Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-15
SAYS BANKERS WILL
FORM CORPORATION
TO EXPORT SURPLUS
Richard Hawes, Guest of
City's Financiers, Tells of
$100,000,000 Concern.
PROJECT WOULD AID IN
SELLING FARM PRODUCTS
Speaker Defends Federal Re-
serve System as Backbone
of Americas Finances.
PRAISES WORK OF M'ADAMs
DIR. Mitchell Tells Local Men They
Should Lead In Solving Com
munity's Problems.
PROJECT WOULD AID IN
SELLING FARM PRODUCTS
PRAISES WORK OF M'ADAMs
Should Lead In Solving Com
munity's Problems.

| The American Bankers ASsocia
on. in convention In Washinston
next week. viii give its Endorsement
To plan nov being worked out for
the organization Of 4 3l0o,o0o.o0o cor
poration IN which the mutual in
t"rcs;s OF tho exporters and banker.
viii be combined. The object Is TO
nlacc the marketing OF the surplus
products Of tho farms and factories
VI the United States on Il safe ant
sound basis. protecting the exporter
in his foreign trade transactions.
Richard s. iIawca. president OF tho
American bankers Association. and
cc-prcsidcnt OF the First National
Bank. OF 81. Louis, impaired the in
formation in tho course oc speech
u" made TO the Richmond Bankers
cub at an informal dinner given in
iia honor b. the bankers last night
sud served i; the Commonwealth
Club.
Defends Federal Rcnerve system.
Mr. Hawcs arrived here yesterday
"n his way 10 Washington and PrcsI-
icnt Thomas Il. Mchdatns. OF Rich
inond Eankcra' Club. took advant-
age OF the opportunity to bring the
bankers together for one q! the
quarterly social gatherings. 10 which
hc club is committed. inviting tho
hcad Of the association TO attend a.
tho honor guest. In Consequence the
bttcnlancc WAS the largest since the
club WAS formed. more than a year
aSo. Dr. S. c.. Mitchell. president OF
l;chmoud College. and Major Arm!-
toad II. DObic. o: tho faculty of the
University OF Virginia, former aid
on tile staff OF General Cronkhite, in
.mcr!ca and overseas. were also
quests OF the bankers.
Mr. Ilawes was presented to the
club by rrcsidcnt Thomas T.
McAdains. Taking bis cue from thu
remarks OF several speakers preccd-
.ug him. who had commented tar;ly
upon the growing tendency among
rolii.cal campaign speakers 10 AL
vc;scly criticize the Federal reserve
systcm. Mr.. lIawes preluded his :e-
marks with II complimentary refer
cucc 10 the able men at the head
OF the system. "The accomplish
ucnts OF the Federal reserve system
In the last few years" he said. have
Nccn the financial salvation o.
,mcrica. We arc on safe and
sound basis today because OF tina;
svStcm.'
Prosperity Depends Upon Farms.
Explaining his casual visit In
Richmond and his mission. he
casually referred 10 the big corpora
,!ol, the scheme Of which is now
hClng devised. but venturcd no out
line OF the plan. saying 1t followed
Hard upon the heels OF efforts tina;
lave been made in the last year and
4 half to stabilize foreign exchange
"rhe future happiness and pros
ucuty Of this country" he pursued,
depends upon the production of tho
farms OF America. Yet only 80 cents
of each 500 OF the $4,000, 900. 900
spent last year by this governmen,
went toward increasing the produc-
tion of the soil.
MIR. Hawes did not come to Rich
mond prepared for the tribute his
brother bankers had rendered. and
lac humorously referred to his un
preparedness. saying that he hose
with tho feeling OF the man in the
story who was call dressed up but
Lad nowhere to go.' lie told the
bankers that hc had Travelled 10000
miles in the last year. meeting the
bankers Of sixteen States.
bankers should Bc Leaders.
And everywhere ! have given them
one particular message" he said
",rhis message Is: The one bcsctting
IN OF the banker is his timidi;y in
asserting his position on public ques-
tions. He Is t!mid because he ls
afraid Of treading on the toes of
Importance. But the time has come
In American history, gentlemen, when
you must assert yourself. The time
has come when you must realize that
YOU are n potent factor, and you must
exert your influence for the good Of
tho people. You must rise above the
role Of money changer and discoun-
Ter of notes and stand forth as
factor for the preservation of the ma
ton, submerging selfish interests.
1T Is time for you to demand that
the men who represent you in pub
lie office shall be representatives OF
The people as whole rather than
representatives of certain classes or
factions You want more business
IN government less government in
business."
He referred to the unsettled con-
ditions existing and attributed the
rnsatis factory state of public affairs
to the lack of business in govern.
mcnE
Tribute to MIR. McAdnms.
"a glittering example Of the un-
satisfactory conditions," he said,
CONTINUED on Second Pagc.)
STREET CAR TICKETS.