The Washington times., 1920-10-19

Of us. SOUND
|HaWes Delivers BroadSide at
ComptroIler-Says Ring"
Expose is False.
MEREDITH APPEALS For AID
Asks Bankers to Give Farmer
Chance to Extend Credits
to Meet Crisis.

Washington's welcome to the
tforty-sixth annual convention Of the
American Bankers Association was
made at the formal opening OF the
event in B. F. Keith's Theater this
morning.
1t was a typical Washington well
come, Col. Robert N. Harper. presi-
dent of the District of Columbia
Bankers Association, extending the
city's handclasp in a graceful
speech, and the response being made
by Thomas B. McAdams, Of Rich
mond. second vice president Of the
American Bankers Association.
u. 8. ANTHEM AT OPENING.
The singing of The Star-Spangled
Banner opened the meeting, and
when the flag was carried down the
center aisle the entire convention was
lswept to it's feet and Joined in the
singing of the anthem with lusty
lzeal that resembled a revival meet
ling.
The fiag-draped boxes were filled
with the wives of officers and dele
gates. and Cabinet officers and other
ldignitaries Joined in the welcome Of
the local bankers to the visitors. A
llnrKe number Of members of the dip
/ Iomatic corps was present. ~ s-l t-'
Scarcely had the convention gotten
4 under way when the first big sensa-
! tion came In a scathing reply from
4 Richard 8. Hawes, president of the
association, to the recent broadside
attack Of John Shelton Williams,
comptroller of the currency. upon the
money rates charged by New YORK
banks.
Amid tumultuous applause, Mr..
Hawes declared that the American
, Bankers Association challenged this
attack upon the integrity of the bank
ers of the United States" and indi-
Gated that steps would be taken to
show that it was false.
DECLARES BANKS SOUND.
He then launched forth into the
main body of his address, declaring
that Americas banking position Is
sound. and America is passing over
the bridge into a broad avenue of fu-
ture operations with a more firm
foundation. and with a conservative
business atmosphere prevailing.
Americas real diffculty is unbal-
anced production" he added. The
dire prephecies about the number of
years required for production to catch
up will not be fulfilled. Increased
production is not nearly so much a
| cause for concern as is more eco
nomical consumption.
"The orgy Of foolish, extravagant,
and speculative consumption which
has prevailed in the United States.
| and is yet too largely in evidence,
| must cease If we are to obtain a
permanently strong position in world
trade.
| \ mn A II
Secretary of Agriculture Meredith
| appealed to the bankers to measure
UP to their responsibilities" in the
present crisis facing the farmers and
urged that you will see to 1t that.
| so far as possible, the farmers are
! properly financed not only to pro-
tect them from unwsrranted losses,
but to stabilize their business and to
insure adequate food production in
the future y.
Il think you fully realize that II
the farmer is to continue to produce
| and to meet the food requirements OF
the nation he must receive adequate
| prices for his products" continued
Mr. Meredith. "The. farmer. is not the
only one who would be adversely af-
fected IL ne fails to secure a reason
| able return for his EFFORT. He will
. | suffer of course, II he stops produce
ing, but the banker, the merchant,
and the manufacturer also Will suf-
fer.
URGES AID FOR FARMERS.
Take an active, not apsssive, in
terest in agriculture and In the prob
lens confronting the farmers in your
respective communities. See that the
great bashc industry of the nation is
properly encouraged, supported. and
developed"
Tire convention adopted the amend
ments to the Constitution presented
by M A. Traylor, chairman of the
Constitutional committee. The ex-
pected fight over these amendments,
relating to the executive manage
ment OF the Trust Company section.
failed to materialize, and the changes
were adopted without debate.
| President Hawes charged the bank
ers with the duty OF making a war
upon the wildcat stock" promoters,
as means OF conserving wealth for
useful purposes.
"The people must be educated
against worthless stocks and to rem
der useful every dollar OF capital
available.
LIBERTY BOND VICTIMS.
"The Biberay bond holder has been
great field for the GLIDE stock sales
| ru,..