Dresden enterprise and Sharon tribune. (Dresden, Tenn.) 1907-1997, 1921-06-03
ECONOMY ON WAY
BACK TO NORMAL
Fact Brought Out Before State
Bankers Association in
Convention Here

two things necessary to clear away
the clouds lowering over the CONNER.
cial world, Col. Thomas B. McAdams
| yice-president of the Merchants Ma.
tional Bank of Richmond, told the
members of the Tennessee Bankers
Association, assembled at Nashville
in convention Friday morning.
Col. McAdams is looked upon as
one of the foremost men in banking
circles in this country today, and is
vice-president of the American Bank
ers' Association. 1t is understood al
SO that he is slated to become presi-
dent Of that association from infor-
nation obtained at the convention.
His talk was unquestionably one of
the features of the association meet
ing, which closed Friday afternoon.
Col. McAdams thought that it was
expecting a little bit too much that
the indebtedness in the country could
be liquidated when this years crop
was made, and said that it could not
be done in that length of time, but
by hard work and real cooperation
the desired results could be liqui-
dated soon.
He said that it seemed to him if a
man get the real viewpoint the condi-
ton would not seem so bad as they
are generally thought to be.
"There is going to be some loss,
though" he said, "and anybody who
doesn't think that there is, is wrong.
The man who sold $4,000 farm and
purchased one at $4,000, making
the first payment with the amount
he sold his small farm for, is the
man who is going to lose.
"Business-like coordination and
economy is the first thing that is ne
cessary to bring about any reasonable
readjustment.
"Taxes also must be readjusted,
AVID the sooner the government en-
acts a law ceasing to exempt secu-
rites from taxation, the sooner we
are going to get back to normal, be-
cause, until that time the married
men are hiding out their capital in
this form of investments, and when
it is stopped the money will be
drawn out of these securities and
put in some industry"
He favored general sales tax in
preference to the present form taxa
ton as very good way to readjust
the tax system toward working back
to normal.
Telling of plan to educate the
people in regard to banks and on
banking systems, he said the general
impression was that bank was just
a cold-hearted institution. He declar-
ed that this must be corrected by
bringing the individual in closer
touch with the banks "A savings ac-
count makes a capitalist out Of an
individual" he said.
The railroads, he said, had demon
strated themselves to be the arteries
of the nation, and he urged that the
banks should lend their cooperation
to bring them back on their feet.
He thought that the wage problem
would have to be readjusted before
the railroad companies could be them
selves again, however, and express
ed qualification that the wage board
had showed signs of being favorable
toward wage reductions.
The financial machinery Of this
country must be perfected as one of
the first steps toward solving the
great problems Of the world today,
he declared.
This could be done he thought, by
building up the foreign trade, not
that he believed this would bring |
about the desired result itself, but
that it was certainly step in the
tight direction and will help to re-
ieve the situation.
He did not mean that this country
lad to go to Germany or Austria, and
tied South American trade as well as
canada, which places, he said, should
,e brought closer in the commercial
world.
In conclusion he expressed the
bought that the people had been for
citing the sacrifices made during
var, referring particularly to the
lodge resolution.
at is the least we can do" he
aid, 'to honor those who went
cross and still more those who new
+ came back. We took our stand
18th them in the war and should be
landing just that way now, and be
Filing to eat bread and molasses for
i've years rather than violate one
,ta of the spirit that characterized