Omaha daily bee., 1920-10-20
Resolution
OF Bankers
Outlined
Condemnation of Controller
Of Currency Williams Fea.
lures Forecast of Action
To Be Taken.
Meredith Makes Speech
Chicago Tribune Omaha Bee Leased Wire

Chicago Tribune Omaha Bee Leased Wire.
Washington, Oct. l9.-Addresses
and reports made at the first general
session of the annual convention of
the American Bankers association
today gave a forecast of some of the
'rlanks to be incorporated in resolu-
tons adopted later in the week.
Among them are the following:
Condemnation of Controller of
the Currency John Shelton Williams
tor his attack upon high interest
rates of New York banks.
Promotion of foreign trade by
means of $100,000,000 export fl
nancing corporation.
Revision of revenue laws by con-
gress to remove present inequalities
n taxation.
A more careful! supervision of gov
ernmental expenditures.
Elimination of the orgy of extrava-
gance and speculation as a means of
promoting more economical con-
sumption as well as increased pro-
Guction.
Encouragement of private
owned merchant marine.
Favor Transportation Act.
Approval of the transportation act
passed by the last session of con-
gress as having taken railroad Sc.
curities out of the highly speculative
class, and helping to stabilize credit
conditions.
Commendation of the manner in
which the federal reserve system has
operated during the war and the
critical period of readjustment fol-
lowing the war.
Denunciation of organized labor
for fomenting strikes and an appeal
for greater consideration of the pub
lie in the settlement of disputes.
An expression of opposition to
Prof. Erwin Fishers gold stabiliza-
ton plan and other schemes involv-
ing a change from the present sys-
tenn of fixed gold standard.
More generous support by con-
gress of the activities Of the Depart
ment of Agriculture.
A declaration in favor of ade-
quate financial aid to farmers in or
der that they may handle their crops
without sustaining serious losses.
Members of resolutions commit
tee were appointed by Richard S.
Hawes, president of the association.
The committee will make its report
at the closing session of the conven-
ton on Friday. ..
There were three chief addresses
at the general session of the conven-
tion One was the annual address
of President Halves; another
speech by Secretary of Agriculture
Meredith on "The Banker and Agri-
culture" and the third, an address
by John ]. Pulleyn, president of the
Emigrant Industrial Savings bank of
New York City, and president, of the
Savings Bank Association of New
York; on the transportation act and
its effect on credits.
President Hawes in his annual
address, digressed from his prepared
speech to administer a singing re-
buke to Controller of the Currency
Williams for the latter's attack upon
high interest rates published in the
Monday morning papers.
Challenge to Bankers.
81 want to comment on the pub
lication originating with a govern
ment official, the controller of cur
rency," said Mr.. Halves. His
statement is a challenge to the in
tegrity of the bankers of America.
trust the resolutions committee
will take cognizance of his state
ment, and answer it in the proper
manner"
Representative Madden of Chicago
was singled out by Secretary of
Agriculture Meredith for attack. in
referring to cutting of appropria-
ton for the department by congress.
Secretary Meredith, in making an
appeal for ample credit facilities for
the farmers of the country, said that
they face a shrinkage of price as
Compared with last year aggregat
ing more than $2,500,000,000, or
nearly II per cent.