supported the rebuks TO VIII
llama.
Finally. President HAYES. apparent
ly wishing to Prevent further clAshse
between the delegates. and while sew
eral were on their feet ready to be
heard. put tho motion. and the reso-
buttons As read we're adopted.
The attack upon Williams was en-
bodied In the following part OF the
resolutions;
RESOLUTIONS ADOPTED.
confidence 10 so vital In establishing
conditions. we depiore uttsrances
which without warrant to fact. chsl-
lenEe tho integrity OF Americas
bankers as a whole and call into
question their motives and practices
In the conduct OF thar business.
Criticism based upon harmful gem
eralizing 10 most unjust and mis-
leading. The inevitnbls effect OF such
broad and unfounded statements Is to
create false differences in the mind
OF the public.
I'VE protest against such rehec-
lions as not only unfair. but in the
present emergency most untimeiy. AS
calculated to create the unfounded
hostility In the relations between
bs mixers and the public. and In ex-
IRENE instances to bred violence of
action and dangerous disturbances of
the public mind.
Ell such misleading differences
should be made for personal profit
OF gratification, they cannot be too
severely denounced as outrages
against the public interest.
The delicacy OF the credit struc-
ture OF the country cannot safely
stand such violent handling, and In
temperate and unfounded attacks
must seriously threaten its security"
Cooperative marketing for farm
ers-the elimination OF the middle
man and the Spectator to a large ex-
tent-was advocated In an address be-
fore the closing session OF the Amer
lean Bankers Association by II. NJ.
Robinson, OF Los Angeles. today.
The convention came to formal
conclusion shortly after noon today.
although number OF committee
meetings remain to be held. at which
such matters a. the line Of policy to
be purused with reference to the ate
tack OF Comptroller OF the Currency
Williams upon the Wall street banks
will be acted upon.
He stoutly defended the farmers
in their request for greater considers
ton from the banks OF the country.
III the banking machinery OF the ma
ton fails to bring relief to the farm
err, he must In self-defenss broaden
the cooperative scheme OF getting
his products to market.
The cooperative marketing plan
would bring greater profit to the
farming industry, he declared. and
result in enormous savings to consum-
ers. through the elimination Of job
bling profits.
There are many evidences OF grow
ing dissattsfaction among producers
Of many commodities. who claim they
are being Disseminated against by
the bankers and those in control Of
credit facilities" Mr.. Robinson said.
There 10 constant agitation among
such producers for an extension OF the
principle of cooperative marketing.
to remedy. or At least relieve, tho
situation" =
Mr.. Robinson asserted that bankers
must realize that abuses have crept
into existing practices. and that
bankers should recognize clearly the
problem OF financing commodities on
a basis that will be fair to all cle-
ments OF the community.
He pleaded the bankers should
work together to reach q satisfactory
basis for assuring the producer a fair
and proper share of commodity
credits. He warned. however. that
bankers can not safely overlook dan
gers that attend some OF the remedies
proposed by producers to Improve
their condition. Mr.. Robinson, sup
porting cooperative marketing. said
MUST RELIEVE PRESSURE.
THE cost Of financing commodities
beyond the harvest time in the form
Of small units to the producer him
self would make the final cost very
much higher than the present cost OF
the middlemen's large unit, accumu-
lated by him from multitude of
small units.
Either we must continue the prac-
ticc OF financing the middleman in
stead OF the producer, or the banks
must set up suitable machinery for
handling the multiplicity of small
units and make an initial charge
against the producer, on somewhat
the same basis as the present buyer
In lieu Of this, the producer must
set up machinery for accommodating
the original small units into large
ones, and provide for their handling
by people experienced in business,
financial and transportation oper-
ations.
Some method must be devised for
relieving the pressure upon the pro-
Queer. which forces him to dispose
of his crop. either at the moment
the harvest is completed. or while
its movement In under way, as this
has been too often used as a means
for price depreciation. Methods must
be found for lowering the costs of
financing him, both through the period
Of production, and for an equitable
period after his harvest"
DEFENDS RESERVE DISCOUNTS.
REPUTATION of charges against the
Federal Reserve Board that it con,
tributed to the high cost of living
by advancing the re-discount rates
was made in an address by Oscar
Wells, OF Birmingham, Ala, member