Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-15
WEALTH Of SOUTH
NEVER So GREAT,
BANKER DECLARES
Cooperation Needed to
Readjust Conditions,
Asserts Miller.
ALL HONEST EFFORTS MUST
BE ENCOURAGED, HE SAYS
Replies to Criticisms Aimed at
Operation of Federal Re-
serve System.

Throughout the South today is
more wealth than many of us ever
dreamed Of" John NJ. Miller. Jr. presi-
dent of the First National Bank OF
Richmond. told the Credit Mems AS
sociation last night in an address at
business Mems Club on the present
credit situation. Mir. Miller took the
optimistic view Of existing conditions
There have been many dark days
in the SOUTH he said. there have
been many times when poverty stared
US in the face. No such conditions
now confront us. With us now II is
only a question of rcadjustmcnt to the
changed conditions. We must con-
serve not only our wealth but our
agencies for creating wealth.
we must give our best considcra-
tion to the farmers of the South. the
backbone of our prosperity. We must
do all in our power to keep them in
good heart and prosperity. We must
prevent bankruptcy. rcceiverships
and suspensions in every case where
integrity. courage and hard work are
in evidence. We must cooperate for
the good of the whole and not insist
on the last pound of flesh"
No Time for Phophecy.
Mr.. Miller declared that 1t lis no
time for prophecy. He said that 1t
is not the hour for Sensational
statements or. above ALL sensa-
tional headlines in the newspapers.
1T is a lime for cooperative in
tclligence to amelioratc existing
conditions the speaker asserted
ttyifh aT q,
OF each and every one OF US to as
way to save honest, courageous
spirits that will Iork. economic and
exercise nntiencel and consideration.
"Nation-wide. yes, worldwide condi-
tons call for the best co Operative
efforts in all of US at this time. High
prices and the fear of not having
goods in stock have caused many
merchants and manufacturers to ac-
cumulate tremendous stocks at cxor-
bitant prices neccssitating these
manufacturers and merchants incur
ring large Indebtedness. At this time
we face the fact that values not only
of securities and merchandise Of every
character have shrunk tremendously.
whereas the obligations to pay have
not shrunk. but are swelling by rea-
son Of accumulated interest charges
day by day and night by night.
The American dollar is at a tre-
mendous premium in nearly every
country. in the world, and on the
average It takes practically 81 of for
eign money to buy one dollar of
food, clothing or other products from
this country. The balance OF trade
has been for several years largely in
our favor. increasing the Indebted
ness of the world not only to our
Federal government, but also to indi-
vidual firms and corporations in
trade In the United States"
Hopes Plants VIII He Opened.
The speaker here expressed hope
that Industries which have partially
shut down during the past few
months will resume operation after
the first of the year In order tina,
trade in domestic fields may be con-
t!nued as formerly.
Wholesale prices have come down
much more rapidly than was expect
ed. II was hoped and believed that
they would fall gradually. thereby
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