The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-12-22

Editor The star:
In BANK Nan's' letter IN last
Saturdays Star headed Banks Have
Funds and Faith" he makes some
statements that will be most wei
come and agreeable surprise TO most
business men OF Seattle. He says
that the bank with which he Is idcnti-
fsed. and he assumes the other Sc
attic hanks, will loan TO any business
or enterprise entitled TO credit. and
that money Is plentiful. Ringnaster
believes Bank Man to be expressing
his convictions and the policy that
certainly ought TO exist. but he il
unable to reconcile those statements
with the. facts that have come TO his
notice.
Why is Il that one hears the banks
criticised on every hand--hy ones
scat mate on the street cars: the
casual acquaintance: the stranger
while lunehing and the close business
friend whenever a discussion OF
finances II touched upong
May II be suggested TO Bank
Man that he quietly and In conf
d~ncs ask n number Of his business
friends TO give him the real facts
about hsw tho banks and bankers
are regarded in Seattle. II he has
not already done so7 lie will find.
II he Is able to get. an unbiased and
unprejudsced opinion. that they arc
considered as disloyal TO Seattle In
forests: that they have restricted
credits until they have been the prin-
cipai cause OF the present local bust
ness depression. and furthermore
that 1t IL the general opinion that
the banks have ii In their power 10
I'm a very large measure relieve the
situation by n more liberal policy az
TO local loans.
The RIngmastsr does not profess
70 be financial genius. brt he be
lieves he knows the difference be
tween a loan and n donation. and HI
knows OF a number Of instances
where credit has been refused arbi
trarily--that is, where the credi
standing has not been the factor gov
erning the refusal. Also he know
Of several instances where the re
fusal was accompanied by the state
rnent that the paper offered coul'
not be rediscounted with the fedora
reserve. when as matter Of fac
II came well within the class OF pape
the federal reserve can accept.
When the Ringmaster refers to IN
business men OF Seattle. he does no
mean the merchant prlnces-but tn
average man who keeps n shoT
store, small mandatory and th
like. who go to make up In the AZ
gregate the business OF the city, ]
IL not TO the few who enjoy ban
credits extending into the millions
but TO the business which needs
few thousand--or even few hur
dred dollars.
II Bank Man" Is serious In hi
statement TO the effect that Nh
banks are ready to loan TO person
OF proven credit. he will have n
difficulty In finding a large clientel
among that class who are ready I
Ego" tho minute they can negotiat
bank credits for use In Industrial 81
terpr1sc. sincerely trust this
Bank Man" is right, as 1t will mar
the commencement OF better time
when the banks In fact put into prs
ticc the policy he says he believes I
be the policy OF other banks az we
as the one with which he Is col
nected
The RingTnastor has nothing TO o
fer In way OF objection to the p1
chase by banks Of carefully selectf
commercial paper and readily col
vertible bonds. but he still MAINTAIN
that such purchases should be mca
ared by local demand is. Tho