The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-11-30

II Is generally the proper course
for a man OF good repute to ignore
attacks made on his character and
name. when such attacks become
persistent, however. and appear to be
concerted. II Is well for his friends
to search into their source and bring
the defaming iackals out into the
light. Having nothing that | know
OF TO conceal. shall sign this letter
with my own name.
refer TO THE Ringmaster In
particular. and Announcer and
CONSERVATIVE TN general.
Let us take for granted the ex'
plxnation OF the function OF money
given by The Ringmaster" in The
Star Of Saturday. November 20. We
may also accept as true the state
ment that the federal reserve system
nay facilitate business In so far az u
may grant credit under certain care.
fully thought out restrictions These
two subjects are unfortunately too
small = part OF the long letter OF
Tho RtngmaSfer'' unfortunately
TOO smnll. because they comprise all
Of The letter that Is correct or true.
Ne may move rapidly by the
usultiform declarations OF The Ring
master" that Seattle banks are throt-
tllnR business and thereby urolonr-
snR the depression which they and
Ne ana "The Ringmaster" depiore.
and proceed 10 the somewhat super
fscial argument which endeavors 70
prove that they are throttiing busi'
ness
There Il no reason In common
sense. there Is no reason In a normal
ana uncmbistered point OF view. for
the Illusion that Seattle bankers are
diaboIicaliy combined 20 depress the
business OF their own city and 10
scnd It's money abroad II IL appar'
ent that such a policy. were II car
ried out--altho Il Is not carried out
could not but wean the community
NJ its resources. thereby deprivinx
the banks OF large part Of their
deposits Just as certainly az II would
hamper business Does The Ring
master" actually believe that banks
thrive in an impoverished com
nsunsty7 Does he imagine that their
deposits are obtained from the East
ern communities which he alleges
they are 20 eager TO assist Can he
30 tisfort reason and the facts that
he sincerely thinks Seattle banks are
40 embittered to Seattle that they
would bring about their own certain
ruin to satisfy this unnatural hatred
That argument Is not subtle. II Il
not even plausible. IL certainly does
not sound sincere. II unavoidedly
conveys the impression that The
Rinrrna sfer~ has bone 10 pick. a
rrudge TO saitzfy. which permits him
to indulge his chsgrin In a diatribe
that his own reason cannot Justify.
Perhaps ''The Ringmaster" Is like
the enthusiastic young man who
called upon his banker for a loar
OF so 900.
what security have you to offer?'
he was asked
absolutely nonev' replied he with
an engaging smile.
''You have no security7''
Nothing but my personality" was
the firm response.
For the purposes OF this story W.
shall say that he didn't get Tho
money. OF course. at one time there
might have been bankers who woulc
have given him the money. IT /,
safe 70 say they are not In business
now.
The only reason that any indIvid
unIs or business firms are now re-
fused money in Seattle-or else
where's that they have nothing u
offer - nothing but personally
"The Ripgmastcr' has said ioi
when he states that banks are the
custodians Of the peoples money
Almost anyone who had money IN
tho failed scandinavian American
bank will agree that banks should
only loan money upon q reasonable
belief that they will get 1t back You
Sec u Isn't their money. and they
must be careful with II. There has
been lot Of hokum in certain Seat
tie newspapers about young and
striving firms who have been refused
funds by the connivinR banker. But
the sad truth Is that they had moth
ing TO offer--in the rare cases where
they did. they probably wished both
to eat their loaf and TO keep H. And
Il II almost as hard 10 get something
for nothing In Seattle as IL Is in
other parts Of the world
The Ringmssfer" asks Some very
general. very superficial. very lead
ing questions about the investment
of Seattle banks in commercial pa
per-which he calls just paper. .
There. says he. Is where all the
money IL going. But even casual
knowledge OF financial conditions In
this city would reveal the fact that
local commercial paper houses have