Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1921-02-23
Bankers DISCUSS
PROBLEMS PEOPLE
N THIS SECTION
CONTINUED FROM PAGE ONE

The twelve contemplated under the
scheme. Since that time | have been
convinced that the twelve serve us with
greater facility and expedition than
would have been possible with one
enormous. centralized institution.
Both the Federal Reserve banks ani
The Federal Land Loan bank are fun.
dhnentaily sound. There ~ one
grounds Of criticism against the Fcd.
eral Reserve hank. aud that h that
II makes too much money. but this is
not fundamental. and this VII be- cured
without question.
Il approve u the idea ~ the United
States buying the securities % the
FEDERAL Land Loan hank. This has
been done. or will socn b. done "a the
extent Of approximately three hun!
drvd millions 81 dollars This viii
greatly assist the pcoplc. borrowers
ffofn The land bank.
IT favor a special appropriation ~
five hundred millions 10 be put out
through the banks for the benefit u
the cattle man. r; a fair rate ~ lntrr.
cW on such hasis that the government
win he assured against the sllgh,es,
danger IL loss.
The United States n On fundn.
mentally ound basis. there can never
Be another financial manic. The Fed.
eral Reserve banking system has per.
manentiy eradicated such a possibility.
Our psople need merely 70 learn 20
save rnofc and 10 spend iess. We are
living At rate more nnldly than IL
warranted under prevailing conditions
unfortunately. the people have been
led 10 held a disturbed mental s,ntc
through the work u agitators and DE-
signing politicians. II the newspapers
II the country had abstained from lend.
Ing wings to unsound utteranccs of
these disturbing agencies. We would
have had better state % affairs. even
at the present time.
1T ls impossible that a state Of AZ.
fairs financially. commercially and In.
eustrially requiring six years 20 pro.
dnos, could b. overcome In the short
space q elk months. The depression ~
the past several months will disspuAar
correspondingly with the reimbursement
Of conditions In all lines ~ business
A. We attained ca the ultimate height
slowly. ~ We must return % nurnalcv
slowly.
Asked what he thought q a higher
bedrock level at the end II the period
81 readjus,ment. AIR. Chandler said
That IL a hard question. and could
b. answered only In the light Of the
sdiustment Of some % the elements
gong into Il. The labor market. the
question 81 prizes % commodities and
an other items would have 10 be- con.
adfred."
Fullest recognition was given by Mr..
Chandler 10 the relationship existing
between, all classes 81 society. he de.
clared that the banker Is the first man
In the community 20 scnsitivcly feel
the first twinges Of depression and 20
face necessity for readiustmcnt.
fuqua's Address.
Introduced by the president. W. r.
ruqua closed the program for the day
Mr., Fuqua. after n witty reference TO
.. local low-citizen. relative to the
lenxth OF his speech. said, In part:
We have. during the past decade.
iauded the man who has siriven to
make two blades Of grass grow where
FORMERLY only one was produced. We
have hailed with soy the production Of
two ears Of corn In the place Of one. In
other words. there has been a premium
on tncreascd production--the law Of
doubling was recommended and urged.
but now we come 10 phase 81 the ques
ton whereai we Americans must rcccd.
from The policy OF laudation OF dou.
bling for our habit has become 20 h.
20. spend from two To. three dollars
where we only spent one before. The
time has come when we must earn, save
and get away from the spending craze.
Many people waste and exiravagnnt.
n spend their substance. and are under
the dtiusion that success In matters OF
finance q luck. chance or gamble. They
express the idea that the accumulation
Of the worlds capital. and the opera.
ton OF the worlds machinery. are mere.
~ q result Of a common law ~ hori
tage-tust chances TO h. 80. Hut thin Is
crave mistake. one carrying disap
pointmtnt. 10 those who ihra -
innate The elements that govern
suoccss,, Success In matters of financ,
- the direct product Of the brain and
h4nd cc-crdlnaied and operating In IN.
most harmonious relationship 90 bring
Apprt the ends sought. Only through
the mediums mentioned may the eco.
nofnic forces b. sustained throughou,
the world. and their products OF our
hbors be rcaped for our benefits and