Evening star., 1921-04-27
SANITY IN BUSINESS
. PRESIDENTS PLEA
Makes Stirring Speech to
D. c. BankerS-0ther
Able Addresses.

/
! President Harding last night. ad-
dressing several hundred bankers at
the annual banquet of the District
Bankers Association at the New
Willard Hotel. elucidated the policy
outlined in his recent message to
ernment in business.
Il believe that the government
should put an end to it's pestiferous
interference with righteous. legiti-
mate business" said the President
| and that the government should
cease to be a competitor OF busl-
ness which ought to be in. the hands
| of private enterprise"
| The Presidents address. .dellVered
| eXtemporaneously. was greeted with
! a roar of applause.
| Vice President Coolidge, Controller
of the Currency Crissinger and Ar
dressed the gathering on ways and
means of restoring the country s\ln-
| dustrial and economic stability.
! The President said. in part:
! Sound Finance Needed.
! Il am very glad to come and greet
you if L can bring somehow the as
surance from one in position of re
]
America still believes in sane and
| sober financial methods. The CONNER
| cial life of any people is the very life
| blood of its existence and you can't
! have a wholesome commercial life
| without you have Il secure financial
/ life. AS much as ! wish America to
/ find it's way rapidly forward. l know
| it is practically useless to think about
until America returns to sound, nor
/ NAL methods. founded on everlasting
principles.
NO nation can ever succeed. no ma
| tion can ever write its chapter into
! the story of commercial achievement.
| no nation need ever aspire to eminence
! in the activities of mankind unless it
! is a nation of sound financial policies,
committed first of all to the righte eous
discharge of its obligations.
~ would like to say to you. just as
though ] had 6eliberated about it
| long while. that | don't believe the
government or its institutions of
| financial and commercial character
| can be run by mere theorists who
never accomplished anything for
| themselves.
Less Government in Business.
Il have ventured to say on several
| occasions, one thing | believe this
| great republic needs above every
: thing else was less government in
business and more business in gov
ernment.
| Il believe that the government
! should put an end to its pestiferous
! interference with righteous, leeiti-
mate business that the government
should cease to be competitor Of
! business which ought to be in the
| hands of private enterprise. Then. on
| the other side ] just as firmly believe
! tnat we ought to apply the same in
! teIllgent methods of business in con-
world.
| 1t is not in spirit Of boasting
/ my countrymen. that ] am reminded
! tonight that our place in the world is
n" less important in these days of
| assumed peace than when tn. civli:II-
| ton OF the world was at stake 1t
IS not so difficult to arouse the patri-
otto devotion of the people and bring
out the hes: that is in them wncn th /.
national life is threatened by war It
is little more difficult. however to
consecrate everybody to the difficult
solution of the terrible aftermath Of
war. and in this republic. with I'll our
| resources and intelligence. we hav. 3,
very difficult problem to pu: the Unit
cd states of America on the forward
track.
Importance of Finance.
II am not giving yod t1at as a
criticism Of anything that has gone
before: ! am only thinking of the re-
suits of tire world uph.a,tl when
everything has been thrown out !!
Jrint by the Tremendous conyuISino
Of war-torn world. and it is our duty
to take our rightful leadership among
the nations of the earth and 81, our
faces rightfully forward h-t.n. Nc
BODY car make more helpfll con
tribution in that great task than
nose who are at the head Of the
financial affairs of this republic
And so ! ask you. who represent the
great banking world. for your co-opera
ton and assistance in the great task OF
helping to put America on the forward
track once more. want your assist
ance not in the inspra ton that comes
from selfishness: | want your assistance
not with the problems of banking inst
tutions alone, but ! want your assist
your assistance. because we know tina,
on the right financial system rests the
surety of our forward movement
Nation Needs Bankers Brains.
Vice President Coolidge told the
bankers they are public officers per
forming public functions for the welfare
of the people and that the nation needs
their brains as well as resources in solv-
ing the great problems now confront
ing it,
"lf 7 read Alright the aims Of the
present administration and if | may
Judge Of its aspirations" said the
Vice President. 't aims to call into
its counci's the business intelligence
OF the nation in order that it may
have the assistance and wisdom that
comes to those who have mastered
the great enterprises of our country
TranSgreSsion against the law OF
supply and demand is the basic cause
of the country'S economic ills. declar-
ed d. r. CrisSinger. controller of the
currency, in an address scoring COM
binations to "frustrate this funda
mental law of economies"
"If things people need to eat, wear
and house them" said Mr.. Crissinger,
| could be bought with assurance that
! the price was governed by the same
unfettered law. our economic troubles
| would soon solve themselves. Unfor-
| tunately for us all, the law of supply
| and demand is in these respects as
! dead as New England salted mack
| eiel. Manufacturers jobbers. whole
| salers. retailers, laborers-are all in
| same sort of combination to Illustrate
| this fundamental law of economics.
| Each is out to get his first"
! Economic LAWS Overlooked.
| These combinations. gentlemen's
| agreements or what not" he continued,
! have gotten prices of things to the
| point where there is no relation be-
| tween cost of raw materials and cost
! of production: no relations between
| cost of production and cost to the con-
! sumner; in short where there is no re-
| lation between value and selling price