New-York tribune., 1920-10-23
Bankers Hiss
Williams and
Assail Policy
With One Dissenting Vote
American Association Re-
Dukes Comptroller for
Attack on New Workers
Reserve Board Praised
Immediate Revision of Tax
System Urged and Credit
for Farmers Advocated
From a star correspondent


ton Williams, Comptroller Of the Cur
rency of the United States, although
neither physically present nor men
tioned by name. was the central figure
sixth annual convention of the Amer
lean Bankers Association The ma
tional body of bankers, with only one
dissenting voice, rebukcd the Comp
t'oller for" his attacks on the call loap
rolicy of New York banks.
Francis H. Sisson vice president of
the Guaranty Trust Company and
chairman Of the resolutions committee,
standing on the stage of KciSh's Thea
Ter, ID that the report be adopted d
as r, Daniel +. Guinan, treasurer
Ct the N.archants' nank Trust Company
of Mahanoy City, Pa. arose. He urrc1
the association to remain neutral in the
quarrel between Mr. Williams and Wall
Street institutions ana characterized ID
the ofhclal as the most efficient Comp
troller who over held Office"
This tribute was followed by one or
two handclaps and then BY rnpeated
misses from various parts of the thea
ter, which wac crowded with delegates
from all parts of the country.
Defender Is Yelled Down
Continuing, Mr. Gunan charged that
the official made "no distinction be
tween those in high places and low
places. Il do not want to be a partv
to this quarrel he said further. Wells
Of "Qucstionl Question:" followed. and
Mr. Ou'nan sat down. This delegates s
tanK operates under a state charter
and has no direct relations either with
serve Board.
Two proponents of the resolution
replod to Mr.. Guinan, and the report
OF the committee was accepted bv the
favorable vote of all the dclegatcs
present, with the exception of the
Pennsylvania banker.
IN this hour when the clement of
confidence is so vital in stabilizino and
sustaining banking and business con-
dltions,' it said, Eve deplore utterances
Whlch, without warrant Of fact. chal-
lenge the integrity OF Amorica's bank
ers as whole and call into question
thelr motives ani practices in the con
duct OF thelr business. Criticism based
on harmful gencralizing is most un-
Just and misleading. The inevitable cf
ments is to create false differences in
the mind Of the public
Reflections Most Untimelv
I'VE protest against such reflections
as not only unfair, but in the present
emergency most untiMely, as calcu-
lated to create an unfounded hostil-
lty IN the relations between bankers
and the public, and, in extreme in
n
dangerous disturbances in the public
mind. If such misleading inferences
should be made for personal profit OF
qualification, they cannot be too Sc
Vereiy denounced as outragcs against
the public interest. The delicacv OF
the credit structure cannot safely stanc
such violent handling, and incorporate
and unfounded attacks must seriously
threaten its security.'
Less than two hours after the action
had been taken by the convention Mr.
Williams gave out statement reply
ing to the resolution.
"Criticisms on the statement given
out by this Office for the newspapers OF
Monday last" Mr.. Williams retorted
"seem to me to be rather vague anC
feeble as we'll as anonymous. | hoped
they would be strong, Illuminating anC
!
lieve that they do not express the
thought Of the bankers of the countr,
CT OF New York, who certainly are mer
of ability, with intelligence and cour.
age to speak clearly and frankly wher
they wish to speak,
The Comptroller's latest thrust die
not mention the American Bankers
Association or its resolution.
The delegates to the convention were
frankly critical Of the Comptroller
action. but many of mis- chief locs were
anxious that his attacks be ignored on
the ground that taking official cogni.
zancc would give Mr.. Williams an cx
cuse for another blast
Criticism Against System
Zone OF the functions of this Of
fee Mr.. Williamss statement con
tlnued, SIS to do all possible to main
tain and increase the good will anc
confidence of the public in the banks
of the country. To that end continuaI
labor, frequently troublesome to ali
concerned, has been applied to make
sure that the management and con
duct Of all banks should be such as
to deserve good viii and confidence
lhere Is no purpose in this office t.
STIR or cater to any pre- ejudice against
that great and useful part of ou. Fl
nanclal system popularity known a.
Wall Street There was and is nc
purpose to hold up the New York City
bankers or any other bankers for sue-
clal condemnation. 1t is my duty to
discover and oppose what believe To
be evils and dangers threatening on
impeding the business Of the country
There has been no attack on individual
or individual interest. The criticism
from this Office has been against a
system and method. The first step
toward correction OF any wrong must
be discovery and exposure.
After asserting again that a billion
dollars of New York loans are con-
stantly affected by rates artificaIlv
fixed and setting forth additional e1-
hlblts purporting to reveal loans on
which 20 per cent and 25 per cent
were charged, the Comptroller adds:
Sees Need for New Policy
"The plainly, indisputably prone.
course is change OF policy and r.ror-
nation of the abuses which have ccne
almost imperceptibly not loose and
wholesale criticism Of the man try1nr
70 heave the lead line and give war;
ing of shoals. The point is not the
quantities or intentions OF the official.
but whether the shoals are there. N,
work IS to report them and prove
where they are. Ny strong faitL is
that the bankers Of the country VIII
find and apply the cure FOR the evil
that has been shown They have on
them now some Of the heaviest and
most difficult esponsibltes that ever
rested on a financial BODY The wei.
fare not only of their own country.