Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-20
u. s. Treasury Head
Sees 4 Billion Levy
Continued from Page One


causes resort to the government for all
sorts of appropriations, many even OF
a purely local character. 1t is this dis
position rather than self -aggrandizing
efforts of federal departments to ex.
tend functions which is the main ex-
PLANTATION of mounting federal budgets
and Of centralizing tendencies frequently
criticized.
"If there Is n fault, and I think there
is. the blame rests largely with the
public, which remains Quiescent chile
interested groups are clamorous. When
the people realize this fact there will
be remedy and not until then
500, ZOO, 900 Trade Corporation
A proposal for the organization Of
500 100000 corporation for foreign
trade financing under the auspices of
the American Bankers Association was
put before the annual convention by its
committee on commerce and marine and
approved.
By co operating with merchants
farmers. exporters aud producers, the
report said, and taking advantage OF
the Edge law, the corporation could
issue 81 900 900 900 in debcnture bonds
for sale in the United States and the
extension of credits abroad.
The report said the economic future
of the United States was bound up
in the future Of our trade relations with
other peoples.
President Hawes was authorized to
men to work out plans for the forma-
tion of the corporation under the pro-
visions of the recently enacted Edge
law.
Too Much Money in Sugarb0wls
The people of the United States are
carrying around in their pockets or
hiding at home SO 900 900 900 of Amer
lean surrency. or nearly one half the
total supply, Fred W. Ellsworth, vice
president of the Iibernia Bank and
Trust Co. of New Orleans, told the as
sociation.
"This means that for every family
in the country there Is an average Of
500, "A large proportion of which should
be in the banks. where it could accom-
plish for the business community in
finitely more than It can resting in dis
mantled Sugarbowls or in trousers
pockets" Mr.. Ellsworth continued.
"As a matter of fact, right now $3,
900 200, 900 Of American currency, as
basis for credit, would enable the
banks to take care of very large
proportion of necessary business which
is suffering for the lack of adequate
financing
Bankers, he said, had undertaken
by collective and co operative move ;
ments to show the people by advertising
how to do this saving and investing.
The savings bank section of the
American Bankers Association is
working on a comprehensive plan for
advertising thrift, said Mr.. Ellsworth.
The trust company section has arranged
nation wide advertising campaign for
which $50 900 has been appropriated
for the first year.
Annihilation Of bolshevism in every
country. the fixation Of the German
indemnities to the Allies, and the re-
construction Of devastated districts are
the great needs of the hour for the
complete restoration of Europe, FREQ
I. Kent. vice president of the Bankers
Trust Co., of New York, declared II
an address.
with bolshevism destroyed" Mr.
Kent said, 'productiou win increase
currency expansion will decrease, gov
ernmental budgets can be made to bal
ance and ultimately taxation can b.
reduced