The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-05-25
|01o1EuRNF cLEv16A1D 1AN11A
OlO1UDS1S cAUH10 AID 1HA-
NDGBD or PAD0"F DE-
PRI811oM

DT0oTSS1S cAus1S AID 1EN-
HDG11 or PR1G"F DE-
P11SS1oM
Believe WORT 10 Over sad that ysss
: frSm Nov ESsat change VIZ Dc
6ssn
Members Of Group No. I. West Vtr-
Rinin BANKERS. were the guests Hes'er-
day n ftrrno-,n and last night AT the
Country club. OF thr bankers OF "hc"l-
ing Tn. seven counties represented IN
Crrun No are HanoDCH. Brooke. ONO.
Marshall. wetzel. Tyler and Marion ana
each one had larS" representation
present There were. also MANY from
po,nts in Jefferson. Belmont AMI Monroe
counties. Ch;". Most Of III" bankers went
tn th.. '>ouatry club III IN" afternoon
and sr,u, , pleasant tune IN both out
door and indoor sor!I, diversions NJ
$50 a special dinner was served IN
M2ruIrr swartHs very orS' S'se '
proved highly enjoyable.
Following IN" rcpI$-. NJ. ". b. irvine
vic. president 81 he group. "rhctaelnR
a. toastm:. 6r made hr!"t opfninS
talk IN which he oppressed pleasure az
the presence % the guests. ANA "ndeu
by introducing Mr.. u. A. Nhi;eha'r OF
trcvei nd ohio. a prominent inNeStm"H'
banker nf tina. city. VIII" visited "h'f.-
in- during the war in connection with
the Liberty loan campaigns. lie NV"
excessive experience abroad "a r"n-'-
sentative OF this country during part ot
the war. both In Eurors and In AS''.
Iatc- hc h~ca me IN" Liberty Loan ~
nressntatiy. nf tnr Federal Reserve
bank Of rl"> Gland.
MIR. Wh.,-hair began his address by
recalling the plcaSur" ~ MY previous
visits ~ Whesiin: and referred I" 'n'
inspirnuou: -ou1g" and sn"-gy shown
nv the bankers and re"pl" ~ Wh"e'nS
in their Liberty Loan campaign ne
Hpcke, in particular. nf the great l.'n-
eriy parnde in Wheeling IN me sum
NOR Of l9iS which he described ~ one
81 the mos; inspiring >p-rta"ies II" nal
seer in rur nertINn with his work durlnS
the war.
Functions Of BxaHs
Banks Mr. Whftehair A,d. are stab
iltzers ~ business I, q their function
to help those who need help and "nme-
times To curb speculative movements
that tend toward danger There - az
present and FOR som" time has been. hs
said some criticism "f the restrictive
measures atopttd ~ BANKS TO- the nm
itation Of credit. These measures. Ne
declared, were as "A matter ot palm ta"t
actS OF necessity anu III ShPi''HS 'N'
ton. The Federal Reserve anks. he
stated had gradually put tho rhmp IN
wild speculation and a, the sam" tiIe
had souxh, ,n stabilize legitimate hG$l-
ness The depression that has 49, Il
for some months. >eriouS a. II has Seen.
Mr. W-hitehAir SaId. has not been a"
Widespread nor disastrous as other !Ik"
periods IN our history. due largely 10
the Federal Reserve lankH. which ia &c
- b<en abe N put 4 rhern on srecuEttrn
and assure reasonzlh Die aid 10 thoS" en-
titled 10 IT, II was NOT no much 20 say.
hecla the speaker. thar the nation
would not have been able 10 finance It's
efforts during the war successfully
had II rCS been for the aid and Staol:-
zation furnished by the Federal Reserve
system.
Mr. N-hitrha.r aid that No had at
times heard anutarturers rriticise
banks for the depression. "a il the hanks
controlled th- supply ri money And
could increase Or decrease /, at Will
Thr money Supp.!. ~ said. was con-
,rolled Nv the people themselves and It's
prices was regulated nv the law ot
supply and d.rnad. Money. or rather
credit = scarce. mid the speaker. and
..,1 proceeded |" toll why
During IN" war. ne said many bust
They we're making money easily and "t-
fered higr rates ccr tn, Us" Of capital
When manufacturing concerns were
selling their securities - that investors
could maze eight or 'cn per cen; II was
-ot strange that people drew their
MONEY out Of thr hanks. N n" same
:ime foreign governments were offer-
Ing securities n our markers paying
from seven ~ ten pr cent and our own
government was offering investments
20 net six per cent. WIN All (his oin-
ding for money. how could IN" banks
maintain a larE" supply ~ money 10
lend to tho<s who might b" entltINo I"
il" Ia w,s wei known. tho speaker
Naid that IN the last two years me
American PEOPLE had engaged in the
rildeSI debauCh Of PNtraNaRance INC
world had seen. Money came easy ana
wen, easy Billions wer" spent need
lessly and uSclessiy. This money -
rome and neither ;hc banks nor m" "e''-
ple have Il. to help finance business
The reason was obvious. n" sad. ~h!
money was scarce The Wild "NtraNa-
rance and specula tion Of the pNoT.". Tho
neads ~ me governments 81 Europe
md the waste OF war. had all operated
10 destroy wealth. use ur our reserves
and impoveriSh me word.
wars orssesst Loss
The greatest los Of m" World war
Mr. W.hi,shair said was perhaps no'
the destruction OF property great rs
that WAS because. first. in the four
wears from Is 10 cn. millions OK mon
were withdrawn from productive EN- :
p,oymcn;. and second from Co. u
millions Of mcr VINO would have been
producers were killed. AZ a result. ne
said. the world WAS infinitely poorer
than = WAS IN lati and the only way
10 recover was through thrift economy
and consistent hari work.
During the War. h" said IN" amer,
can people had temporarily rnrich"n
themselves In thc period before we
enter~L the war. many great fortunes
vre made by tho SAFE % supplies ~
VIA. rcrharS AZ well for tho sou. or
America. sad tho speaker. that We en-
tered the war when We did. We were
becoming So hardened. h" said mat we
could pick up = paper and read NJ the
sIaugh,ar Of thousands OF men on the
western from; with n" moro t"eilhS
than We had when We read IN" Sport}nK
Pare. In th:S connection. he auatcd
William Howard Taft. VIII" said We
entered :hr cr"a: w;r JnSt IN time ~
save our own SOU. :
In the war II" continued We mace
great S:scrincrS and gent huge sums
~ ~, TnDf,lCt OWING 4