The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-02-21
FULL TEXT OF ADDRESS BY GEORGEL.
BROWNING, PRESIDENT LIBERTY NATIONAL
BANK, OF OKLAHOMA CITY, AT MEETING OF
/. BANKERS, GROUP FIVE, THIS CITY, FRIDAY

hundred million dollars capital, the
stock to be distributed throughout our
nation among banks and bankers.
manufacturers, oil men. farmers and
others WAC are Interested in the fl
nancial growth OF our country.
In Chicago a committee OF 30 was
selected for the purpose OF completing
plans for the organization of THE
Foreign Trade Financing Corporation.
Mr.. McHugh OF New York CITY was
selected as temporary chairman. This
committee of 30 consists Of the best
brains of our country and OF men
whose regulations are such as to in
spire the confidence OF all.
Congress made 1t possible COR all
rational banks, with uae consent OF
the federal reserve board, to take stock
in an Edge law bank, up 10 any
amount equal to ten per cent Of their
capital and surplus. Any subscription
made for stock in the proposed bank
is not binding until the full one
hundred million dollars is subscribed.
Bat after THIS one hundred million dol
lars is raised the work is only begun.
II will then be necessary Tor the cor
voration, through its stockholders and
agents, 10 distribute one corporations
securities. The corporation has the
power to issue debentures to ten times
its capitol, or a total Of one billion
dollars. Ii can trade without limit
in foreign securities on which it is
not directly liable.
"As an example OF the manner in
which this corporation will junction We
will say that interests in Belgium de-
sire TO purchase 100000 bales Of cot
ION for which they are unable to make
immediate settlement but can provide
50 satisfactory securities with assurance
OF liquidation within a reasonable
length of time. While it would be
difficult matter to persuade our mil
lions Of individual investors through
out cur country to purchase these for
eign securities. il will not be, SO dit
f!cult to persuade them to purchase
the debeptures of this Foreign trade
financing corporation backed by the
one hundred million dollars capital
and collsteraled by the foreign se2u-
rites
by offering these debenturcs in
small amounts TO The great American
investing public, we will not only fur-
nish the capital necessary to finance
our foreign trade but in addition. we
will educate our people regarding U'e'r
relations TO our foreign neighbois and
instill in them spirit OF thrift and
savings that will have very whole
some effect on our nation as q whole.
1T is probable that our Oklahoma
ia rmers, until the advent of our lib
erty bonds, never purchased bonds or
securities Of any kind. But is 1t unrea-
sorable 10 believe pnat when they are
shown by purchasing these debentures
.hey furnish foreign credits which
create a market resulting in higher
pric and a ready sale for their com
:sodites, they will be unwilling to
purchase u small amount OF these
securities
If the people Of the United States
are made 10 realize mat they must
accept ninety per cent caoh and ten
per cent in foreign securities or the
equivalent of foreign securities in pay
ment for their products, our foreign
trade situation will be solved. II can
be shown by economic analysis that
the ninety per cent will bring them
as much cash as would be received
were they 10 refuse 10 accept the for
I.r ali .ssh
The foreign securities We receive mere
~ represent a savings. gained by tho
disposal Of surplus goods which might
otherwise go to waste. In fact. II we
90 not dispose Of our surplus il Will
result in a reduction of our produc-
ton 10 the needs OF our own people.
and will result in stagnation in in6us-
try and lack o. employment for our
people. Is IL not better for us in Ok
lahoma TO have a few million OF these
securities rather than have our crops
rotling in the field. with constant talk
OF reduced production?
Forgetting FOR the moment our own
selfish interest We must remember
that through the kindness OF proyi-
dcnce we are now the worlds great
supply house. We must remember We
have a duty to perform and that duty
Is to help the broken nations TO their
feet 10 help raise the standard OF liv-
ing Throughout uhe entire world.
In my opinion II would be a very
wise policy IL we were to accumulate
permanent Investments In foreign
countries asgregating several billions
OF dollars. II We de- this, IL will give
US reserve purchasing power in
event or war or great emergency. We
recall at the beginning OF the great
var, England gathered together seve-
raj billion dollars OF United states
securities which were held BY her
citizens. selling these securities in our
markets. purchasing goods for whicn
sbe did not have gold To pay. II is
quite possible Ne might find ourselves
In the same position NJ some future
date We might not have the sold ~
buy IN foreign countries and re-
serve purchasing power In foreign
investments would mean so our ma
ton about what reserve depos.,
fleans to ono OF our banks when We
have unusual demands.
Europe has been building her in
ternstlonsl financial machinery for
mote than century. She has men
skilled and trained In tbis line Of
work. The United states. without the
machinery and without the men train,
ed 10 handle the situation, finds her
self thrown into the midst Of zoe most