Greene County herald., 1920-11-12

w. Foote, vice-president OF the First
National Bank OF this citv,, In an ar
ticle written BY him for The Chica-
90 Banker" and published recently.
The Farm Department of the Hat
tiesburg American reproduces it be-
cause its editor believes it is well
worth reading aud because IL con-
tains valuable information not only
for the farmers, but for the business
man as we'll;
At this time in the history OF A
merca we are handicapped by dis
torted credit conditions, which are
due largely to unbalanced credits.
All appreciate the need of reform
and there is ever present the dlsposi-
tion to demand relief, but also to
look to others for needed reforms.
The individual does not examine self.
We are the victims principally of
lack OF introspection, self-audit, to
be more PRACTICAL.
At this time we are establishing a
new point of beginning in domestic
and foreign policies. We will soon
find tho nation embarked in larger
trade relations with the world, and
constantly coming in contact with
analvtcal minds Of the old and expe-
rienced traders of Europe To pre-
pare for the future stability and
prosperity Of our country, we must
begin at home. develop strength
from within, and make progress out
wardly.
This is subject that is not thor
oughly understood by the public, al
though thrifty persons usually have
bank accounts and many of them
borrow from banks. No enterprise
or influence has contributed so much
to commercial life and expansion Of
industry as banking. The idea OF
gathering by voluntary action the
money possessed by all the people
into repositories, and then loaning
it to such people as can use 1t 10 the
advantage of society, was indeed the
outgrowth of thar moral develop
ment which caused man to trust
man and was the real beginning of
material progress. Every bank is a
concentration point for the capita
in It's territory. The people have
not only learned the danger of keep
ing money in their private possess
ion, but also that public sentiment
strongly condemns such narrowness
and refusal to cooperate with the
public welfare.
Hoarders have come to be regard
ed as public enemies, and have al
most ceased to exist. 1t Is not be-
cause of q public interest in the
prosperity of banks, but because the
best interests of the entire country
require that all capital be made avail
able for enterprise thereby broaden
ing the opportunitiessof all mankind.
BANKS HOLD TRUST FUNDS.
1t is the duty of banks to lend
their funds as freely as soundness
will admit, but the fact must not be
overlooked that all funds in the pos
session of banks are trust funds.
Bankers are therefore, as much trus-
tees are business men. fact little
appreciated and it is their duty a.
bove all things, to safeguard loans.
and proceed invariably with refer
ence to safety as the first principle.
Banks hold funds belonging to the
State, widows and orphans, the aged
and the operating capital of the bus
mess world. Banks are now very
definitely controlled by law. No
field of legislation has received so
much attention OF recent years. The
close and persistent supervision of
banks, exercised by states or the
Federal Government, looking to the
security of oeporits and the wise
management OF the funds, emphasiz-
es trusteeship, and the evolution of
banking, is constantly moving TO-
wards higher standards of business
life.
Banks owe it to the public to dis
tribute their loanable funds fairly.
that equity and equal business op-
portunities may be enjoved bv all.
IT, 90, .nacc tc a ,,n x.,,,r - ,<.l