Bisbee daily review., 1921-08-04
Williams Is Played

play"
 Williams Is Played
 Williams criticism of the boards handling of credit problems and con- tained in the correspondence and re- peated to the congressional commits sion, were characterized in Governor Harding's letter as ignorant, inac- curate and misleading"
 "The object seems to have been merely to make record during your tenure of office of statements to be handed. to the public later, the letter said, "as an appeal to prejudices and sympathieS and not to reason It further said that Williams criticisms generally were trivial, irrevelant or susceptible Of no definite construc- tive interpretation" and added that "a failure to comply with you cannot be said a failure to challenge your statements"
 As to the criticism of lending to New York banks, the Harding letter said that out of "a disordered mass of details and statements forwarded by Williams, it had been impossible for the board to understand what action" he desired taken!
 It was charged also that Williams had circulated the boards letters on credit matters and refused to tell the board to what person or persons they had been sent.
 The reading of the letter resulted in a remark from Williams about "pois- on gas" and retorts in which Cover
 ad during all of the preceding controver- sy within the board to settle matters peaceably, but to fight if necessary.
 Governor Strong read extracts from an. official confidential report made to the board by him on the New York banking system. It referred to Will liams' semi-official reports as ''igno- rant and misleading" and accused him of violations of propriety and dislOyalty to his associates"
 Che New York bank, which Will Hams said held $13O,000,000 in federal reserve loans, Governor Strong declar ed held also S112,000,000 in govern ment securities, adding that most of it's loans were made to carry pur5 chases during the war" While 1t " do P1O,VUU,OOO, ulltCllN OI lIl- directly, to it's own officers, Cover nor Strong said, it held $15,O0O,00O in Liberty bonds as collateral, and addi- tional securities as well.
 Charges Interest High
 Williams charged that 30 per cent interest rates in New York Anoney markets meant the starving of farm ing districts.
 Had the comptroller understood the workings of the reserve system," Governor Strong responded, The would have understood those rates re- suited from the constant withdrawal of funds from New York to send to other sections of the country"
 Much of the credit pressure re- suited from organized movements from various parts of the country" Strong continued, "to withhold com modities from their usual markets"
 "A general denial is hardly an ef- fectual answer to specific charges and complaints" Williams said when his turn came again and later he express ed the opinion that the New York bank, dealing with reserve funds, passed money out with prodigality' during periods when borrowers else where were being restricted. He con- cluded his two-day discussion with ob- servations that there never had been the currency imitation in this country some people believed" and there was present improvement from the low ering of interest rates" and that farmers are entitled to get through