The New York herald., 1921-06-28
COOLIDGE TALKS ON
BANKS AND PEOPLE
Appeals for More Sympathetic
Attitude and Cooperation
Between Them.

Speaking at the dinner OF the annual
June party" with which the National
shawmut Bank of Boston is entertaining
about 400 New England correspondents
and their wives, Vice. President Calvin
Coolidge last evening In the Hotel Com
modore urged the preservation OF the
best New England traditions and ap-
pealed for "a more sympathetic attitude
and cooperation between the banks and
the people" There also Is need of
vision" and a recognition OF the inter-
dependence of modern economic life. he
added.
BY reason OF geographical and econ
omic endowment. a dependent group of
States "the position OF New England
the Vice-President declared. is deter
mined more by what her people have
done for the nation and for the world
than by what they have done within the
confines of their own six States"
He cited banking as "a very pertinent
example of the Internationally OF our
modern economic life" and continued:
There can be no permanent pros
perity of any class or part. Such
condition can only be secured through
general and public prosperity. This
means that to secure this end there must
be a general distribution of the rewards
of Industry Wherever this condition Is
maintained there you have the founda-
ton for an increasing production and
sound financial and economic condition.
There is need Of more sympathetic
attitude and cooperation between the
banks and the people. Every such in
stitution ought to realize the necessity
Of serving the public to the extent of its
ability. A financial institution which
takes advantage Of no mans necessity.
which assumes no unreasonable risks
for the sake of unreasonable gains.
which Is able to know the per-
sonality Of it's customers as well as
the value of its collateral becomes an
tributor to a marked degree OF economic
contentment. Such an institution Is do
ing the work of the people.
This condition has not yet been uni
versally established, ut 1t is being es-
ia blished. Nothing can tend more to
promote it than to have the man In the
shop realize that transportation and
financial activities are being carried
on for his benefit. That the railroad
brings raw materials so that he may
earn a livelihood by making them into
finished products. That the bank exists
in order to furnish credit from which he
receives Il Wtthiy WaBcs WhiiO ehoSe ~ W.
uccs are being sent far away and sold
to the people. While the man in the
bank needs to realize that his success
lies in the freight yard. In the manufac-
turing plant. on the farm and in the
mines, as well as at the discount window.
"If all this were to be translated into
single word, / should say it was the
need of vision, need Of recognition of our
interdependence, need Of less destructive
criticism and more constructive action,
need of that spirit which has given char
acter, fame and fortune to New England.
whether it has guided the plough OF in
spired the pulpit"
Frederick A. Wallis, Commissioner OF
Immigration. Job p. Hedges and Police
Commissioner Richard E. Enrtght also
spoke. A. L. Winship, vice-president OF
the Shawmut, was toastmaster.
During the day the bankers visited
City Hall and their wives took sight
seeing trip about the city, which In
cluded an inspection of Police Head
quarters and a glimpse OF the morning
Lineup" The party will go to-day 10
the Westchester-Biltm Country Club
as guests of John Nee Bowman.